Peel Mining (ASX:PEX) has intersected more than 3,000 grams per tonne of silver via a 15-hole reverse circulation drilling program at the Wagga Tank Project in New South Wales.
The drilling program tested for potential supergene and oxide copper, and gold mineralisation that was indicated by historic drilling.
Drillhole WTRC255 intersected 2m @ over 3,000g/t silver, 6.45% copper, 0.78g/t gold from 112m, including 66m @ 6.01% lead, 3.73% zinc, 0.98% copper, 74g/t silver and 0.48g/t gold from 114m. Silver results remain unfinalised, with silver by fire assay with gravimetric finish underway.
Peel Mining, which has a market capitalisation of $58.10 million, says these intercepts are among the highest grade mineralisation returned to date from Wagga Tank.
Technical Director Rob Tyson says drilling returned “promising” early results, including a substantial high-grade sulphide intercept outside of the existing resource.
“Importantly, this new mineralisation is open along strike to the north with minimal historic drill testing, pointing to an extensional opportunity,” Tyson says.
“This area is supported by existing geophysical data which highlights continuity of induced polarisation chargeability anomalism. We look forward to receipt of the remaining assays.”
Peel Mining notes the true width of the intercepts is unknown, however the sulphide interval is interpreted to represent a down-dip intercept.
The Wagga Tank-Southern Nights Project is part of the broader South Cobar Project in New South Wales.
Peel Mining is a mineral explorer that controls 4,600km2 across two of Australia’s best polymetallic regions. The company is focused on base metals, particularly copper.
Write to Aaliyah Rogan at Mining.com.au
Images: Peel Mining
