Peninsula Mines Ltd’s (ASX:PSM) detailed ground magnetics has highlighted new high-grade zinc targets at Ilweol prospect of the Ubeong Zinc-Lead-Copper Project in South Korea.
The new magnetic anomalies and massive sulphide targets have doubled the strike length of the Ilweol zinc-lead-copper skarn target to 2 kilometres.
These targets are northwest of previous high-grade zinc-lead-copper intersections.
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Ubeong has potential to be a bonus to Peninsula’s primary strategy of pursuing an integrated graphite strategy in South Korea.
Managing director Jon Dugdale said: “The correlation between magnetic anomalies and previous, high-grade intersections gives us confidence that these new anomalies will also be associated with high-grade sulphides.”
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The company is applying modern exploration techniques to this large and underexplored zinc-lead-copper skarn system for the first time.
“We now have multiple drilling targets to systematically test in what is effectively a brownfields target area within 10 kilometres of a producing zinc-lead-silver mine at Keumho,” Dugdale said.
The Ubeong project lies at the southern margin of the highly mineralised Taebaek Basin in eastern South Korea.
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High-grade massive sulphides are associated with magnetic-highs in the 1-kilometre strike length zone of previously identified mineralisation and KORES drilling intersections at Ilweol.
Among these intersections were 7 metres at 14.58% zinc, 1.37% lead and 2.12% copper from 191.9 metres, and 5.5 metres at 10.16% zinc, 1.61% lead and 1.45% copper from 263.6 metres.
Recent ground magnetics identified similar magnetic highs along extensions of the skarn horizon to the northwest.
Soil sampling program
These are now the subject of soil sampling to define drilling targets aimed at locating additional massive sulphides in this highly prospective, 2-kilometre, zinc-skarn corridor.
Targets within the Ubeong project.
The detailed ground magnetics was completed on 100-metre spaced, north-south oriented, lines, with continuous readings recorded along the lines.
Southern Geoscience (SGC) processed the data and produced images, including a Total Magnetic Intensity (TMI) image.
Diamond drilling planned
As well as the sampling, a series of shallow angle diamond drill holes are being planned to follow up the previous KORES intersections.
These proposed holes will be drilled from the valley floor, along strike from the main historical adit that accessed the lowest historical mining levels at around 150 metres below the ridge top.
The main adit remains open and is potentially accessible for future development and production.
This work is subject to access agreements with local private landholders and availability of a suitable rig to drill long, shallow angle, holes.
Python follow-up
Peninsula also plans to undertake follow-up drilling at the Python target at Ubeong.
A previous hole returned 9.31 metres at 1.17% combined zinc and lead from 54.14 metres, including 1.03 metres at 3.03% zinc and 2.53% lead from 61.38 metres.