Peel Mining’s Wirlong high-grade copper hits point to resource upgrade

Peel Mining is expecting a big boost to its Wirlong resource in New South Wales after the remaining diamond drilling assays returned more high-grade copper hits.

Notable results include 43m grading 1.92% copper and 8 grams per tonne (g/t) silver from a down-hole depth of 280m, 49m at 1.5% copper and 6g/t silver from 260m, and 5.7m at 5.54% copper and 24g/t silver from 239m.

Importantly, the results from the 18 holes represent the final assays for all drilling completed at Wirlong at the end of 2021 that were not included in the maiden resource estimate of 2.45 million tonnes. Released in November 2021, that graded 2.4% copper and 8.7g/t silver.

Peel Mining (ASX:PEX) chief executive officer Jim Simpson said the results confirmed the quality and continuity of the Wirlong deposit with high-grade copper intervals intersected throughout the Wirlong mineral system.

“Wirlong is developing into an integral piece of our South Cobar Copper strategy alongside Mallee Bull,” he added.

“We expect these results along with the results from the recent drilling at Mallee Bull to have a positive impact on the South Cobar Copper Resource upgrade planned for mid CY2022.”

The resource update for the broader South Cobar copper project is due in mid-2022.

Current activity

Diamond drilling started at Wirlong in April with 48,000m planned to target extensions to the mineralisation and upgrade the classification of the Wirlong resource.

This has already returned encouraging results with extensional drilling intersecting zones of significant mineralisation outside of the existing resource model.

Notably, WLDD061 has intercepted several zones of mineralisation including a broad zone of mineralisation from about 575m to 620m that includes a massive chalcopyrite interval about 50m downdip of the current resource model at 600m below surface.

South Cobar project

Wirlong is one of two deposits – the other being Mallee Bull – at the South Cobar project.

Recent assays at Mallee Bull have also been hugely encouraging with results of up to 29.15m at 7.08% copper, 60g/t silver, and 0.24g/t gold from 509.69m

Taken together, the upcoming resource update is likely to be a winner for Peel.

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.