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Peel Mining Ltd.

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Summary

Project:

Cobar Superbasin

Deposit:Wirlong
Location:Australia
Commodities:Copper-Lead-Zinc-Silver-Gold
Date:7/26/2016
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Pursuing Resources Definition
Report details:26-7-2016: Peel Mining Ltd. announces an Exploration/Drilling Update report for its Wirlong deposit at the Cobar Superbasin project. JV with JOGMEC - drilling results incl. 121m @ 0.73% Cu, 3g/t Ag from 207m. Peel Mining Ltd is pleased to advise that rece
Resources:x
CP/QP:[Overall Report]: Rob Tyson (Internal)
ABSTRACT:Peel Mining Ltd is pleased to advise that recent drilling at Wirlong, near Cobar in western NSW, has intersected multiple significant mineralised intervals, extending the known mineralisation which remains open in all directions. Drilling at Wirlong has been funded by JOGMEC, through an earn-in agreement (see Cobar Superbasin Project Background on page 4 for further information). Mineralisation intersected to date shows the typical geochemical, geological, mineral and alteration assemblages of “Cobar-style” deposits. Wirlong is a large prospect covering more than 2.5km strike extent, comprising a package of intercalated, sheared and altered felsic volcanics and sediments. It is defined by historic copper workings, a topographic high, a >2km strike multi-element surface geochemical anomaly, and coincident or semi coincident geophysical anomalies including magnetic, radiometric, gravity, IP and more recently electromagnetic. Phase 3 drilling at Wirlong commenced in late April and involved the completion of 8 drillholes for 3,691.6m. Drilling comprised a combination of RC drillholes and RC precollar with diamond tail drillholes. Productivity, timing and final design of the drilling programme was impacted by much higher than usual rainfall affecting western NSW over the last 3 months. Drillholes WLRCDD024, WLRC025, WLRC026, WLRCDD027, and WLRCDD028 were completed as follow-up to Wirlong discovery drillholes WLRCDD015 and WLDD001. Drillholes WLRCDD015 and WLDD001 were completed in late 2015 with better results including: WLDD001 - 9m @ 8.0% Cu, 17 g/t Ag, 0.21 g/t Au from 616m (incl. 2.82m @ 21.85% Cu, 46 g/t Ag, 0.62 g/t Au from 619.68m) and 38m @ 1.18% Cu, 4 g/t Ag from 450m; and WLRCDD015 - 4.9m @ 4.3% Cu, 13 g/t Ag from 402.1m (incl. 0.9m @ 19.5% Cu, 58 g/t Ag from 402.1m), and 22m @ 1.0% Cu, 4 g/t Ag from 332m.

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