Peel Mining Ltd’s (ASX:PEX) has resumed drilling at its 100%-owned Wagga Tank-Southern Nights Project, south of Cobar in western New South Wales.
Drilling will look to build on the maiden resources released in July 2019 of 4.15 million tonnes grading 5.1% zinc, 1.9% lead, 71 g/t silver, 0.28% copper, 0.32 g/t gold or 9.2% zinc equivalent.
The 10,000-metre program of reverse circulation (RC) and diamond drilling aims to both increase the quality and size of the resource.
The updated resource will then form the basis for a formal scoping study - an internal scoping study has already commenced.
Target to be tested between Wagga Tank and Southern Nights
Drilling is also planned within the Corridor Zone between Wagga Tank and Southern Nights.
An off-hole electromagnetic conductor will be targeted that is associated with a massive sulphide drill intercept of 14.45 metres at 2.43% copper, 2.67 g/t gold, 123 g/t silver, 2.58% zinc, 0.87% lead.
Director buys shares on market
Recently, non-executive director Graham Hardie increased his shareholding in the company by purchasing 78,000 shares through on-market trades.
Hardie paid $20,450 for his latest parcel of stock, increasing his overall holding to just over 16 million shares.
He is one of three board members for Peel and is a former partner of a Perth based chartered accounting firm.