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Peel Mining (ASX:PEX) - Managing Director, Rob Tyson - The Market Herald
Managing Director, Rob Tyson
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  • Peel Mining (PEX) has intersected high-grade copper and silver at the Wirlong deposit at its Peel South Cobar Project in NSW
  • Work will test the upper 300 metres of the Wirlong Central Zone where high-grade copper mineralisation is present
  • Up to 15,000 metres of drilling will be completed with work set to finish in the June quarter
  • These new results saw up to 5.78 per cent copper and 19g/t silver intersected
  • Drilling is continuing and results will be reported on in due course
  • Peel is up 5.17 per cent on the market and shares are trading at 30.5 cents

Peel Mining (PEX) has intersected high-grade copper and silver at the Wirlong deposit at its Peel South Cobar Project in NSW.

This drilling program forms part of Peel's strategy to advance its deposits to mineable resources to support a new processing plant.

Work will test the upper 300 metres of the Wirlong Central Zone where high-grade copper mineralisation is present.

Up to 15,000 metres of drilling will be completed with work set to finish in the June quarter.

Peel was originally meant to undertake reverse circulation drilling, however, significant variance has seen it change to diamond drilling to increase target effectiveness.

Diamond drilling will also provide further structural knowledge and geotechnical and metallurgical information.

The results confirm significant copper mineralisation in multiple holes as well as the presence of both broad and narrow high-grade mineralised zones.

Best results include seven metres at 5.78 per cent copper and 19g/t silver from 249 metres and 91 metres at 0.93 per cent copper and 5g/t silver from 254 metres including 11 metres at 2.08 per cent copper and 16g/t silver from 268 metres.

"The wide and high-grade copper hits reported herin, as well as those previously reported, point to the potential for a major Cobar-style copper system to take shape at Wirlong," Managing Director Rob Tyson said.

"These results, as well as visuals and XRF analyses for drillholes still to be reported, add to an excellent start to the company's efforts to establish a maiden high-grade copper resource at Wirlong," he added.

Drilling is continuing and results will be reported on in due course.

Peel is up 5.17 per cent on the market and shares are trading at 30.5 cents at 1:02 pm AEDT.

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