Peel Mining Announced Exceptional High-Grade Intercepts At Southern Nights Project

  • Mar 28, 2019 AEDT
  • Team Kalkine
Peel Mining Announced Exceptional High-Grade Intercepts At Southern Nights Project
An explorer and developer of precious base metals resources, Peel Mining Limited (ASX: PEX) had notified the market about the recent infill drilling outcomes, from its wholly owned Wagga Tank/ Southern Nights Project, south of Cobar situated in western New South Wales region. About Wagga Tank/ Southern Nights Project: During 2016, PEX had procured hundred percent of the Wagga Tank licences acquired in a non-dilutive amount of forty thousand dollars, along with two percent Net Smelter Return (NSR). During October last year, PEX re-acquired the above mentioned two percent NSR, delivering 100% encumbered ownership. By the middle of 2017, PEX had concluded an important programme of geophysical surveys, which produced numerous exploration targets surrounding the Wagga Tank area. The follow-up drilling work had quickly established the discovery of Southern Nights Project, one of the most important zinc polymetallic discoveries in the Australian region in the last 2 years. Mineralisation at Wagga Tank-Southern Nights had been defined covering a two-kilometre strike footprint. The resource definition drilling at Wagga Tank-Southern Nights is systematically developing, with the establishment of a first JORC Mineral Resource Estimate completed on time and is ready for delivery in June this year. The Resource definition drilling at Southern Nights Project continues to yield exceptional intercepts which are as follows: Drillhole WTRCDD199 is situated around 50m northwest of WTRCDD150 drill hole and demonstrates the similar high-grade tenor. The Drillhole WTRCDD199 assay results are: 23.1m @ 22.54% Zn, 12.0% Pb, 0.25% Cu, 200g/t Ag and 1.42g/t Au obtained from 224m including 16.35m @ 28.09% Zn, 15.77% Pb, 0.26% Cu, 270g/t Ag and 1.80g/t Au attained from 224.75m. Drillhole WTRCDD189 assay results included 9.0m @ 19.91% Zn, 9.55% Pb, 0.17% Cu, 220g/t Ag and 0.36g/t Au obtained from 336m consisting of 5.4m @ 29.26% Zn, 13.97% Pb, 0.22% Cu, 326g/t Ag and 0.45g/t Au gained from 337.2m. Significantly, this hole validate continuity amid the shallower mineralization earlier reported in WTRCDD150. The deeper mineralisation in WTRCDD166, is around 170m down dip. WTRCDD150 returned 18.2m @ 55.5% Zn+Pb from 182m, and WTRCDD166 returned a high-grade section of 16.2m @ 21.9% Zn+Pb obtained from 366m. Drillhole WTRCDD179, drilled on an infill section in the south of the Central Zone circa 100m south of drill hole WTRCDD150 returned assay results of 17m @ 10.36% Zn, 6.05% Pb, 0.60% Cu, 401 g/t Ag and 1.86 g/t Au attained from 181m consisting 3.0m @ 16.67% Zn, 6.78% Pb, 1.04% Cu, 437g/t Ag and 0.76g/t Au and 2.9m @ 30.34% Zn, 18.24% Pb, 0.19% Cu, 415 g/t Ag and 0.38 g/t Au received from 193m. WTRCDD179 has confirmed continuity of the high-grade mineralization to the south raising the strike length of the high-grade area. The Drilling of the above-mentioned holes had confirmed the continuity of high-grade mineralised areas, linking previous high- grade intercepts both down dip and along strike. The true widths of mineralisation encountered in drill holes which are predominantly drilled to 090 azimuths are estimated at about 70-80% of the downhole widths. These results continue to confirm the understanding of the high-grade mineralisation which is thought to be steep westerly dipping. It covers up to ~180m strike and has been defined from ~120m to ~350m below the surface. Also, the sampled intervals for holes WTRCDD179, WTRCDD189 and WTRCDD199 highlighted above do not represent the total mineralisation from each drill hole. High-grade intervals were selected by visual logging and pXRF, which were sent as a priority to the laboratory. Additional results for these holes are pending. The stock of the company last traded at A$0.450 (as on 28 March 2019), up by 3.448% from its previous close.
Disclaimer This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.  

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK