Peel Mining hits up to 4.7% copper, 21.6% zinc and 12.7% lead in Corridor Zone at Wagga Tank

Peel Mining Ltd (ASX:PEX) has received high-grade base metals results from drilling in new mineralised zones at the Wagga Tank project south of Cobar in western New South Wales.

As well as providing resource growth potential, the new results in the Corridor Zone also highlight the possibility of a link between the Wagga Tank and Southern Nights deposits.

The company has received final results for two holes in this zone with both returning multiple zones of significant mineralisation.

Shares up 10%

Shares have been up more than 10% to an intra-day high of 32 cents.

Peel Mining managing director Rob Tyson said, “This is a very exciting development, offering potential to infill the zone between Wagga Tank and Southern Nights, and further enhancing the development prospects of the project.”

Highlight results

Best results from WTRCDD141:

• 2.1 metres at 4.7% copper, 129 g/t silver, 0.15 g/t gold, 0.4% zinc and 0.5% lead from 530.2 metres; and
• 58.3 metres at 5.4% zinc, 2.3% lead, 0.1% copper, 24 g/t silver and 0.31 g/t gold from 546.7 metres, including 13.1 metres at 11.1% zinc, 5.7% lead, 0.05% copper, 52 g/t silver and 0.51 g/t gold from 553.9 metres.

Better WTRCDD141W1 results are:

• 9 metres at 7.6% zinc, 4.7% lead, 0.1% copper, 153 g/t silver and 0.46 g/t gold from 501 metres, including 2.8 metres at 21.6% zinc, 12.7% lead, 0.4% copper, 441 g/t silver and 1.23 g/t gold from 505.1 metres;
• 17 metres at 1.3% copper, 25 g/t silver, 0.14 g/t gold, 0.1% zinc and 0.1% lead from 510 metres;
• 47 metres at 6.3% zinc, 2.8% lead, 0.05% copper, 24 g/t silver and 0.28 g/t gold from 573 metres; and
• 53 metres at 3.4% zinc, 1.9% lead, 0.1% copper, 24 g/t silver and 0.46 g/t gold from 626 metres.

New mineralisation

In late August, drilling at Wagga Tank-Southern Nights resumed, comprising around 10,000 metres of reverse circulation (RC)/diamond drilling primarily designed to develop higher confidence resources and to progress the project towards development.

Since recommencement, drilling has targeted Wagga Tank and the Corridor Zone.

Importantly, strong new mineralisation has been confirmed in Corridor Zone, highlighting the potential for interconnected mineralisation between the Wagga Tank and Southern Nights deposits.

Further analysis will be undertaken to determine the best location to target with follow-up drilling in this excitRead More – Source