- Peel Mining (PEX) has released copper assay results for its two New South Wales-based projects, Wirlong and Mallee Bull
- Wirlong results include 11 metres at 2.93 per cent copper, 10 grams per tonne (g/t) of silver, including 4.88 metres at 6.04 per cent copper and 20g/t of silver from 393 metres
- Mallee results include 22 metres at 2.75 per cent of copper and 34g/t of silver from 464 metres, including 5.1 metres at 5.9 per cent copper and 55g/t of silver from 477 metres
- Managing Director Rob Tyson shared the updates with the market and revealed further resources updates were due by March 2022
- Peel Mining shares are up 2.33 per cent and trading at 22 cents a share
Peel Mining (PEX) has released copper assay results for its two New South Wales-based projects, Wirlong and Mallee Bull.
Although drilling at the sites paused for the Christmas break, the results from previous intersections will be used to identify infill drilling targets and the resource confidence for the economic study.
Best results from Wirlong include 11 metres at 2.93 per cent copper, 10 grams per tonne (g/t) of silver, including 4.88 metres at 6.04 per cent copper, 20g/t of silver and 0.66g/t of gold from 393 metres.
Additionally, 16 metres at 1.55 per cent copper and eight g/t of silver from 314 metres including three metres at 4.33 per cent copper and 23g/t of silver from 314 metres.
Mineralisation at the Wirlong project is associated with the John Owen Fault and the Woorara fault which run through the region, creating a sinistral strike-slip fault zone.
The 2021 resources update for Wirlong is 2.45 million tonnes at 2.4 per cent copper, 8.7g/t of silver containing roughly 57,900 tonnes of copper and 686,000 ounces of silver.
Mallee project
The Mallee project was one of PEX’s maiden copper sites and the current exploration at the site will be used to update the resources estimate.
Its 2017 estimates was 6.67 million tonnes at 1.8 per cent copper, 31g/t of silver, 0.4g/t of gold, 0.6 per cent lead and 0.6 per cent of zinc, containing roughly 199,000 tonnes of copper, 6.6 million ounces of silver and 83,000 ounces of gold.
Updated results from Mallee now include 22 metres at 2.75 per cent of copper, 34g/t of silver and 0.14g/t gold from 464 metres, including 5.1 metres at 5.9 per cent copper, 55g/t of silver and 0.16g/t gold from 477 metres.
Managing Director Rob Tyson shared the updates with the market and said the further resources updates were due in March 2022.
“Whilst the Wirlong maiden mineral resource estimate has now been delivered, the excellent potential to continue to improve this high-grade copper deposit remains with WLDD059 returning significant copper mineralisation in the projected position of the MBX lens, roughly 30 metres southeast along strike from that in WLDD040,” he said.
“This result as well as other assays received and pending will be used to upgrade the Wirlong resource in mid-2022.
“At Mallee Bull, resource infill and extensional drilling continues to yield wide, high-grade copper intercepts.
“Significantly, MBDD065 intersected strong mineralisation on the southernmost drill section, outside of the current resource model demonstrating mineralisation at Mallee Bull remains open to the south.”
Peel Mining shares were up 2.33 per cent and were trading at 22 cents a share at 12:36 pm AEDT.