Join our daily newsletter At The Bell to receive exclusive market insights
- Peel Mining (PEX) releases a maiden indicated and inferred mineral resource estimate (MRE) for its Wirlong copper deposit in NSW
- The MRE was based on more than 41,000 metres of reverse circulation and diamond drilling completed by Peel since 2014
- The total MRE reads 2.45 million tonnes at 2.4 per cent copper and 8.7 g/t silver for 57,900 tonnes of contained copper and 686,000 ounces of contained silver
- The release of the MRE provides Peel further foundation for its copper-first development strategy by adding copper-rich resources to its portfolio
- Shares in Peel are up 4.44 per cent on the market and are trading at 23.5 cents
Peel Mining (PEX) has released a maiden indicated and inferred mineral resource estimate (MRE) for 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.
The MRE was completed by independent mining consultant Jonathon Abbott of MPR Geological Consultants.
Additionally, it was based on 41,612 metres of reverse circulation (RC) and diamond drilling completed by Peel since 2014.
The total MRE reads 2.45 million tonnes at 2.4 per cent copper and 8.7 grams per tonne (g/t) silver for 57,900 tonnes of contained copper and 686,000 ounces of contained silver.
Of this, 860,000 tonnes are in the indicated category while 1.59 million tonnes are in the inferred category.
The release of the MRE provides Peel further foundation for its copper-first development strategy by adding copper-rich resources to its portfolio.
“We are very pleased to deliver a maiden high-grade copper resource for Wirlong, further bolstering Peel’s Cobar Basin global resources, and particularly the company’s copper first strategy,” Managing Director Rob Tyson said.
“This MRE is an excellent foundation, and it is anticipated that ongoing infill and extensional drilling will improve and expand this copper-rich mineral system.”
Shares in Peel were up 4.44 per cent on the market and were trading at 23.5 cents at 3:17 pm AEDT.
