- Peel Mining (PEX) has updated the market regarding drilling at the Wirlong and Mallee Bull deposits in NSW
- Drilling at Wirlong and Mallee Bull has been designed to advance each deposit to produce mineable resources and achieve critical mass
- Work at Wirlong has been planned to test the upper 300 metres of the Wirlong Central Zone, where high-grade copper mineralisation is present
- The latest results have peaked at 5.88 per cent copper and 17g/t silver and drilling is continuing with two diamond rigs currently operating
- A 20,000-metre diamond drilling program is now underway at Mallee Bull to convert the inferred resources to indicated
- Updates and results will be announced as work progresses
- Peel is up 2.13 per cent and shares are trading at 24 cents
Peel Mining (PEX) has updated the market regarding drilling at the Wirlong and Mallee Bull deposits in NSW.
Both of these deposits lie within Peel’s South Cobar Project which is situated roughly 100 kilometres south of Cobar.
Drilling at Wirlong and Mallee Bull has been designed to advance each deposit to produce mineable resources and achieve critical mass.
Wirlong
Drilling at the Wirlong Deposit has been planned to test the upper 300 metres of the Wirlong Central Zone where high-grade copper mineralisation is present.
The latest results confirm a high-grade intercept with a best result of 17 metres at 4 per cent copper and 12g/t silver from 269 metres including 11 metres at 5.88 per cent copper and 17g/t silver intersected.
Mineralisation at Wirlong has been confirmed to a depth of 600 metres and remains open in all directions.
Further, mineralisation returned so far is consistent with electromagnetic conductor plates.
Drilling continues, with two diamond rigs currently operating.
Mallee Bull
A 20,000-metre diamond drilling program is now underway at Mallee Bull to convert the inferred resources to the indicated category.
The 2017 resource estimate for Mallee Bull consists of 6.76 million tonnes at 1.8 per cent copper, 31g/t silver, 0.4g/t gold, 0.6 per cent lead and 0.6 per cent zinc.
Mallee Bull is believed to be one of Australia’s highest-grade undeveloped copper deposits.
“Wirlong has returned yet another excellent copper intersection continuing to highlight the strong tenor of mineralisation present within this developing copper system,” Managing Director Rob Tyson commented.
“The primary aim of the resource drilling [at Mallee Bull] is to convert inferred resources to indicated classification, to enable detailed mine concept and feasibility studies,” he said.
“Mallee Bull has historically returned some world-class copper-rich intercepts and we look forwards to the upcoming drill results and the advancement of this high-grade copper system,” he added.
Peel is up 2.13 per cent and shares are trading at 24 cents at 3:54 pm AEST.