Peel Mining (ASX:PEX) has assayed its best copper intercept to date at the 60% owned Wirlong prospect within the Cobar Superbasin project in western New South Wales.
The intercept of 17 metres at 4.59% copper and 8 g/t silver from 738 metres has extended the down-dip continuity of strong copper mineralisation at Wirlong to ~600 metres below surface.
Significantly, a substantial off-hole downhole electromagnetic geophysical anomaly centred north of the recent drill hole points to possible extensions to substantial copper mineralisation.
The encouraging indications from this latest hole has prompted the decision to drill another hole testing down-dip from this intercept, which is currently in progress.
Drilling at Wirlong is part of ongoing investigations into the potential for Peel’s tenure to host Cobar-style deposits, similar to the CSA mine, Australia’s highest grade copper deposit.
Drill hole WLRCDD043
Drill hole WLRCDD043 was designed to test for mineralisation at ~600 metres below surface, down dip of previous high-grade intersections.
Drillhole WLRCDD043 intersected very strong copper mineralisation comprising 17 metres at 4.59% copper and 8 g/t silver from 738 metres depth.
Wirlong is defined by historical copper workings, a 2+ kilometre multi-element geochemical anomaly, and various geophysical anomalies.
Background
Peel’s projects cover more than 5,000 square kilometres across New South Wales and Western Australia.
Projects include:
- Mallee Bull: An advanced copper polymetallic deposit that remains open in many directions;
- Cobar Superbasin: Farm-in agreement that offers funded strategic greenfields exploration potential along with the new Wirlong copper discovery;
- Wagga Tank: A polymetallic VHMS-type deposit with many significant intercepts;
- Apollo Hill: Exploration project that hosts a major, protruding, shear-hosted, gold mineralised system that remains open down dip and along strike; and
- Attunga: A high grade tungsten deposit.
Analysis
Assays confirm the preliminary drilling results and continue to provide evidence that suggest indications of a Cobar-style deposit at Wirlong.
The recent drilling at Wirlong is part of ongoing investigations into the potential to host Cobar-style deposits, which are renowned for vertical continuity of mineralisation.
Australia’s highest grade copper mine, is an example of a Cobar-style deposit, showing strong vertical development of mineralisation to more than 2,000 metres below surface.
The mine has produced over one million tonnes of copper since commencement of modern mining around 1965.
Whilst substantively more investigation is required, indications of a Cobar-style analogue for Wirlong are promising.
Peel shares are up over 50% year to date, currently trading at $0.255.
Results from the current hole in progress will be highly anticipated by the market.