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Peel Mining shares rise following further high-grade zinc-lead-silver hits at Wagga Tank

Published: 01:20 22 Jan 2019 GMT

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A coherent body of high-grade mineralisation is taking shape

Peel Mining Ltd (ASX:PEX) has revealed further significant drilling results from its Wagga Tank project, south of Cobar in western New South Wales.

The Wagga Tank project, which includes the Southern Nights prospect, is emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.

Assays results recently received for drilling completed prior to the Christmas/New Year shutdown have returned multiple new thick, high-grade zinc-lead-silver mineralised intercepts from the Southern Nights Central Zone, expanding the geometry of the known zinc-rich mineralisation.

 

Drill holes WTRCDD165, WTRCDD166 and WTRCDD167 were completed as part of the current infill and extensional resource definition drilling program, and were specifically designed to target the Southern Nights Central Zone where a coherent body of high-grade mineralisation is taking shape.

Highlight results from this drilling include:

• 40 metres at 10.2% zinc, 2.83 % lead, 0.61% copper, 49 g/t silver, 1.04 g/t gold from 365 metres (including 16.21 metres at 16.91% zinc, 5.01% lead, 0.43% copper, 87 g/t silver, 0.98 g/t gold from 366.23 metres; and
• 26.63 metres at 5.39% zinc, 1.36% lead, 0.2% copper, 48 g/t silver, 0.34 g/t gold from 217.37 metres (including 12 metres at 9.28% zinc, 1.99% lead, 0.19% copper, 59 g/t silver, 0.37 g/t gold from 218 metres).

READ: Peel Mining enhances Wagga Tank with very high-grade zinc, lead and silver results

In addition, final full assay results for drill holes WTRCDD153 and WTRCDD157 have extended the high-grade mineralised intercepts present in those drill-holes with strong copper-gold mineralisation confirmed in drill hole WTRCDD157:

• 53 metres at 7.43% zinc, 3.46% lead, 1.48% copper, 114 g/t silver, 1.47 g/t gold from 218 metres (including 18.1 metres at 20.37% zinc, 9.77% lead, 0.36% copper, 238 g/t silver, 1.09 g/t gold from 218 metres) in WTRCDD157; and
• 20.65 metres at 9.92% zinc, 4.83% lead, 0.51 % copper, 104 g/t silver, 0.53 g/t gold from 355.35 metres (including 8.29 metres at 16.91% zinc, 10.26% lead, 0.7% copper, 210 g/t silver, 0.63 g/t gold from 355.35 metres) in WTRCDD153.

READ: Peel Mining a solid company with significant upside in the near future: Patersons

Extensional drilling at Wagga Tank has also returned a new high-grade zinc-rich drill intercept that remains open along strike to the south.

Peel’s infill and extensional resource drilling have now resumed following Christmas/New Year shutdown.

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