Join our daily newsletter At The Bell to receive exclusive market insights
- Peel Mining (PEX) intersects high-grade copper mineralisation at the Wirlong copper deposit at its South Cobar project in NSW
- Up to 11.77 per cent copper and 39 g/t silver was intersected during the company’s 18-hole diamond drilling program completed in 2021
- The results, as well as those from the Mallee Bull deposit, will feed into a South Cobar resource update which is due for release in mid-2022
- Drilling resumed at Wirlong in April and three rigs are active to complete the 48,000-metre program by the end of this calendar year
- Peel Mining is up 2.44 per cent on the market with shares trading at 20 cents at 3:08 pm AEST
Peel Mining (PEX) has intersected high-grade copper mineralisation at the Wirlong copper deposit at its South Cobar project in New South Wales.
Results have been received for the company’s 18-hole diamond drilling program completed at the end of the 2021 calendar year.
Results include 3.6 metres at 11.77 per cent copper and 39 grams of silver per tonne (g/t silver) from 341.7 metres downhole, as well as four metres at 6.17 per cent copper and 23 g/t silver from 324 metres.
High-grade copper intervals were intersected throughout the Wirlong mineral system, which CEO Jim Simpson said confirms the quality and continuity of the deposit.
The latest results, along with those from the Mallee Bull deposit, will be used in the resource update for South Cobar, which is due for release in mid-2022.
“Wirlong is developing into an integral piece of our South Cobar copper strategy alongside Mallee Bull,” Mr Simpson said.
“We expect these results along with the results from the recent drilling at Mallee Bull to have a positive impact on the South Cobar copper resource upgrade.”
Drilling resumed at Wirlong in April and the company said it has already intercepted zones of significant mineralisation outside of the existing resource model.
Three drill rigs are active to complete the 48,000 metres of drilling by the end of this calendar year.
Peel Mining was up 2.44 per cent on the market with shares trading at 20 cents at 3:08 pm AEST.
