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Peel Mining drills out copper extensions at Wirlong

Preliminary results for drill hole WLRCDD043 suggest mineral extensions.
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Assays are expected in circa four weeks

Peel Mining (ASX:PEX) continues to have success drilling at its 60% owned Wirlong copper prospect located within the Cobar Superbasin project in New South Wales.

While assays are still pending, preliminary results from a new drill hole shows down-dip continuity to significant copper mineralisation, from near surface to ~600 metres below surface.

Down-hole electromagnetics undertaken on the recent hole indicates a significant electromagnetic conductor centred to the north of drill hole.

The next drill hole is now underway, which is designed to test down-dip from the recent hole.

Assays for the completed hole are pending and expected in about four weeks.


Drill hole WLRCDD043

Drill hole WLRCDD043 was designed to test for mineralisation at ~600 metres below surface, down dip of previous high-grade intersections including:

- 4.9 metres at 4.3% copper, 13 g/t silver from 402.1 metres and 22 metres at 1.0% copper, 4 g/t silver from 332 metres in WLRCDD015;
- 9 metres at 8.0% copper, 17 g/t silver, 0.21 g/t gold from 616 metres and 38 metres at 1.18% copper, 4 g/t silver from 450 metres in WLDDD001;
- 26 metres at 1.21% copper, 5 g/t silver from 227 metres in WLRCDD024; and
- 9 metres at 3.29% copper, 0.60% zinc, 18 g/t silver from 70 metres in WLRC035.

Significantly, WLRCDD043 intersected strong copper mineralisation, with preliminary logging showing a 16 metres zone from 749 metres comprising chalcopyrite-rich veins/stringers/breccia.

The encouraging initial indications have prompted the decision to drill another hole, WLRCDD044, testing down-dip from WLRCDD043, which is now underway.


Background

Peel’s projects cover more than 5,000 square kilometres across New South Wales and Western Australia.

Projects include:

- Mallee Bull: An advanced copper polymetallic deposit that remains open in many directions;
- Cobar Superbasin: Farm-in agreement that offers funded strategic greenfields exploration potential along with the new Wirlong copper discovery;
- Wagga Tank: A polymetallic VHMS-type deposit with many significant intercepts;
- Apollo Hill: Exploration project that hosts a major, protruding, shear-hosted, gold mineralised system that remains open down dip and along strike; and
- Attunga: A high grade tungsten deposit.


Analysis

These drilling results continue to provide evidence that suggest indications of a Cobar-style deposit at Wirlong.

The recent drilling at Wirlong is part of ongoing investigations into the potential to host Cobar-style deposits, which are renowned for vertical continuity of mineralisation.

Australia’s highest grade copper mine, is an example of a Cobar-style deposit, showing strong vertical development of mineralisation to more than 2,000 metres below surface.

The mine has produced over one million tonnes of copper since commencement of modern mining around 1965.

Whilst substantively more investigation is required, indications of a Cobar-style analogue for Wirlong are promising.

Peel shares are up over 25% year to date, currently trading at $0.22.

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