http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Sun, 30 Apr 2017 15:18:20 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Peel Mining receives multi-million dollar investment from gold producer ]]> http://www.proactiveinvestors.com.au/companies/news/175880/peel-mining-receives-multi-million-dollar-investment-from-gold-producer-175880.html Peel Mining (ASX:PEX) has revealed that ASX gold producer St Barbara (ASX:SBM) has taken a 9.5% stake in the company by subscribing for $3.28 million worth of placement shares.

The placement shares will be issued at $0.205 and increase Peel’s net cash position to more than $5.3 million.

The funds raised via the placement will allow for the acceleration of upcoming work programs including further drilling at Peel’s 100%-owned Wagga Tank VMS prospect.

Drilling at Wagga Tank is scheduled to recommence in April.

Rob Tyson, managing director, commented: “We are pleased to welcome a company of the calibre of St Barbara to the share register.

“St Barbara’s funding commitment provides further validation of our strong belief in the mineral potential of the Cobar Superbasin.”


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.


Wagga Tank

Wagga Tank is located 130 kilometres south of Cobar and 50 kilometres from Mallee Bull.

The project has been effectively landbanked by majors since last drilling in 1989.

42 historical drill holes included highlights of:

- 32 metres at 3.00 g/t gold, 24 g/t silver from 10 metres;
- 20 metres at 3.11 g/t gold, 63 g/t silver from 28 metres;
- 25.9 metres at 8.74% zinc, 3.39% lead, 82 g/t silver from 141.6 metres;
- 15.7 metres at 10.39% zinc, 4.43% lead, 69 g/t silver from 215.6 metres;
- 24 metres at 2.73% copper, 0.56 g/t gold, 13 g/t silver from 86 metres; and
- 20.3 metres at 2.17% copper, 0.76 g/t gold, 9 g/t silver from 184.4 metres.

Peel’s maiden 18-drillhole program targeting primary mineralisation confirms historical data and 7 holes require extension.

Highlights included:

- 12 metres at 3.09% copper, 97 g/t silver, 1.36 g/t gold from 92 metres;
- 8 metres at 8.54% zinc, 6.20% lead, 134 g/t silver, 1.45% copper from 173 metres;
- 27 metres at 10% zinc, 6.41% lead, 89 g/t silver, 0.42 g/t gold, 0.21% copper from 240 metres;
- 15 metres at 8.5% zinc, 4.11% lead, 114 g/t silver, 1.57 g/t gold, 0.3% copper from 280 metres;
- 17 metres at 2.65 g/t gold, 0.54% copper, 11 g/t silver from 211 metres; and
- 16 metres at 3.27 g/t gold, 0.35% copper, 1.1% zinc, 0.57% lead, 12 g/t silver from 226 metres.


Analysis

Attracting a company with the profile of St Barbara highlights the value of Peels portfolio of projects.

Significantly, the placement was conducted at a premium to the previous trading price.

Peel will be able to draw on St Barbara’s extensive experience in deep, underground gold mining at Gwalia.

This technical expertise is highly applicable to Cobar-style deposits, which typically show strong vertical continuity.

Peel is entering a busy period of exploration which secures upcoming exploration based news flow for shareholders.

Drilling at Wagga Tank is scheduled to recommence in April. Elsewhere, drilling is continuing at the JOGMEC-funded Wirlong copper discovery, while drilling recommenced last week at the T1 prospect at Mallee Bull targeting very high-grade zinc-lead-silver mineralisation for metallurgical test-work purposes.

Shares are up 26% after being released from their trading halt today.

During March 2017, a drill intersection at Wagga Tank was recognised by RSC Mining and Mineral Exploration as one of its 10 significant global drill results of the month.

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Tue, 04 Apr 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/175880/peel-mining-receives-multi-million-dollar-investment-from-gold-producer-175880.html
<![CDATA[News - Peel Mining gets ready to raise ]]> http://www.proactiveinvestors.com.au/companies/news/175790/peel-mining-gets-ready-to-raise-175790.html Peel Mining (ASX:PEX) has been granted a trading halt by the ASX, pending details of a capital raising.

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

The halt will remain in place until the opening of trade on Wednesday 5th April 2017, or earlier if an announcement is made to the market.


Portfolio

- 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.

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Mon, 03 Apr 2017 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/175790/peel-mining-gets-ready-to-raise-175790.html
<![CDATA[News - Peel Mining drills out copper extensions at Wirlong ]]> http://www.proactiveinvestors.com.au/companies/news/175110/peel-mining-drills-out-copper-extensions-at-wirlong-175110.html 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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Tue, 21 Mar 2017 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175110/peel-mining-drills-out-copper-extensions-at-wirlong-175110.html
<![CDATA[News - Peel Mining to reveal exploration update ]]> http://www.proactiveinvestors.com.au/companies/news/175031/peel-mining-to-reveal-exploration-update-175031.html Peel Mining (ASX:PEX) has been granted a trading halt by the ASX, pending details of an exploration update.

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

The halt will remain in place until the opening of trade on Wednesday 22nd March 2017, or earlier if an announcement is made to the market.

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Mon, 20 Mar 2017 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175031/peel-mining-to-reveal-exploration-update-175031.html
<![CDATA[News - Peel Mining confirms mineralisation with final batch of assays ]]> http://www.proactiveinvestors.com.au/companies/news/174728/peel-mining-confirms-mineralisation-with-final-batch-of-assays-174728.html Peel Mining (ASX:PEX) has received assays from its completed 18 hole drill program at its recently acquired 100%-owned Wagga Tank Project near Cobar in western New South Wales.

Initial drilling by Peel commenced in the December quarter for a total of 18 reverse circulation holes and 5 diamond tails for 4,788 metres.

All assays have now been received and have confirmed the historical drill results that featured strong evidence of a zinc-lead-silver-gold-copper mineralised system.

Results include 27 metres at 10.00% zinc, 6.41% lead, 89 g/t silver, 0.42 g/t gold, 0.21% copper from 240 metres and mineralisation remains open along strike and at depth.

Seven drill-holes require diamond extensions with drilling anticipated to recommence late March or early April.


Drill result details

Results are part of Peel’s maiden drilling program at Wagga Tank, designed to confirm the presence of high grade base and precious metal mineralisation originally identified in the 1970-80s.

Significant new high-grade mineralisation and extensions to existing high-grade mineralisation have been identified, with results including:

- 27 metres at 10.00% zinc, 6.41% lead, 89 g/t silver, 0.42 g/t gold, 0.21% copper from 240 metres including 10 metres at 19.39% zinc, 12.35% lead, 171 g/t silver, 0.67 g/t gold, 0.30% copper;
- 16 metres at 3.27 g/t gold, 0.35% copper, 1.1% zinc, 0.57% lead, 12 g/t silver from 226 metres including 10 metres at 4.27 g/t gold, 0.37% copper, 0.88% zinc, 0.52% lead, 13 g/t silver; and
- 13 metres at 3.34 g/t gold, 0.83% copper, 0.77% zinc, 0.28% lead, 20 g/t silver from 299 metres including 6 metres at 6.90 g/t gold, 1.28% copper, 0.62% zinc, 0.21% lead, 29 g/t silver.

All assays for Peel’s maiden Wagga Tank drilling program completed prior to end calendar 2016, have now been reported.

Drilling at the Wagga Tank is anticipated to resume upon completion of drilling currently underway at the company’s 60%-owned Wirlong copper prospect.

The activity at Wirlong is expected to finish late March to early April.


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.


Wagga Tank

Wagga Tank is 100% owned by Peel and was acquired for $40,000 and a 2% net smelter royalty.

It is a volcanic-hosted massive sulphide (VHMS) deposit located on the western edge of the Cobar Superbasin, 45 kilometres from Mallee Bull.

The deposit has had 42 historical holes drilled into it from 1989 including:

- 32 metres at 3.00 g/t gold, 24 g/t silver from 10 metres;
⁻ 20 metres at 3.11 g/t gold, 63 g/t silver from 28 metres;
⁻ 30 metres at 1.93 g/t gold 24 g/t silver from 8 metres;
⁻ 25.9 metres at 8.74% zinc, 3.39% lead, 82 g/t silver from 141.6 metres;
⁻ 15.7 metres at 10.39% zinc, 4.43% lead, 69 g/t silver from 215.6 metres;
⁻ 18.15 metres at 5.86% zinc, 3.00% lead, 32 g/t silver, 1.01 g/t gold from 222.85 metres;
⁻ 24 metres at 2.73% copper, 0.56 g/t gold, 13 g/t silver from 86 metres;
⁻ 20.3 metres at 2.17% copper, 0.76 g/t gold, 9 g/t silver from 184.4 metres; and
⁻ 13.55 metres at 4.6% copper, 1.14 g/t gold, 470 g/t silver from 119.75 metres.


Analysis

The final batch of assays from the 2016 drilling program at Wagga Tank supports the emergence of the Wagga Tank VHMS deposit as a significant zinc-lead-silver-copper-gold mineralised system.

Results to date are encouraging with confirmation of very high-grade zinc-lead-silver rich massive sulphide style mineralisation, and strong gold-copper mineralisation, at relatively shallow depths.

Whilst further drilling is required, Peel believes that the intersection of several strong gold-copper intervals possibly represents a previously unrecognised feeder structure to the historically reported oxide gold mineralisation.

Notwithstanding the required drilling of the oxide gold zone; the strong gold-copper intervals intersected by Peel are open down-dip and along strike and require follow-up drilling beyond the completion of Peel’s maiden 18-drillhole program.

Shareholders continue to be leveraged to news flow from proven exploration targets that are advancing towards development in the Cobar Superbasin.

Peel has a track record of operating with low overheads and investing capital into the ground with circa 18,000 metres of drilling in 2016.

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Tue, 14 Mar 2017 14:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/174728/peel-mining-confirms-mineralisation-with-final-batch-of-assays-174728.html
<![CDATA[News - Peel Mining is dominating the Cobar Superbasin ]]> http://www.proactiveinvestors.com.au/companies/news/174417/peel-mining-is-dominating-the-cobar-superbasin-174417.html Peel Mining (ASX:PEX) has the largest single company holding in the Cobar Superbasin of New South Wales comprising 3,777 square kilometres.

This tenure covers the bulk of historic metallic mineral occurrences in the southern half of Cobar Basin, considered highly prospective terrain.

Most prospects have received little exploration in modern times.

Peel has a strong discovery track record at its Cobar Superbasin projects with the discovery of the Wirlong copper deposit and the high-grade Mallee Bull copper-polymetallic deposit.

More recently, Peel has benefited from the emergence of the Wagga Tank volcanic-hosted massive sulphide (VHMS) deposit as a significant zinc-lead-silver-copper-gold mineralised system.


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.


Mallee Bull

The Mallee Bull project is a 50:50 joint venture with CBH Resources Ltd and is Peel’s most advanced asset.

The discovery featured some of the most significant copper results reported anywhere in the world in 2012-13.

A maiden JORC resource was released in May 2014 of 3.9 million tonnes grading 2.3% copper, 32 g/t silver and 0.3 g/t gold.

Since then, a number of highly mineralised extensional intercepts have been drilled and extensional work programs are continuing at Mallee Bull.

Mineralisation remains open along strike, up and down dip.

Metallurgical flotation test-work has indicated copper recoveries of up to 95%.


Mallee Bull: Extensional discoveries

In May 2015, the T1 near-surface high-grade zinc-lead-silver-gold discovery was made.

The T1 target returned shallow, high-grade mineralisation including:

⁻ 12 metres at 35.1% lead-zinc, 308 g/t silver, 1.59 g/t gold from 83 metres;
⁻ 7 metres at 34.1% lead-zinc, 203 g/t silver, 0.58 g/t gold from 71 metres; and
⁻ 10 metres at 23.4% lead-zinc, 322 g/t silver, 1.28 g/t gold from 106 metres.

In September 2016, a significant copper intercepts discovered Mallee Bull North, located 300 metres from Mallee Bull.

Intercepts include:

⁻ 7 metres at 2.01% copper, 37 g/t silver, 0.15 g/t gold from 324 metres;
⁻9 metres at 2.24% copper, 27 g/t silver, 0.27 g/t gold from 455 metres;
⁻7 metres at 1.28% copper, 16 g/t silver, 1.89 g/t gold from 371 metres; and
⁻5 metres at 2.22% copper, 31 g/t silver, 0.09 g/t gold from 404 metres.

Closer to the current deposit, extensional intercepts intersected on the northern edge of the Mallee Bull resource include:

- 62 metres at 3.15% copper, 42 g/t silver, 0.28 g/t gold from 465 metres; and
- 13 metres at 0.86% copper, 33 g/t silver, 1.39 g/t gold from 407 metres.


Wagga Tank

Wagga Tank is 100% owned by Peel and was acquired for $40,000 and a 2% net smelter royalty.

It is a VHMS deposit located on the western edge of the Cobar Superbasin, 45 kilometres from Mallee Bull.

The deposit has had 42 historical holes drilled into it from 1989 including:

- 32 metres at 3.00 g/t gold, 24 g/t silver from 10 metres;
⁻ 20 metres at 3.11 g/t gold, 63 g/t silver from 28 metres;
⁻ 30 metres at 1.93 g/t gold 24 g/t silver from 8 metres;
⁻ 25.9 metres at 8.74% Zn, 3.39% lead, 82 g/t silver from 141.6 metres;
⁻ 15.7 metres at 10.39% Zn, 4.43% lead, 69 g/t silver from 215.6 metres;
⁻ 18.15 metres at 5.86% Zn, 3.00% lead, 32 g/t silver, 1.01 g/t gold from 222.85 metres;
⁻ 24 metres at 2.73% Cu, 0.56 g/t gold, 13 g/t silver from 86 metres;
⁻ 20.3 metres at 2.17% Cu, 0.76 g/t gold, 9 g/t silver from 184.4 metres; and
⁻ 13.55 metres at 4.6% Cu, 1.14 g/t gold, 470 g/t silver from 119.75 metres.

Initial drilling by Peel commenced in the December quarter for a total of 18 reverse circulation holes and 5 diamond tails for 4,788 metres.

The program has successfully confirmed the presence of high grade base and precious metal mineralisation originally identified at Wagga Tank.

Final assays remain pending.


Cobar Superbasin Project

The Cobar Superbasin Project is subject to a memorandum of agreement with Japan Oil, Gas, and Metals National Corporation (JOGMEC), under which JOGMEC may earn up to 50% interest by funding up to $7 million of exploration.

The Stage 1 expenditure commitments totalling $4 million were concluded in the September 2016 quarter, taking JOGMEC's interest in the project to 40%.

Stage 2, for an additional 10% interest through the spending of $3 million, has commenced.

The focus has been on the Wirlong and Red Shaft prospects where drilling has discovered high grade copper-silver-gold mineralisation.

Results include:

- 9 metres at 8.0% copper, 17 g/t silver, 0.21 g/t gold from 616 metres;
- 26 metres at 1.21% copper, 5 g/t silver from 227 metres; and
- 9 metres at 3.29% copper, 18 g/t silver from 70 metres.

Mineralisation has been defined from near-surface to more than 500 metres depth, along over 500 metres strike that remains open.

Further extensional drilling at Wirlong is underway.


Analysis

Importantly, Peel has a track record of operating with low overheads and investing capital into the ground with circa 18,000 metres of drilling in 2016.

Peel has a competent board and management that have made discoveries such as Mallee Bull, Wirlong and Red Shaft and have done value accretive deals such as Wagga Tank to deliver value to shareholders.

This has resulted in the company emerging as one of New South Wales’ predominant green fields explorers.

Shareholders are leveraged to news flow from proven exploration targets that are advancing towards development in the Cobar Superbasin.

The Cobar area hosts proven prospective geology, which features multiple high grade mineral deposits and long-life mining operations.

Due to its prospectivity, the area has good access to mining infrastructure and a supportive, mining-skilled community.

With a current share price of $0.175, Peel has a market cap of 26.5 million making for a compelling value proposition.

Peel is well funded to continue delivering drill-based news flow with $3.3 million in cash at the end of the December quarter.

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Wed, 08 Mar 2017 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/174417/peel-mining-is-dominating-the-cobar-superbasin-174417.html
<![CDATA[News - Peel Mining reveals base metal potential of New South Wales projects ]]> http://www.proactiveinvestors.com.au/companies/news/168230/peel-mining-reveals-base-metal-potential-of-new-south-wales-projects-168230.html The Drilling at Mallee Bull was designed to further test the recently discovered mineralisation at Mallee Bull North.

The drilling returned additional copper-dominant intercepts including:
- 5 metres at 2.22% copper, 31 g/t silver, 0.09 g/t gold from 404 metres; and
- 10 metres at 1% copper, 14 g/t silver, 0.07 g/t gold from 469 metres.

The Mallee Bull North area was identified following a review of electromagnetic surveys adjacent to an area of interest.

The drill results confirm that the conductor responsible for the electromagnetic anomaly is caused by significant copper mineralisation.

Further extensional drilling at Mallee Bull is planned to be completed prior to year-end.

At the Wagga Tank Project, Peel has completed six reverse circulation drill holes for 1,537 metres with a seventh drill hole currently in progress.

Whilst assays for all the holes remain pending, initial geological logging has confirmed the presence of significant zones of copper oxide/sulphide mineralisation and zinc-lead-silver sulphide mineralisation.

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Mon, 31 Oct 2016 08:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168230/peel-mining-reveals-base-metal-potential-of-new-south-wales-projects-168230.html