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Peninsula Mines Ltd granted key tenement at flake graphite project

Published: 10:00 21 Nov 2016 AEDT

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Peninsula has multiple exploration programs in action.

Peninsula Mines Ltd (ASX:PSM) is planning resource definition drilling after being granted a key tenement over the Yongwon flake graphite deposit located in South Korea.

Yongwon is one of Peninsula’s several key projects in South Korea, which provide exposure to commodities including graphite, lithium, zinc-silver and gold.

The company has multiple exploration programs in action, which are designed to fast-track several key projects to the drill-target definition stage.

Jon Dugdale, CEO, commented: “The ultimate objective is to progress key projects towards resource definition and ultimately development, possibly across multiple projects and commodities given the diversity offered by our portfolio.”


Background

Peninsula’s portfolio of projects in South Korea consists of:

- Wolmyeong (graphite), Daewon (graphite), Yongwon (graphite);
- Daehyeon (lithium), Dongsugok (lithium);
- Osu (gold-silver);
- Ubeong (zinc-silver); and
- Darhwa (molybdenum-tungsten).

Peninsula also has an interest in the Camel Hills project located in the Archaean Yilgarn Block, Western Australia. It is prospective for copper, nickel, gold and magnetite iron ore.


Yongwon graphite update

During October, an exploration right was granted within the Yongwon graphite project.

Additional channel sampling is underway and an electromagnetic program has just been completed, aimed at defining drilling targets once metallurgical results are optimised.

Previous channel sampling has returned 4.6 metres at 9.05% total graphitic carbon (TGC) including 1.7 metres at 11.9% TGC.


Dongsugok lithium update

The Dongsugok project hosts the Tonggo lithium prospect where further stream sediment sampling has confirmed a continuous 2-3 kilometre strike length of anomalous lithium values.

The results indicate an association with a corridor of pegmatites 100 metres wide and continuing for the 2-3 kilometre strike length.

Next steps will include ridge and spur soil sampling across the anomalous pegmatite trend, with the objective of locating lithium bearing zones that may represent drilling targets.


Ubeong zinc-silver update

At the Ubeong zinc-silver project, additional massive sulphide/gossan zones have been identified and sampled.

A geophysical program has commenced to define drilling targets for high-grade mineralisation.

Previous rock chip sampling results at Ubeong include grades of up to 25.6% zinc, 669 g/t silver and 19.1% lead.


Osu gold update

At the Osu gold project, channel sampling has been conducted across a 30 metre section of mineralised veins and shear zones.

Results are being compiled and the proposed drilling program is being fine-tuned to target the high-grade veins and shoots.

Previously, the individual veins within this zone have assayed grades of up to 20.3 g/t gold and 153 g/t silver.


Analysis

Peninsula is fast-tracking exploration of its high-priority targets in South Korea with the objective of defining drilling targets on several key projects.

The company has generated multiple opportunities for discovery over a range of commodities, all with a positive outlook and off-take potential in-country. 

Going forward, the focus will be delivering on its strategy to progress key projects to the drill target definition stage.

Shares in Peninsula have doubled year to date, currently priced at $0.018.

With a portfolio of eight projects in South Korea, many with active exploration programs, news flow is expected to continue, keeping the company leveraged to resource discovery.

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