The company has continued to forge ahead in 2018 with activity and success across multiple projects.
Focus on Cobar basin bearing fruit
Foremostly, at the emerging discovery of the high-grade Southern Nights zinc-lead-silver prospect within the Wagga Tank Project near Cobar in New South Wales.
Also of note, the successful spin-out of the Apollo Hill Gold Project and encouraging progress on the pre-feasibility study to mine the high-grade Mallee Bull Copper Project.
Peel has also had some exceptional copper hits at its Wirlong Project near Mallee Bull in the Cobar region.
Wirlong is shaping up as a typical Cobar-type deposit, with many similarities to Glencore’s CSA copper mine.
READ: Peel Mining raising $12.3 million to advance Mallee Bull towards production and deliver Wagga Tank resource
Last month, Peel successfully completed an oversubscribed placement raising $3.6 million and opened a fully underwritten $8.7 million rights issue, for total funding of $12.3 million.
The placement was strongly supported, with St Barbara Ltd (ASX:SBM) subscribing for $1.8 million, and the balance placed to institutional, sophisticated and strategic investors.
The capital raised will fund exploration including the delivery of a maiden JORC Resource at Wagga Tank and advance Mallee Bull towards production.