Peel Mining (ASX:PEX) has drilled more high grades of copper and silver at its 60%-owned Wirlong prospect within the Cobar Superbasin project located near Cobar in New South Wales.
Intercepts include 27 metres at 5.3% copper, 23 g/t silver from 286 metres.
Ongoing drilling is aimed at better defining and extending the known footprint of significant copper mineralisation.
Wirlong bears the hallmarks of a Cobar-style deposit, with many similarities to Glencore PLC’s (LON:GLEN) CSA copper mine.
Further assays remain pending and are expected.
Drill result details
Drill holes WLRC026 and WLRC052 returned very strong chalcopyrite-dominant drill intercepts.
Assay results from WLRC026 have now been received with the tenor of copper mineralisation substantially higher than initially indicated by portable XRF analyser.
WLRC026 returned 27 metres at 5.3% copper, 23 g/t silver from 286 metres representing the most significant drill result at Wirlong to date.
Preliminary assays from WLRC052 suggest a zone of strong mineralisation, which measured 5 metres at 15.75% copper, 52 g/t silver from 299 metres.
Full assays for WLRC052 remain pending.
Evidence of Cobar-style deposit, widths yet to be known
Recent drilling results indicate that the Wirlong copper system is structurally dislocated and possibly constitutes a series of stacked, short-strike length, shoot-like structures.
This is a typical feature of Cobar-style mineralisation and deposits.
The true width remains unknown at this point, however it is considered likely that mineralisation is sub-vertical in nature, therefore true widths would be circa 60-80% of downhole widths.
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.
Peel and its joint venture partner JOGMEC remain highly encouraged by results at Wirlong to date, and by the obvious economic potential of its copper system.