Peel Mining (ASX:PEX) is gearing up for follow-up exploration and planning at the Ambergris prospect, as part of its wholly owned EL8655 tenement in New South Wales.
The $56.94 million market capitalisation company says exploration will include a downhole electromagnetic survey to search for any potential conductors.
Exploration is being planned after Peel yesterday (27 February 2024) posted assays confirming ‘broad’ intervals of ‘significant’ lead-zinc-copper-silver-gold mineralisation in a 9-hole reconnaissance drilling program designed to test numerous coincident or semi-coincident geophysical and geochemical anomalies at Ambergris.
Technical Director Rob Tyson says: “The assay results from the recent reconnaissance drilling at Ambergris have confirmed the prospect’s potential to host significant mineralisation, yielding board intervals of base and precious metals mineralisation indicative of a substantial hydrothermal system.
These initial results are akin to those seen in the early stages of exploration at other Cobar deposits, such as Mallee Null. Planning is now underway to follow up the recent results to further advance this encouraging target.”
Peel Mining is a base and precious metals explorer with a primary focus on copper and core assets close to each other in the southern Cobar Basin in New South Wales.
Write to Adam Drought at Mining.com.au
Images: Peel Mining
