Peel Mining (ASX:PEX) continues to receive impressive drilling results across its three core projects near Cobar located in western New South Wales.
Drilling recently finished at the T1 prospect within the Mallee Bull Project, while drilling continues at the Wirlong prospect and Wagga Tank project.
Highlights from the recent assays from T1 infill drilling for pre-feasibility purposes includes 16 metres at 13.52% zinc, 7.61% lead, 191 g/t silver and 1.31 g/t gold from 74 metres.
Preliminary drilling results taken by portable XRF ray guns from Wirlong includes 26 metres at 2.89% copper from 286 metres .
Similar XRF preliminary results from Wagga Tank include 6 metres at 7.37% zinc, 1.81% lead and 10g/t silver from 282 metres.
Official lab assays from drilling at Wirlong and Wagga Tank remain pending.
Project portfolio
Peel’s projects cover more than 5,000 square kilometres across New South Wales and Western Australia.
Projects include:
- Mallee Bull (50%, NSW): An advanced copper polymetallic deposit that remains open in many directions;
- Cobar Superbasin (60%, NSW): Farm-in agreement that offers funded strategic greenfields exploration potential along with the new Wirlong copper discovery;
- Wagga Tank (100%, NSW): A polymetallic VHMS-type deposit with many significant intercepts;
- Apollo Hill (100%, WA): Exploration project that hosts a major, protruding, shear-hosted, gold mineralised system that remains open down dip and along strike; and
- Attunga (100%, NSW): A high-grade tungsten deposit.
The Mallee Bull, Cobar Superbasin and Wagga Tank projects are all located near Cobar in western New South Wales.
Latest drill results from Mallee Bull
Infill drilling from the T1 prospect within the Mallee Bull project has intersected new high-grade zinc-lead-silver mineralisation with better results including:
- 16 metres at 13.52% zinc, 7.61% lead, 191 g/t silver and 1.31 g/t gold from 74 metres;
- 5 metres at 5.47% zinc, 7.63% lead, 102 g/t silver and 0.14 g/t gold from 76 metres;
- 3 metres at 19.79% lead, 53 g/t silver and 0.36 g/t gold from 62 metres;
- 4 metres at 5.64% zinc, 3.29% lead, 52 g/t silver and 0.20 g/t gold from 64 metres; and
- 4 metres at 6.76% lead, 46 g/t silver and 0.53 g/t gold from 62 metres.
Drilling at T1 is now complete with further assays pending.
Metallurgical and geotechnical work is continuing and environmental baseline studies have commenced.
XRF preliminary results promising at Wirlong and Wagga Tank
While official assays remain pending at the Wirlong prospect within the Cobar Superbasin Project and from the Wagga Tank Project, preliminary results have been attained using XRF guns.
At Wirlong, the portable XRF analyser has measured results including:
- 26 metres at 2.89% copper from 286 metres;
- 9 metres at 8.59% copper from 299 metres; and
- 23 metres at 0.82% copper from 179 metres.
At Wagga Tank, the portable XRF analyser has measured results including:
- 6 metres at 7.37% zinc, 1.81% lead, 10 g/t silver from 282 metres.
Building a mining camp starting with T1
The results support Peel’s belief in the potential of its strategic land position in the Cobar Basin and the company’s aim of building a camp of high-grade base and precious metals deposits that can ultimately be developed into mines.
The T1 discovery was made after the original Mallee Bull deposit was drilled out but due to its near-surface position, it is the most likely deposit to enter near-term production.
Peel is currently undertaking a pre-feasibility study on the high-grade, near-surface zinc-lead-silver-gold T1 lens at the Mallee Bull Project.
The aim of the study is to investigate the conceptual development of T1 as a dig-and-truck starter operation, under which ore would be milled at joint venture partner CBH’s Endeavor mine approximately 150 kilometres away, where surplus milling capacity exists.