Peel Mining hits more high-grade base metals with maiden Wagga Tank resource underway
Drilling has defined the broader dimensions of high-grade mineralisation at the Southern Nights Central Zone and extended the Southern Nights mineral system.
Company
ASX:PEX
Peel Mining Ltd (ASX:PEX) is an Australian company focused on exploring and developing precious, base and specialty metals resources in New South Wales and Western Australia.
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Drilling has defined the broader dimensions of high-grade mineralisation at the Southern Nights Central Zone and extended the Southern Nights mineral system.
Resource definition drilling is progressing with a maiden mineral resource estimate on schedule for delivery in June 2019.
The Wagga Tank project in NSW is emerging as one of the most significant zinc-polymetallic discoveries in Australia in recent years.
A maiden JORC resource is expected by June after the company drilled a 18.2-metre wide intersection grading 40.3% zinc.
The company’s shares are trading about 7% higher intra-day, at 44 cents.
A recent capital raising has left Peel with about $8 million in the bank to fund the next round of work.
A 20,000-metre drilling program will support a maiden resource estimate at the western NSW project.
Drilling is working towards a maiden resource at the very high-grade Southern Nights prospect.
Peel recently drilled 18.2 metres at 40.3% zinc at the Southern Nights prospect.
Drilling is designed to estimate a maiden resource at Southern Nights before June 30, 2019.
The company now has full ownership after acquiring the project’s smelter royalty from MMG.
The underwriter is expected to join the company’s top shareholders list.
St Barbara Ltd (ASX:SBM) recently lifted its stake in Peel to 17.9%.
Around 600 investors will spend time at the Sydney event on Tuesday or at the Melbourne event on Thursday.
Peel’s Wagga Tank-Southern Nights project is emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.
St Barbara Ltd subscribing for $1.8 million worth of shares in the placement, increasing its interest to 17.9%.
The company is focused on the Wagga Tank/Southern Nights project in western New South Wales.
The Wagga Tank/Southern Nights project is emerging as one of the most significant new zinc polymetallic discoveries in Australia.
The company's Wagga Tank – Southern Nights area is evolving into a large high-grade deposit.
A bevy of gold miners and developers will front Diggers audiences this week at the presenters’ podium.