Peel Mining drilling to follow-up recent Mallee Bull numbers

THE DRILL SERGEANT: Peel Mining (ASX: PEX) has a program of follow-up RC drilling underway at the company’s 50 per cent-owned Mallee Bull project, located near Cobar in Western New South Wales.

The company said the exploration program has been designed to test for extensions to the high-grade near-surface zinc-lead-silver-gold mineralisation it intercepted at the T1 target at Mallee Bull earlier this year.

As previously announced, Peel drilled 21 RC drillholes at the T1 geophysical target at Mallee Bull to test for new mineralisation, supplementary to the main Mallee Bull copper-silver-gold deposit.

T1 is a near-surface, strong chargeable IP, low resistivity anomaly coincident with a gravity high.

All these recent drillholes intersected zinc-lead-silver-gold mineralisation to varying degrees, with nine of the twenty-one drillholes intersecting high-grade mineralisation to within 50 metres of surface.

Standout results included:

MBRC028
7 metres at 21.39 per cent zinc, 12.74 per cent lead, 203 grams per tonne silver and 0.58g/t gold from 71m; and

MBRC024
12m at 20.3 per cent zinc, 14.81 per cent lead, 308g/t silver and 1.59g/t gold from 83m.

Peel said the recently-identified mineralisation remains open in all directions with drilling to date having tested just 60m of approximately 300m strike length and 60m of around 300m strike length of modelled gravity high.

The company explained the upcoming program will test immediately along strike from the most recently completed drilling.

“Previous drilling at Mallee Bull has intercepted substantial zinc-lead rich mineralisation, most notably on the northern end of the current resource model where it has been defined to more than 500 metres below surface, which remains open,” Peel Mining said in its ASX announcement.

“This mineralisation may represent the downdip continuation to the mineralisation currently being intercepted at T1.

“No resource estimates have been made for zinc-lead mineralisation to date.

“T1 potentially offers a substantial lift to the quantum of this mineralisation.”

Website: www.peelmining.com.au