Peel Mining Ltd (ASX:PEX) has received high grade zinc-rich results from its project near the base metals mining centre of Cobar in western New South Wales.
Drilling completed at the Wagga Tank/Southern Nights project before Christmas has returned high grade zinc-lead-silver-gold intersections.
They include 46 metres at 17.01% zinc, 9.57% lead, 272 g/t silver and 1.22 g/t gold from 201 metres at Southern Nights, which is the company’s best-ever intersection.
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Assay results underscore the extensive and high grade nature of zinc-lead-silver-gold mineralisation present at the Southern Nights prospect.
The 46 metre intersection included 16 metres at 25.66% zinc, 15.01% lead, 361 g/t silver and 0.86 g/t gold from 218 metres, and 10 metres @ 31.45% zinc, 16.92% lead, 590 g/t silver and 3.2 g/t gold from 237 metres.
Other high grade zinc intersections included 29 metres at 6.10% zinc from 204 metres, 10 metres at 6.01% from 234 metres, 8 metres at 15.21% from 215 metres, 18 metres at 8.58% from 180 metres and 14 metres at 5.28% from 215 metres.
These intersections also had lead, silver and gold mineralisation.
Exploration resumes
Peel has resumed exploration at the project after the Christmas/New Year break.
Drilling at Southern Nights is continuing with two double shift diamond rigs working.
First-pass reverse circulation drilling at Fenceline/The Bird prospect, circa 5 kilometres east of Wagga Tank/Southern Nights, has recently started.
A fourth reverse circulation/diamond rig has resumed drilling at the Wirlong prospect, which is part of a farm-in agreement with JOGMEC.
Two geophysical crews are working in the Wagga Tank/Southern Nights area on induced polarisation and gravity surveys.
Systematic resource drill-out
In light of the recent Southern Nights results, the company plans a systematic resource drill-out of the area.
Up to 15,000 metres of reverse circulation/diamond drilling and up to 10,000 metres of RAB drilling is planned at Wagga Tank/Southern Nights in coming months.
This is designed to enable resource estimation, to continue testing for strike and dip extensions, and to test other targets in the general area.
First pass metallurgical test work is also expected to begin in coming weeks.
The project is circa 130 kilometres south of Cobar on the western edge of the Cobar Superbasin.