Peel Mining Ltd’s (ASX:PEX) Wagga Tank project in western NSW continues to rise in prominence as a zinc-polymetallic discovery with further very high-grade zinc-lead-silver assays received.
The new results have expanded mineralisation at depth at Southern Nights prospect with Peel aiming to complete a maiden JORC-compliant mineral resource estimate by the end of this financial year.
READ: Peel Mining intersects new zinc-rich massive sulphide mineralisation
Best result was 15 metres at 12.35% zinc, 6.13% lead, 0.56% copper, 128 g/t silver and 0.6 g/t gold from 356 metres.
Within this was a 7.64-metre intersection at 17.59% zinc, 10.36% lead, 0.73% copper, 211 g/t silver and 0.62 g/t gold from 356 metres.
Peel said these results continued to add credence to the emergence of Wagga Tank-Southern Nights as one of Australia’s most significant zinc polymetallic discoveries in recent years.
Another hole returned an 11-metre intersection from 218 metres at 28.35% zinc, 14.84% lead, 0.46% copper, 380 g/t silver and 1.56 g/t gold.
Assays for significant copper mineralised zones in both these drill holes remain pending.
The diamond and reverse circulation drilling is part of a program of about 20,000 metres.
Two rigs drilling on double shift basis
Two multi-purpose drill rigs are drilling on a double shift basis, to systematically infill and extend the 2-kilometre-long footprint of the Wagga Tank-Southern Nights mineral system.
As well as enabling completion of a maiden resource estimate, the drilling is also designed to test for extensions to the mineralised system, which remains open along strike and at depth.
READ: Peel Mining intersects ultra-high-grade 18.2 metres at 40.3% zinc at Southern Nights
One hole intercepted new high-grade mineralisation at around 320 metres below surface, expanding down-dip continuity with assay results pending.
This result indicated by geological logging and portable XRF analyses adds support to Peel’s belief that an important zone of very high-grade mineralisation exists in the Central Southern Nights Zone.
Peel is now targeting this area with close-spaced infill drilling to better define its geometry and scale.
On edge of Cobar Superbasin
Wagga Tank is about 130 kilometres south of Cobar on the western edge of the Cobar Superbasin.
The deposit is at the western-most exposure of the Mt Keenan Volcanics within the Mt Hope Group where it is conformably overlain by a poorly outcropping, distal turbidite sequence of carbonaceous slate and siltstone.