Investors stood back and applauded today as Peel Mining confirmed a new zinc-rich discovery in NSW.

Peel unveiled stellar high-grade zinc, lead and silver results at its Southern Nights / Wagga Tank project about 130km south of Cobar in central NSW.

Results include a hit of 21 metres at 31 per cent zinc, 12 per cent lead, 258 grams per tonne of silver and 1.42 grams per tonne of gold.

The stock (ASX:PEX) soared higher today on the back of the results, gaining as much as 60 per cent to hit a high of 48c at noon AEDT.

Peel Mining shares have more than doubled this month. Source:

Today’s news comes after Peel reported strong preliminary results at Southern Nights earlier this month.

At the time Peel told investors mineralisation at the site ranked as the best the company had encountered to date — and possibly the best since Peel’s inception a decade ago.

On the back of today’s results, Peel can now confirm that Southern Nights is potentially host to a major, high-grade base and precious metal mineral system.

Lab results also included 58 metres at 3.88 per cent zinc, 1.19 per cent lead, 28g/t silver, 0.28g/t gold from 139 metres including 9m at 8.84 per cent zinc, 2.07 per cent lead, 14g/t silver, 0.58g/t gold from 188 metres.

Recent follow-up drilling at Southern Nights has also intercepted further significant zinc-rich mineralisation open in all directions.

Drilling is continuing at Southern Nights.

Peel has timed its discovery of  Southern Nights perfectly with the zinc price at 10-year highs.

Zinc has risen 32 per cent this year, hitting a high of $US3369.50 per tonne last week on strong global demand and tight supplies.

The metal is used to galvanise steel and is benefiting from Chinese infrastructure development and higher steel prices.