Sign up Australia
Proactive Investors - Run By Investors For Investors

Peel Mining extends high-grade Southern Nights discovery

Shares in Peel are up 140% over the past month, currently trading at $0.535.
map of Australia with States marked
$6 million in funding was recently secured in a share placement to fund drilling

Peel Mining (ASX:PEX) has received drill results extending the high-grade zinc-lead-silver Southern Nights discovery within its 100%-owned Wagga Tank project near Cobar, New South Wales.

New assays feature 22 metres at 8.48% zinc, 3.06% lead, 115 g/t silver, 0.24 g/t gold from 161 metres.

Follow-up drilling has now extended the strike of significant zinc mineralisation at the Southern Nights discovery to 700 metres in length with mineralisation open in all directions.

Drilling is continuing with expansion and acceleration of field activities underway.

Up to 60 additional reverse circulation and diamond drill holes are planned over the coming months.

Drill result details

22 reverse circulation drill holes for 4,972 metres have been completed to date at the Southern Nights prospect.

Latest assays feature:

- 22 metres at 8.48% zinc, 3.06% lead, 115 g/t silver, 0.24 g/t gold from 161 metres including 8 metres at 16.21% zinc, 6.18% lead, 248 g/t silver, 0.28 g/t gold; and
- 10 metres at 16.28% zinc, 11.17% lead, 387 g/t silver, 0.63 g/t gold from 148 metres including 6 metres at 26.18% zinc, 18.00% lead, 608 g/t silver, 0.98 g/t gold.

The stratigraphic unit host to Wagga Tank mineralisation, the Vivigani Formation, has been intercepted in nearly all drill holes.

Southern Nights discovery

The Southern Nights prospect is located ~1 kilometre south of the high-grade zinc-lead-silver-gold-copper Wagga Tank deposit.

Follow-up drilling undertaken over the past month has primarily tested the strike potential of this newly-recognised mineralisation

Peel recently raised $6 million through the issue of 15 million shares at $0.40 as part of an oversubscribed placement to fund drilling.

READ NOW: Peel Mining raises capital to drill out new discovery

First assays from the Southern Nights prospect were received in late October.

READ NOW: Peel Mining shares surge on confirmed high-grade zinc discovery

View full PEX profile View Profile

Peel Mining Ltd Timeline

Related Articles

Mark Wilson and Mark Creasy with core sample from Nova-Bollinger
April 16 2018
Mark Creasy, who was behind Sirius Resources when it struck the jackpot at Nova-Bollinger has a 30% stake in the Rockford project and a 28% stake in Legend.
Picture of area surrounding Paradox Lithium Project
May 07 2018
Cloud, Cane and LC South will be part of Anson's Paradox project with the claims being close to oil wells with historically recorded lithium values.
A vanadium ore stockpile at Nelly
August 31 2018
The country’s favourable regulatory system enables faster turnaround of legacy mining rights.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use