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Peel Mining Ltd.
Summary
| Project: | Mallee Bull | |
|---|---|---|
| Deposit: | Mallee Bull | |
| Location: | Australia | |
| Commodities: | Lead-Zinc-Silver-Gold | |
| Date: | 7/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 31-7-2018: Peel Mining Ltd. announces an Exploration/Drilling Update report for its Mallee Bull deposit at the Mallee Bull project. JV - Drilling results incl. 11m @ 9.02% Cu, 114g/t Ag, 0.37g/t Au, 0.34% Zn, 0.37% Pb from 296m. Peel Mining Limited (ASX:P | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Rob Tyson (Internal) | |
| ABSTRACT: | Peel Mining Limited (ASX:PEX) (“Peel” or the “Company”) is pleased to report positive infill drilling results from its 50%-owned Mallee Bull deposit, located near Cobar in western NSW. The drilling was undertaken as part of a Pre-Feasibility Study (“PFS”) investigating the conceptual development of the upper portion of Mallee Bull as a “dig and truck” operation, under which ore would be milled at JV partner CBH’s Endeavor mine located ~150km away, where surplus milling capacity exists. The drilling (16 drillholes for ~4,600m) was designed to infill to a maximum of ~30m spacing between drill intercepts in a zone of interest between ~180m and ~300m below surface, allowing for an update to the resource model (in this area) to an indicated mineral resource estimate. The drilling also provided additional geotechnical information, and material for further metallurgical testwork. Initial interpretation of drilling results indicatesthat the area of interest shows continuity of the Mallee Bull lode (stringer/breccia style) mineralisation. Significantly, the high-grade intervals returned from drillholes MBRCDD110 - 14.15m @ 4.27% Cu, 51 g/t Ag, 0.25 g/t Au from 262m; and MBRCDD115 - 11m @ 9.02% Cu, 114 g/t Ag, 0.37 g/t Au from 296m rank as the best copper mineralised intercepts returned from between ~180m and ~300m below surface. The true width on mineralised intercepts is estimated to be ~80% of the downhole width. The PFS is based around underground mining of the high-grade Silver Ray Zn-Pb-Ag lens, followed by the development of an exploration decline to ~300m below surface to enable the underground drilling of the Mallee Bull lode copper mineralisation. Mineralisation between ~180m and ~300m below surface will be assessed for its potential to add further ore to the mineral inventory. Recently received assays are currently being interpreted and wireframed in anticipation of updating the relevant portion of the mineral resource model. Once completed, the new mineral resource model will be the subject of mine design/scheduling to enable completion of the PFS which is expected during the current quarter | |
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