Peel is only just getting started at the Wirlong high-grade copper deposit
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If the stream of high-grade results wasn’t enough of a clue, Peel has now unveiled a sweet, high-grade resource for the Wirlong deposit at its South Cobar project in NSW.
The maiden indicated and inferred resource of 2.45 million tonnes grading 2.4% copper and 8.7 grams per tonne (g/t) silver, or 57,900t of contained copper and 686,000oz of contained silver, is contained within five lenses with the MBX lens accounting for more than half of the resource.
And it is just the beginning for Peel Mining (ASX:PEX).
Wirlong remains open along strike and down dip, particularly to the southeast where recent drilling returned a thick 205m intersection grading 1.4% copper and 3g/t silver from a depth of 434m.
It also adds to the Mallee Bull (the other deposit at South Cobar) resource of 6.76Mt at 1.8% copper, 31g/t silver, 0.4g/t gold, 0.6% lead and 0.6% zinc, which is itself likely to be upgraded before the end of 2021.
“We are very pleased to deliver a maiden high-grade copper resource for Wirlong, further bolstering Peel’s Cobar Basin global resources, and particularly the company’s copper-first strategy,” managing director Rob Tyson said.
“The strong copper mineralisation hosted within the main MBX lens has provided a solid base for the MRE, hosting around 69% of the MREs contained copper, while the other lenses highlight the widespread copper endowment and the clear potential for Wirlong to grow.
“This MRE is an excellent foundation, and it is anticipated that ongoing infill and extensional drilling will improve and expand this copper-rich mineral system.”
Peel was first drawn to Wirlong by the presence of historical copper workings, a topographic high, a >2km multi-element surface geochemical anomaly and coincident or semi-coincident magnetic, radiometric, gravity, IP and electromagnetic anomalies.
Exploration drilling early in 2015 returned significant primary copper mineralisation that was backed up later that year by follow-up drilling yielding strong copper hits.
The company’s resource drilling to date has focused on a relatively confined zone covering about 350m of strike within the greater prospect area.
Infill and extensional drilling is ongoing with assays pending for 20 drill holes.
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.