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:
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.
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.
, 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.
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