Peel Mining (ASX:PEX) has extended the depth of known copper mineralisation by 350 metres at the 60% owned Wirlong prospect within the Cobar Superbasin project in New South Wales.
Drill hole WLRCDD044 intercepted the host copper mineralising structure at 950 metres below surface confirming nearly one kilometre of mineralisation continuity.
This exploration success builds a stronger case for Wirlong to host a Cobar-style deposit, 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.
Peel and its joint venture partner JOGMEC have agreed to extend the current work program, commencing with a new drill hole currently underway targeting an off-hole conductor.
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.
Wagga Tank drilling resumed
Drilling at its 100%-owned Wagga Tank project near Cobar has resumed with a focus on targeting extensions to the known mineralised system.
Peel anticipates an initial program of up to 3,000 metres of reverse circulation and diamond drilling aimed at extending the footprint of mineralisation at Wagga Tank.
First results are anticipated in 6-8 weeks.
The project has been effectively landbanked by majors since last drilling in 1989.
42 historical drill holes included highlights of:
- 32 metres at 3.00 g/t gold, 24 g/t silver from 10 metres;
- 20 metres at 3.11 g/t gold, 63 g/t silver from 28 metres;
- 25.9 metres at 8.74% zinc, 3.39% lead, 82 g/t silver from 141.6 metres;
- 15.7 metres at 10.39% zinc, 4.43% lead, 69 g/t silver from 215.6 metres;
- 24 metres at 2.73% copper, 0.56 g/t gold, 13 g/t silver from 86 metres; and
- 20.3 metres at 2.17% copper, 0.76 g/t gold, 9 g/t silver from 184.4 metres.
Peel’s maiden 18-drillhole program targeting primary mineralisation confirms historical data and 7 holes require extension.
Highlights included:
- 12 metres at 3.09% copper, 97 g/t silver, 1.36 g/t gold from 92 metres;
- 8 metres at 8.54% zinc, 6.20% lead, 134 g/t silver, 1.45% copper from 173 metres;
- 27 metres at 10% zinc, 6.41% lead, 89 g/t silver, 0.42 g/t gold, 0.21% copper from 240 metres;
- 15 metres at 8.5% zinc, 4.11% lead, 114 g/t silver, 1.57 g/t gold, 0.3% copper from 280 metres;
- 17 metres at 2.65 g/t gold, 0.54% copper, 11 g/t silver from 211 metres; and
- 16 metres at 3.27 g/t gold, 0.35% copper, 1.1% zinc, 0.57% lead, 12 g/t silver from 226 metres.