Hot Southern Nights hits propel Peel Mining 32pc higher
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Peel Mining jumped 32 per cent after reporting high-grade zinc, lead and silver results from drill testing at its recent “Southern Nights” discovery in NSW.
Peel’s share price has climbed 150 per cent since it unveiled stellar results last month at the project about 130km south of Cobar in central NSW.
Follow-up drilling has now now extended the zine strike to about 700 metres with mineralisation open in all directions.
The stock (ASX:PEX) hit a 52-week high today of 63.5c, up 32 per cent, before cooling to 55c in afternoon trade.
Better results include 22 metres at 8.5 per cent zinc, 3.1 per cent lead, 115 grams per tonne silver, 0.24 grams per tonne gold from 161 metres including 8 metres at 16.2 per cent zinc, 6.2 per cent lead, 248 grams per tonne silver 0.28 grams per tonne gold from 174 metres.
So far, 22 holes have been drilled during the program.
Peel has a market cap of $80.3 million.