Peninsula Mines Ltd (ASX:PSM) has intersected significant zinc and lead sulphides in drilling at the Python target of the Ubeong Zinc Project in South Korea.
A diamond hole drilled to test the lead-zinc soil anomaly/skarn target intersected multiple zones of massive, breccia and disseminated sulphides.
This included a 9-metre zone from 54 metres with hand-held XRF readings of up to 22.5% lead and 21.4% zinc, averaging about 1% zinc-lead.
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The base metals have potential to build value to Peninsula’s primary South Korean integrated graphite strategy.
Sulphide breccia from Python including galena (silver), sphalerite (brown) and pyrite.
Managing director Jon Dugdale said it was the first intersection of significant zinc and lead sulphides in the area.
Second deeper diamond hole
A second deeper diamond hole below this hole will test the intersection of the strongly mineralised structures with the skarn-limestone target at depth.
It will target massive to breccia zinc-lead-silver sulphide mineralisation.
TMI ground magnetics at Ubeong on a TMI airborne magnetics image.
Dugdale said: “This intersection of extensive zinc-lead sulphide mineralisation indicates that we have the potential for a large new, high-grade zinc and lead discovery at Python.
“What excites me most is that this high-grade sulphide mineralisation occurs in psammo-pelitic rocks, potentially overlying the targeted skarn massive sulphide mineralisation at depth below the lead-zinc soil anomaly.”
The hole was completed at 150.26 metres after intersecting a 27-metre zone from 42 metres downhole of variably developed massive-layered, breccia and disseminated sulphide mineralisation.
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Dugdale told Proactive Investors in an interview last week that the drilling at Ubeong has potential to result in a very high-grade zinc resource.
Primary graphite focus
The company’s primary focus is developing flake graphite mines and downstream processing to supply the large lithium-ion battery manufacturing market in South Korea.
Drilling is about to begin on the first graphite resource target, while metallurgical test work continues in parallel.
Zinc-rich results from Ubeong in the country’s east have potential to be a bonus to this strategy.