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Peel Mining Ltd.
Summary
| Project: | Wagga Tank | |
|---|---|---|
| Deposit: | Southern Nights | |
| Location: | Australia | |
| Commodities: | Zinc-Lead-Silver-Gold | |
| Date: | 11/15/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 15-11-2018: Peel Mining Ltd. announces an Exploration/Drilling Update report for its Southern Nights deposit at the Wagga Tank project. Drilling results incl. 18.2m @ 40.3% Zn, 15.7% Pb, 0.94% Cu, 356g/t Ag, 2.77g/t Au from 182m. Peel Mining Limited (ASX: | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Rob Tyson (Internal) | |
| ABSTRACT: | Peel Mining Limited (ASX:PEX) (“Peel” or the “Company”) is pleased to report 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. Drillhole WTRCDD150 returned spectacular zinc-lead-silver-gold-copper mineralisation occurring as sphalerite-galena-chalcopyrite rich massive sulphides, with a downhole mineralised interval of 18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m. WTRCDD150 was designed to infill Southern Nights Central Zone, adjacent to drillholes WTRCDD033 and WTRCDD035, where very strong mineralisation was previously returned. The interval returned from WTRCDD150 ranks as the highest-grade zinc-rich intercept that Peel has reported since its inception, and when coupled with adjacent drillhole intercepts, indicates a zone of near-surface, very high-grade mineralisation. The intercept further highlights the economic potential of the Southern Nights discovery and the unsurpassed tenor associated with Cobar Basin mineral systems. Consequently, Peel is targeting this area with close-spaced infill drilling to better define the geometry and scale of the target zone. Drilling currently underway is part of an approximate 20,000m RC and diamond drilling programme designed to enable the completion of a maiden JORC-compliant mineral resource estimate by end fiscal 2018/19. The programme is also designed to test for extensions to the mineralised system, which remains open along strike and at depth. Two multi-purpose (RC/diamond) drill rigs recently commenced drilling on a double shift (24/7) basis, to systematically infill and extend the current 2km long footprint of the Wagga Tank-Southern Nights mineral system. Commenting on the result, Peel’s Managing Director, Mr Rob Tyson said: “The ultra-high-grade massive sulphidesreturned from WTRCDD150 are awe-inspiring, highlighting the prize that the Cobar Basin can deliver, and reaffirming the Company’s recent decision to acquire the royalty associated with the project.” “With funding secured and 100% unfettered ownership, Peel can expeditiously drill test this area to better determine its geometry, scale and evident economic potential.” | |
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