Exceptional copper hits drive confident Peel at Wirlong
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Peel Mining has hit a series of outstanding copper intercepts during the latest drilling at its Wirlong project in western New South Wales.
Highlights reported by Peel (ASX:PEX) from the most recent round of assays from the ongoing drill campaign included a +150m copper intercept, as well as multiple zones in excess of 20m where grades exceed 3.5%.
Further significant zones of strong copper mineralisation were visible in recent drilling, with sampling ongoing and assays pending for a number of holes with visible sulphide mineralisation.
The drilling at Wirling is part of an ongoing two-rig campaign designed to define a maiden resource.
A review of resource definition drilling results to date has indicated the opportunity to expand the maiden resource footprint by stepping out along strike to the southeast. New drill holes have been planned to do so.
Peel managing director Rob Tyson said the company has serious belief in the project’s potential.
“The latest drilling adds further confidence to the continuity of high-grade copper mineralisation at Wirlong, the primary target of our resource definition drilling program,” he said.
“Of significance is the broad halo of stockwork chalcopyrite mineralisation that we continue to encounter within many of our drillholes pointing to the greater metal endowment of the Wirlong mineral system.
“We believe that the Wirlong Central Zone represents the intersection of N-S and NW-SE striking structures, providing controls on the position of high-grade mineralisation, a structural setting analogous to the world class CSA Copper Mine.
“Once again, we look forward to reporting further significant intercepts in due course.”
High-grade copper mineralisation at Wirlong Central has been defined from near surface to more than 600m below surface and remains open in all directions.
Wirlong, which sits around 100km south of Cobar, is a key part of Peel’s hub and spoke strategy for the region.
Under that plan, the company aims to advance each of its regional deposits to mineable resources to achieve critical mass which will support a substantial, centrally located processing plant.
Wirlong is 35km north of Peel’s Mallee Bull copper deposit, and also proximate to the May Day gold-silver-zinc-lead project and the Wagga Tank and Southern Nights copper-lead-zinc-gold-silver projects. See below.
Resource upgrade drilling is also underway at Mallee Bull, which already has a mineral resource measuring 6.76 million tonnes at 2.6% copper equivalent for 175,000t, making it one of Australia’s highest grade undeveloped copper deposits.
In March, an indicated mineral resource of 1.07 million tonnes at 1.02g/t gold, 26.3g/t silver, 0.74% zinc and 0.5% lead was announced at May Day.
Peel is funded through to an investment decision on its South Cobar hub and spoke project, having raised $20.26 million through a placement and entitlement offer the same month.
This article was developed in collaboration with Peel Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.