Peel Mining targets March Quarter resource update at NSW copper project

Peel Mining has reported more high-grade intercepts at its South Cobar copper project in New South Wales, with plans to deliver resource updates for both the Mallee Bull and Wirlong deposits in the March and June quarters respectively in 2022.

The resource upgrade drilling was part of the company’s strategy to advance the deposits to higher confidence mineable resources to provide an economic study.

The latest assay results from Wirlong include:

11m at 2.93% copper, 10g/t silver from 388m including 4.88m at 6.04% copper, 20g/t silver, 0.66g/t gold from 393m (WLDD043);
16m at 1.55% copper, 8g/t silver from 314m including 3m at 4.33% copper, 23g/t silver from 314m (WLDD041);
3m at 7.39% copper, 41g/t silver from 255m and 4m at 1.92% copper, 5g/t silver from 330m (WLDD046);
3.9m at 3.55% copper, 8g/t silver from 474.9m (WLDD045); and
5m at 1.78% copper, 8g/t silver from 200m and 3m at 2.15% copper, 9g/t silver from 289m (WLDD037).

At Mallee Bull, results are:

22m at 2.75% copper, 34g/t silver, 0.14g/t gold from 464m including 1m at 5.9% copper, 55g/t silver, 0.16g/t gold from 477m (MBDD057); and
9m at 3.53% copper, 27g/t silver, 0.17g/t gold from 412m including 3.75m at 7.08% copper, 52g/t silver, 0.35g/t gold from 416m (MBDD065).

Upgrading Wirlong mid-2022

The company recently released the maiden resource estimation at Wirlong of 2.45Mt at 2.4% copper, 8.7g/t silver containing approximately 57,900t copper, 686Koz silver.

“Whilst the Wirlong maiden mineral resource estimate has now been delivered, excellent potential to continue to improve this high-grade copper deposit remains with WLDD059 returning significant copper mineralisation in the projected position of the MBX lens, ~30m southeast along strike from that in WLDD040,” Peel Mining (ASX:PEX) managing director Rob Tyson said.

“This result as well as other assays received and pending will be used to upgrade the Wirlong resource in mid-2022.”

Infill drilling planned in late Jan

Mr Tyson said that at Mallee Bull, resource infill and extensional drilling continues to yield wide, high grade copper intercepts.

“Significantly, MBDD065 intersected strong mineralisation on the southernmost drill section, outside of the current resource model demonstrating mineralisation at Mallee Bull remains open to the south,” he said.

Peel plans to re-commence targeted infill drilling at both deposits in January.

This article was developed in collaboration with Peel Mining Limited, 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.