logo-loader
viewPeel Mining Ltd

Peel Mining drilling reveals new high-grade gold zone at Southern Nights

Adequate drilling has now been completed to commence resource estimation works with an upgraded resource anticipated this quarter.

Peel Mining Ltd - Peel Mining drilling reveals new high-grade gold zone at Southern Nights
Highlight results from drill hole WTRCDD238

Peel Mining Ltd (ASX:PEX) has confirmed the discovery of strong gold mineralisation associated with a new high-grade zone at the Southern Nights deposit within the Wagga Tank-Southern Nights Project in NSW.

From August through December 2019, a program of about 11,000 metres of reverse circulation/diamond drilling, primarily designed to develop a higher confidence resource, was completed at Wagga Tank-Southern Nights.

A new high-grade zone at the southern end of the Southern Nights deposit has returned further strong assay results including some of the highest-grade gold mineralisation intersected at Southern Nights to date:

  • 35 metres at 6.3% zinc, 2.59% lead, 105 g/t silver, 0.24% copper, 1.87 g/t gold from 232 metres (including 5.9 metres at 17.13% zinc, 8.34% lead, 376 g/t silver, 0.26% copper, 7.6 g/t gold from 232.8 metres) in WTRCDD238.

Mineralisation open to the south

Peel Mining Managing Director Rob Tyson said: “The high-grade gold associated with the mineralisation in drill hole WTRCDD238 is a very welcome development for the Southern Nights system, all the more exciting as this area remains completely open to the south.

“More importantly, a recent review of resource upgrade drilling indicates good infill and extensional coverage has been established, supporting an update of the Mineral Resource Estimate.

“We look forward to providing an updated resource this quarter.”

Drill results cross-section

Southern Nights infill drilling results continue to add confidence to the geological model. Assay results recently received include:

  • 23.2 metres at 7.72% zinc, 3.33% lead, 48 g/t silver, 0.1% copper, 0.24 g/t gold from 272.8 metres (including 10.8 metres at 13.1% zinc, 5.22% lead, 91 g/t silver, 0.12% copper, 0.33 g/t gold from 273.5 metres) in WTRCDD235; and
  • 41 metres at 4.72% zinc, 1.04% lead, 35 g/t silver, 0.28% copper, 0.4 g/t gold from 259 metres (including 13 metres at 8.65% zinc, 1.5% lead, 28 g/t silver, 0.4% copper, 0.38 g/t gold from 278 metres) in WTRCDD239.

Resource upgrade due this quarter

The review of the results indicates adequate drilling has now been completed to commence resource estimation work with an upgraded resource anticipated for March quarter 2020.

This resource will form the basis for further concept study work to progress the project towards development.

Quick facts: Peel Mining Ltd

Price: 0.195 AUD

ASX:PEX
Market: ASX
Market Cap: $47.52 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Peel Mining Ltd named herein, including the promotion by the Company of Peel Mining Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Peel Mining 'on time and on budget' to reveal maiden resource at Wagga Tank

Peel Mining Ltd (ASX:PEX) managing director Rob Tyson visits the Proactive Perth studio to discuss the latest results from ongoing drilling at the Wagga Tank zinc-polymetallic project in Western NSW. Three drill rigs are active on site, with a maiden JORC resource slated to be revealed in...

on 25/1/19

2 min read