Total
0
Shares
Source: Peninsula Mines
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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

PSM by the numbers
More From The Market Herald

" Orcoda (ASX:ODA) celebrates positive cashflow and higher earnings

Orcoda (ODA) has experienced its fifth consecutive cashflow positive quarter for the three months ending September 30 2021.
DroneShield (ASX:DRO) - CEO, Oleg Vornik

" DroneShield (ASX:DRO) tables mixed results in September quarter

DroneShield (DRO) has tabled its September quarterly report and revealed a mixed bag of results.

" Roto-Gro (ASX:RGI) files three international patent applications

Roto-Gro International’s (RGI) subsidiary has filed three international applications under the patent cooperation treaty.

" GWA Group (ASX:GWA) completes extension of syndicated banking facility

GWA Group (GWA) has successfully extended its syndicated banking facility.