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Peel Mining Ltd.
Summary
| Project: | Wagga Tank | |
|---|---|---|
| Deposit: | Southern Nights | |
| Location: | Australia | |
| Commodities: | Zinc-Lead-Silver-Gold | |
| Date: | 12/10/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-12-2018: Peel Mining Ltd. announces an Exploration/Drilling Update report for its Southern Nights deposit at the Wagga Tank project. Drilling results incl. 11m @ 28.35% Zn, 14.84% Pb, 0.46% Cu, 380g/t Ag, 1.56g/t Au from 218m. Peel Mining Limited (ASX: | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Rob Tyson (Internal) | |
| ABSTRACT: | Peel Mining Limited (ASX:PEX) (“Peel” or the “Company”) reports important new drilling results from its 100%-owned Wagga Tank project, south of Cobar in western New South Wales. The Wagga Tank project, which includes the Southern Nights prospect, is emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years. Drillholes WTRCDD157 and WTRCDD153, designed to test down-dip from drillhole WTRCDD150 (18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m) returned new sphalerite-galena-chalcopyrite-pyrite rich massive sulphides. Recently received assay results confirm new very high-grade mineralisation with drillhole WTRCDD153 returning 15m @ 12.35% Zn, 6.13% Pb, 0.56% Cu, 128 g/t Ag, 0.6 g/t Au from 356m (incl. 7.64m @ 17.59% Zn, 10.36% Pb, 0.73% Cu, 211 g/t Ag, 0.62 g/t Au from 356m) and drillhole WTRCDD157 returning 11m @ 28.35% Zn, 14.84% Pb, 0.46% Cu, 380 g/t Ag, 1.56 g/t Au from 218m. Drillholes WTRCDD153 and WTRCDD157 were drilled approximately 170m and 35m downdip respectively of WTRCDD150, confirming continuity of zinc-rich mineralisation at depth. Assays for significant copper mineralised zones in both drillholes remain pending. Also, of importance, recently completed drillhole WTRCDD166, designed to test ~40m north (along strike) of WTRCDD153 at below 300m below surface, encountered a new zone of massive through to stringer/breccia sphaleritegalena-pyrite rich sulphide mineralisation from ~366m to ~398m downhole. See Figure 4 for images. Geological logging and portable XRF analyses indicate the interval returned from WTRCDD166 contains very high-grade zinc-lead-silver mineralisation and adds further support to Peel’s belief that an important zone of very high-grade mineralisation exists in the Central Southern Nights Zone. As previously reported, Peel is now targeting this area with close-spaced infill drilling to better define its geometry and scale. | |
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