Peel on the precipice of major resource upgrade at South Cobar after high grade drill results

A swag of new results from over 20,000m of drilling at Peel Mining’s Wirlong deposit have opened the door for a new resource update at its emerging South Cobar copper project.

The latest results from Peel Mining’s (ASX:PEX) resource drilling at Wirlong, which included 38 holes for 20,813m of drilling across three rigs that began in April, have continued to demonstrate its high grade copper potential.

Mineralisation remains open along strike and down plunge of the Wirlong resource, which includes 2.45Mt at 2.4% copper and 8.7g/t silver for 57,900t copper metal and 686,000oz of precious silver.

Assays for 22 holes have been returned with 16 pending. Their receipt will be the trigger for an upgrade of the South Cobar Project resource, incorporating Wirlong and Mallee Bull Copper deposits and Southern Nights-Wagga Tank Polymetalic deposit.

Here come the numbers

Results from recent drilling include some stand our hits by width and grade, including:

16m at 3.01% Cu, 5g/t Ag from 613m (WLDD060W1)
7m at 1.51% Cu, 4g/t Ag from 480m and 11m at 1% Cu, 3g/t Ag from 499m (WLDD060W2)
14m at 1.16% Cu, 9g/t Ag from 264m and 48m at 1.4% Cu, 2g/t Ag from 573m (WLDD061)
17m at 1.1% Cu, 9g/t Ag from 265m including 4.37m at 2.47% Cu, 14g/t Ag from 276m (WLDD061W1)
23.05m at 2.1% Cu, 8g/t Ag from 267.95m including 3.83m at 6.01% Cu, 23g/t Ag from 281.79m (WLDD063)
40.75m at 1.04% Cu, 4g/t Ag from 266.25m including 10m at 2.93% Cu, 12g/t Ag from 275m (WLDD063W1).

Other, narrower hits included 3m at 6.83% copper and 21g/t silver from 473m in hole WLDD064W1.

Peel Mining ASX PEX — This chalcopyrite rich core from around 480m down hole at Wirlong is still to be assayed. Pic: PE

Significant deposit

Peel CEO Jim Simpson noted the results confirmed Wirlong as a significant part of the South Cobar Project.

It stands alongside the 2017 Mallee Bull resource, also due for update with the benefit of new drilling, which includes 6.76Mt indicated and inferred resources at 1.8% copper, 31g/t silver, 0.4g/t gold, 0.6% lead and 0.6% zinc for a 2.6% copper equivalent grade.

“The latest phase of infill and extensional drilling at Wirlong has now concluded, allowing Peel to progress to an updated resource for the South Cobar Project,” Peel Mining CEO Jim Simpson said.

“Results to date confirm the quality of the Wirlong copper deposit and that Wirlong will be a significant component of our South Cobar Project.

“The significance of the infill drilling should not be understated as it has improved our confidence and understanding of the structural controls and geometry of mineralisation.

“The completion of this drilling also allows us to move to exploration decline design and permitting with greater confidence.“

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.