Join our daily newsletter At The Bell to receive exclusive market insights
- Peel Mining (PEX) has reported its assay results from a recently completed diamond drill program at the Wirlong prospect in New South Wales
- These holes were designed to target the Wirlong Central zone, testing for high-grade copper
- The company is planning future drilling and surveying to further target this area
- In response to the COVID-19 pandemic, Peel has put in a series of precautionary measures
- It has let go of causal staff and all remaining staff, including management, have suffered a 20 per cent pay cut
- Peel is up 4.35 per cent and selling shares for 12 ¢ per share
Peel Mining (PEX) has reported its assay results from a recently completed diamond drill program at the Wirlong prospect in New South Wales.
Wirlong is part of the Cober Superbasin Project, a joint venture with JOGMEC (Japan Oil, Gas and Metals National Corporation).
Wirlong
Drilling
Drilling at Wirlong included three diamond drillholes, WLDD003, WLD004 and WLD005. These drillholes were designed to target the Wirlong Central zone and test for high-grade copper.
Results from drillhole WLDD003 included 4.26 metres at 2.22 per cent of copper, 7 g/t of silver from 380 meters.
Drillhole WLDD004 results included 1.15 metres at 7.71 per cent of copper, 30 g/t of silver from 54.45 metres. While drillhole WLDD005 showed results of 5.9 metres at 3.19 per cent of copper, 13 g/t of silver from 347.1 metres.
What’s next?
Future drilling at Wirlong is anticipated to include further infill and extensional drilling and geophysical surveying to assist with exploration drill targeting.
COVID-19
In response to the COVID-19 pandemic, Peel has put in a series of precautionary measures.
These measures include restrictions on non-essential travel with certain field staff moving to a 3-month field-based roster on a 5-day on, 2-day off week. Peel’s head office staff have moved to a work-from-home basis.
The company has let go of casual staff, while all remaining staff, including management, have suffered a 20 per cent pay cut.
Peel will continue to monitor the situation as it develops.
Peel is up 4.35 per cent on the market this afternoon, selling shares for 12 ¢ per share at 3:32 pm.
