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- Peel Mining (PEX) has obtained full ownership of Mallee Bull copper and May Day gold deposits in central New South Wales
- The company wrapped up the acquisition after receiving final ministerial approval and paying a $17 million cash consideration to former joint venture partner, CBH Resources
- The joint venture between the miners has now officially dissolved, granting Peel full managerial independence of the project and total consolidation Peel’s assets within the Cobar Basin tenements
- Peel completed a $17.1 million capital raise in July 2020 to acquire the remaining 50 per cent interest in the Mallee Bull Project
- A company statement says Mallee Bull drill planning has been completed with the intent of delivering an indicated resource
- PEX shares are up a modest 1.72 per cent on the back of the announcement
Peel Mining (PEX) has obtained full ownership of Mallee Bull copper and May Day gold deposits in central New South Wales.
The company wrapped up the acquisition after receiving final ministerial approval and paying a $17 million cash consideration to former joint venture partner, CBH Resources.
The Mallee Bull and May Day deposits are located approximately 100 kilometres south of Cobar in central New South Wales and form part of PEX’s overarching Cobar Basin projects.
The joint venture between the miners has now officially dissolved, granting Peel full managerial independence of the project and 100 per cent legal ownership of its tenements within the Cobar Basin.
Peel raised $17.1 million in a capital raise in July last year to acquire the remaining 50 per cent stake of the Mallee Bull Project from CBH Resources.
A company statement says Mallee Bull drill planning has been completed with the intent of delivering an indicated resource.
Peel Mining’s managing director Rob Tyson said Mallee Bull rapidly advanced under the joint venture.
“With complete managerial independence now returned, it is the company’s intention to undertake a resource drillout at Mallee Bull to establish a primarily Indicated Resource,” he explained.
“The acquisition of Mallee Bull delivers 100 per cent control of Peel’s entire Cobar Basin tenure, whilst significantly increasing the company’s exposure to copper, and expanding the company’s asset base,” he concluded.
PEX shares are up a modest 1.72 per cent on the back of the announcement, trading at 29.5 cents each at 1:00 pm AEDT.
