- Peel Mining (PEX) receives further high-grade copper results from its Wirlong copper deposit in NSW
- Drilling was designed to test the upper 300 metres of the Wirlong Central Zone where high-grade copper mineralisation exists
- Overall, new results peaked at 7.23 per cent copper and 32 grams of silver per tonne (g/t)
- Peel has also announced drilling is advancing at its Mallee Bull copper deposit with work aiming to convert inferred classified resources to indicated
- Peel has ended the day in the grey with shares trading at 25.5 cents
Peel Mining (PEX) has received further high-grade copper results from its Wirlong copper deposit.
The Wirlong deposit is part of Peel’s South Cobar Project which lies roughly 100 kilometres south of Cobar in NSW.
Drilling was designed to test the upper 300 metres of the Wirlong Central Zone where high-grade copper mineralisation exists.
Peel plans to undertake roughly 18,000 metres of drilling.
Best new results include 19 metres at 2.34 per cent copper and 10 grams of silver per tonne (g/t) from 203 metres including 4.15 metres at 7.23 per cent copper and 32g/t silver from 213.85 metres.
Peel has also announced resource upgrade drilling is advancing at its Mallee Bull copper deposit with significant mineralisation zones identified to date.
Drilling is aiming to advance the deposit to achieve critical mass in regards to a substantial processing plant.
Around 20,000 metres of diamond drilling has been planned to convert inferred classified resources to indicated.
At the time of the release of the announcement, around 6000 metres had been drilled.
Visibly significant zones of copper mineralised have been identified so far, with processing and sampling beginning on the returned assays.
Managing Director Rob Tyson said these results increased the company’s understanding of Wirlong and he was looking forward to receiving results from Mallee Bull.
“At Wirlong, each batch of drill results continues to yield high-grade copper mineralisation and advances our understanding of the deposit,” Mr Tyson said. “The latest results point to the possible discovery of a new high-grade lends, as returned in drill hole WLDD019 – 17.05 metres at 2.87 per cent copper from 262 metres.
“Resource drilling at Mallee Bull is advancing well with a second drill rig now onsite and approximately now-third of the planned program completed.
“Early visual results for Mallee Bull indicate the presence of high-grade copper in multiple drillholes and we look forward to receiving drill assays in the weeks ahead.”
Peel ended the day in the grey with shares trading at 25.5 cents in a $106.6 million market cap.