KORES to support Peninsula Mines drilling, South Korea project

• Peninsula Mines has announced Korean Resources Corporation (KORES) will be supporting the company in graphite drilling.
• 3-hole drilling programme planned at Gapyeong in South Korea
• KORES expected to cover half of overall costs
• 340 metres of drilling planned for graphite

Peninsula Mines has announced Korean Resources Corporation (KORES) will be supporting the company in graphite drilling.

KORES will assist in drilling 340m for graphite at the Gapyeong project site in South Korea. KORES will fund 70 per cent of drilling costs, which will take place over three holes.

Historical deposit results include high-grades of graphite results including 14.5 per cent, 10.6 per cent and 9.7 per cent.

Peninsula will fund additional drill meterage costs along with all ancillary costs such as site preparation, core orientation and down hole surveying.

The company will also local land-holders for drilling access. Half overall costs of the drilling programme are estimated to be covered KORES.

Peninsula Managing Director Richard Henning says the drilling will determine for further mineralisation south of known deposits.

“This is an important stage in determining any future [total resources],” he said.

Immediate drill results will influence the company on further possible drilling on site. Exploration is intended to stay quite shallow.

The Gapyeong project is one of five South Korean projects operated by Peninsula. Other projects include Daewon, Yongwon, Eunha, and Wolmyeong.

Peninsula’s place in the ASX today remains unchanged, continuing with a share price of 0.5 cents each in a company market cap of $4.314 million

Please see the ASX announcement for further details