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Peel Mining Ltd.
Summary
| Project: | Wagga Tank | |
|---|---|---|
| Deposit: | Wagga Tank | |
| Location: | Australia | |
| Commodities: | Copper-Lead-Zinc-Silver-Gold | |
| Date: | 9/7/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-9-2017: Peel Mining Ltd. announces an Exploration/Drilling Update report for its Wagga Tank deposit at the Wagga Tank project. Drilling results incl. 11m @ 7.15% Zn, 2.31% Pb, 58g/t Ag from 396m. Peel Mining (ASX:PEX) (“Peel” or the “Company”) is please | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Rob Tyson (Internal) | |
| ABSTRACT: | Peel Mining (ASX:PEX) (“Peel” or the “Company”) is pleased to report further encouraging results from several of the Company’s key prospects, located near Cobar in western NSW. Drilling results from Peel’s 100%-owned Wagga Tank prospect relate to RC/diamond drilling aimed at extending the known footprint of mineralisation; whilst results from Peel’s 60%-owned Wirlong prospect relate to recent drilling and geophysical investigation aimed at defining high-grade Cobar-style copper mineralisation. Drilling currently underway at Peel’s 100%-owned Wagga Tank prospect, comprising an initial program of ~3,000m of RC/diamond drilling, is primarily aimed at increasing the footprint of this significant base and precious metals deposit. Drillhole WTRCDD020 completed at Wagga Tank intercepted a significant zone of semimassive/breccia quartz-sulphide mineralisation, as previously foreshadowed (see ASX announcement dated 19th July 2017 - “New High-Grade Results Advance Mallee Bull Mine Plan”). Final assays confirmed a high-grade interval of 6m @ 8.52% Zn, 2.97% Pb and 12 g/t Ag from 282m (vs 6m @ 7.37% Zn, 1.81% Pb, 10 g/t Ag from 282m in pXRF). Encouragingly follow-up drillhole WTRCDD023 intersected a zone of semi-massive/breccia quartz-sulphide mineralisation grading 11m @ 7.15% Zn and 2.31% Pb, 58 g/t Ag from 396m, approximately 80m downdip of the intercept in WTRCDD020. The true width of these intercepts is estimated to be 70-80% of the downhole width. The intercepts in WTRCDD020 and WTRCDD023 represent the northern-most (local grid) zinc-lead-silver -rich intercepts recorded to date at Wagga Tank. Drillhole WTRCDD021, designed to test coincident chargeable IP geophysical and magnetic anomalies, was collared approximately 1km south of the Wagga Tank deposit. Whilst assay results remain pending, Peel is encouraged by the presence of strong deformation, alteration and mineralisation, particularly a zone of variable Wagga Tank-style zinc-lead-silver breccia/stringer quartz-sulphide mineralisation between ~390m and ~410m downhole. The location of mineralisation downhole corresponds well with the chargeable IP anomaly. Promisingly, the strongest part of the anomaly lies to the south of the drillhole. Follow-up drilling is planned | |
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