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Peel Mining extends high-grade Southern Nights discovery

Shares in Peel are up 140% over the past month, currently trading at $0.535.
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$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

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