Thick copper zones? Peel has more of those at Mallee Bull
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Peel’s upcoming Mallee Bull resource update is looking promising with drilling continuing to return high-grade copper and very high-grade zinc, lead and silver.
Notable results include 57m grading 3.7% copper and 39 grams per tonne (g/t) silver from a depth of 614m at MBDD052 and separate intervals of 24.7m at 4.33% copper and 33g/t silver from 414.3m and 4.41m at 16.82% zinc, 17.67% lead, 109g/t silver, 0.45% copper and 0.98g/t silver from 352.9m at MBDD048.
Peel Mining (ASX:PEX) adds that its ongoing resource upgrade drilling program that is aimed primarily at converting inferred resources to the higher confidence indicated category continues to intersect broad zones of copper mineralisation.
Two rigs are currently operating at Mallee Bull with approximately 75% of the original program completed while a review of the drill program is currently underway to optimise the resource upgrade ahead of anticipated study work in 2022.
“As anticipated, Mallee Bull is now delivering the broad high-grade copper intercepts we saw historically, with MBDD048 and MBDD052 yielding very impressive chalcopyrite-rich intersections,” managing director Rob Tyson said.
“In addition, and as foreshadowed, the very high-grade zinc-lead-silver mineralisation seen in MBDD046 has now been repeated in nearby drillholes MBDD048 and MBDD051, substantiating the likely presence of a new, economically important, zinc-lead-silver lens.”
Further assays results are expected in the coming weeks.
The Mallee Bull project in New South Wales currently hosts a resource of 6.76Mt grading 1.8% copper, 31g/t silver, 0.4g/t gold, 0.6% lead and 0.6% lead (2.6% copper equivalent).
Mineralisation starts from about 60m below surface and has been defined to at least 800m below surface while remaining open along strike and at depth.
However, the bulk of the copper resource is located from about 350m below surface and is predominantly defined at an inferred level.
Resource upgrade drilling is aimed at bringing this up the indicated level, which has sufficient information on geology and grade continuity to support mine planning.
Given the latest results, which also include 9m at 13.11% zinc, 12.83% lead, 107g/t silver, 1% copper and 1.57g/t gold from 395m along with 52m at 1.55% copper and 19g/t silver from 554m at MBDD051, this is looking extremely positive.
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.