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Peninsula Mines hits high-grade gold and silver in Osu diamond drilling

Diamond drilling tests epithermal lodes at Palgong West structure and follows-up historical results.

South Korea flag and map
Peninsula’s main focus in Korea is graphite and it has precious and base metal interests

Peninsula Mines Ltd (ASX:PSM) is encouraged by high-grade gold and silver results returned from diamond drilling at the Osu Gold Project in South Korea.

Two holes have been completed for a total of 321.47 metres to test epithermal lodes at the Palgong West structure and follow-up limited drilling undertaken in 1975.

Grades of up to 2.2 g/t gold and 182 g/t silver were returned in a 0.31-metre intersection from 157.79 metres.

READ: Peninsula Mines receives cash injection from sale of Daehwa project

Peninsula’s managing director Jon Dugdale said: “These high-grade gold drilling results confirm the very high gold grades historically obtained from underground sampling and the potential to define a high-grade gold shoot at Osu, for possible development.”

Other results from the veins were 0.27 metres at 4.44 g/t gold from 91.3 metres and 1.06 metres at 4.84 g/t gold and 42 g/t silver from 140.8 metres.

Grades of 22.2 g/t gold and 182 g/t silver were obtained in this 0.31-metre intersection.

Previous drilling by the Korean Mineral Promotion Corporation, now Korea Resources Corporation (KORES), intersected high-grade gold and silver.

These 1975 results including 0.3 metres at 5.1 g/t gold and 2,252 g/t silver from 86.3 metres and 0.4 metres at 8.4 g/t gold and 6,121 g/t silver from 110.8 metres.

Historical underground sampling of the Palgong West veins also returned strong results, averaging 0.15 metres at 33 g/t gold and 364 g/t silver over an approximate 150-metre strike length.

READ: Peninsula Mines progresses Korean graphite commercialisation strategy

Dugdale said: “Peninsula has identified multiple opportunities in Korea to advance under-explored mineral projects through drilling and potentially development.

“While the primary focus is flake-graphite and other battery minerals projects, our ability to define and access multiple targets has presented the company with multiple opportunities for discovery.”

READ: Peninsula Mines confirms flake-graphite exploration target with Gapyeong intersections

Further drilling has been planned to test the Palgong and Palgong West structures during the 2019 field season, subject to funding and priorities, and to also target the Palgong East structure.

Various Palgong lodes, recent drilling and previous channel sampling results and historical data.

Previous rock-saw channel sampling by Peninsula was completed obliquely at the latter across a zone of sulphidic sub-epithermal vein structures in and around historical underground workings.

This produced several high-grade, polymetallic results across the veined zones.

Joint venture being considered

The company is also considering establishing a joint venture partnership to advance the Osu project.

Expressions of interest have been received in a potential joint venture and data is being reviewed by two parties.

Quick facts: Peninsula Mines Ltd

Price: 0.002 AUD

Market: ASX
Market Cap: $2.03 m

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