Peel Mining Ltd (ASX:PEX) has drilled an intersection of 18.2 metres at 40.3% zinc, 15.7% lead, 0.97% copper, 356 g/t silver and 2.77 g/t gold from 182 metres depth.
The intersection came from a resource drilling program at the Southern Nights prospect within the 100% owned Wagga Tank Project near Cobar in western New South Wales.
Southern Nights continues to emerge as one of the most significant zinc polymetallic discoveries in Australia in recent years.
READ: Peel Mining begins resource drilling at Wagga Tank, completes royalty acquisition
Peel’s managing director Rob Tyson said: “The ultra-high-grade massive sulphides returned from WTRCDD150 are awe-inspiring, highlighting the prize that the Cobar Basin can deliver, and reaffirming the company’s recent decision to acquire the royalty associated with the project.
“With funding secured and 100% unfettered ownership, Peel can expeditiously drill test this area to better determine its geometry, scale and evident economic potential.”
Hole from Central Zone of Southern Nights
Hole WTRCDD150 was designed to infill the Central Zone, adjacent to holes WTRCDD033 and WTRCDD035, where very strong mineralisation was previously returned.
The interval returned from WTRCDD150 ranks as the highest-grade zinc-rich intersection that Peel has reported since its inception.
Notably, when coupled with adjacent hole intersections, it indicates a zone of near-surface, very high-grade mineralisation.
Peel is targeting this area with close-spaced infill drilling to better define the geometry and scale of the target zone.
Maiden resource due by June quarter 2019
Drilling currently underway is part of a 20,000-metre reverse circulation (RC) and diamond drilling program designed to estimate a maiden JORC resource before June 30, 2019.
The drill program is also designed to test for extensions to the mineralised system, which remains open along strike and at depth.