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Peel Mining shares surge after intersecting high-grade copper at Wirlong prospect

The newly returned high-grade copper intersections support the revised structural model, offering excellent potential to define high-quality resources and add new mineralisation in the future.

Peel Mining Ltd - Peel Mining shares surge after intersecting high-grade copper at Wirlong prospect
Peel has moved to implement a series of COVID-19 precautionary measures

Peel Mining Ltd (ASX:PEX) shares are trading about 17% higher intra-day after revealing encouraging high-grade copper drilling results from the Wirlong prospect in western NSW.

Wirlong is part of the company’s Cobar Superbasin Project in joint venture with JOGMEC (Japan Oil, Gas and Metals National Corporation).

The 1,635-metre drill program comprised three diamond drill holes targeting the Wirlong Central zone testing a newly interpreted strike orientation of high-grade copper mineralisation returned from historical drill holes.

Potential to define a high-quality resource

Importantly, the newly returned high-grade copper intersections support the revised structural model, offering excellent potential to define a high-quality resource and add new mineralisation in the future.

Significant results from WLDD003 included:

  • 4.26 metres at 2.22% copper, 7 g/t silver from 380 metres (including 0.26 metres at 15.85% copper, 58 g/t silver from 384 metres); and
  • 0.74 metres at 14.3% copper, 66 g/t silver from 396.2 metres.

Significant results from WLDD004 included:

  • 1.15 metres at 7.71% copper, 30 g/t silver from 54.45 metres (including 0.25 metres at 30% copper, 97 g/t silver from 54.45 metres);
  • 30 metres at 1.64% copper, 8 g/t silver from 305 metres (including 14 metres at 2.63% copper, 12 g/t silver from 320 metres); and
  • 9.6 metres at 1.32% copper, 2 g/t silver from 436.4 metres.

Wirlong Oblique Section WLDD004 Looking NW

Significant results from WLDD005 included:

  • 5.9 metres at 3.19% copper, 13 g/t silver from 347.1 metres (including 0.65 metres at 18.65% copper and 48 g/t silver from 351.87 metres).

Down-hole electromagnetics was completed on drill holes WLDD003 and WLDD004, with a newly designed transmitter loop designed to couple with mineralisation based upon the revised structural model.

A significant late-time conductor was modelled with approximate dimensions of 120 metres x 150 metres, with its geometry consistent with the new structural model.

A number of high-grade copper intercepts in the area intersect the modelled plate or are in close proximity to its position, further supporting the new structural models’ validity.

The strike of mineralisation remains open to the southeast and northwest, and downdip.

Next steps

Future activities for Wirlong are anticipated to include further infill and extensional drilling and geophysical surveying to assist with exploration drill targeting along with the completion of a maiden resource estimate.

COVID-19

In response to the COVID-19 pandemic, Peel has moved to implement a series of precautionary measures.

The company began implementing specific COVID-19 OHS (occupational health and safety) policies in early March to ensure that risk around COVID-19 is minimised for all employees and contractors, whilst also instigating new cost-saving measures during the last 2 weeks.

These measures include restrictions on non-essential travel with certain field staff moving to a 3-month field-based roster on a 5-day on, 2-day off week, ensuring ongoing site activities in the near to medium term.

The company’s head office staff have moved to a work-from-home basis until further notice, but not earlier than the end of April 2020.

Whilst Peel has retrenched a number of casual staff, all remaining staff including management have agreed to a minimum 20% pay cut, with some staff also agreeing to capped work hours whilst the immediate effects of COVID-19 are borne.

Peel’s non-executive directors have also agreed to waive their fees for the foreseeable future.

Quick facts: Peel Mining Ltd

Price: 0.145 AUD

ASX:PEX
Market: ASX
Market Cap: $35.33 m
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