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Peel Mining Ltd.
Summary
| Project: | Cobar Superbasin | |
|---|---|---|
| Deposit: | Wirlong | |
| Location: | Australia | |
| Commodities: | Copper-Lead-Zinc-Silver-Gold | |
| Date: | 3/21/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 21-3-2017: Peel Mining Ltd. announces an Exploration/Drilling Update report for its Wirlong deposit at the Cobar Superbasin project. Drilling results incl. 1m @ 16.6g/t Ag, 2.28% Cu from 351m. Peel Mining (ASX:PEX) (“Peel”) is pleased to advise of ongoing | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Rob Tyson (Internal) | |
| ABSTRACT: | Peel Mining (ASX:PEX) (“Peel”) is pleased to advise of ongoing drilling success at its 60%-owned Wirlong prospect near Cobar in western NSW. Wirlong is defined by historic copper workings, a >2km multi-element geochemical anomaly, and various geophysical anomalies. Recent drilling has returned further encouraging intercepts including a strong copper mineralised interval at depth (assays pending), extending the down-dip continuity of copper mineralisation to ~600m below surface. The prospect is part of Peel’s Cobar Superbasin Project, subject to a farm-in agreement with Japan Oil, Gas, Metals National Corporation (JOGMEC). JOGMEC has earned a 40% interest through expenditure of $4 million, and is now earning a further 10% interest through an additional $3 million expenditure. Recent drilling at Wirlong is part of ongoing investigations into the potential of Peel’s NSW tenure to host Cobar-style deposits. Cobar-style deposits are renowned for vertical continuity of mineralisation. Australia’s highest grade copper mine, the CSA mine, is an example of a Cobar-style deposit, showing strong vertical development of mineralisation to more ~2,000m below surface. CSA has produced over one million tonnes of copper since commencement of modern mining in ~1965. Whilst substantively more investigation is required, indications of a Cobar-style analogue for Wirlong are promising. | |
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