Peel Mining anticipates ‘significant increase’ to Wirlong copper resource following strong drill results

Peel Mining ASX PEX Wirlong copper resource drill results South Cobar project New South Wales
A highlight interval from Wirlong was 13m at 4.49% copper and 19g/t silver from 201m.

Peel Mining (ASX: PEX) anticipates a “significant increase” in resources for its Wirlong copper deposit following further positive assays.

Part of Peel’s South Cobar project in New South Wales, Wirlong has generated a strong news flow of wide and high-grade copper drill results in recent months.

In the latest assay batch, highlight intercepts were 43m at 1.92% copper and 8 grams per tonne silver from 280m, including 5.7m at 5.54% copper and 24g/t silver from 293m; 49m at 1.5% copper and 6g/t silver from 260m, including 20m at 2.86% copper and 10g/t silver from 286m; and 13m at 4.49% copper and 19g/t silver from 201m.

These assays are from 18 diamond holes completed at the end of 2021 and were not included in the maiden resource that was announced in November of 2.45 million tonnes at 2.4% copper and 8.7g/t silver for 57,900t of copper and 686,000oz silver.

Peel chief executive officer Jim Simpson said the latest assays confirm the “quality and continuity” of the Wirlong deposit.

“Wirlong is developing into an integral piece of our South Cobar copper strategy alongside Mallee Bull.”

“We expect these results, along with the results from the recent drilling at Mallee Bull to have a positive impact on the South Cobar copper resource upgrade planned for mid-CY2022,” Mr Simpson added.

Further drilling underway

Another diamond drilling program kicked-off at Wirlong in April and will comprise 48,000m, with up to four rigs operational.

This campaign is targeting extensions to known mineralisation and upgrading the classification in the existing Wirlong resource.

Peel anticipates this program will finish by the end of 2022.

The company noted that extensional drilling had already uncovered mineralised zones outside of the existing resource.

South Cobar copper project

Peel holds 3,300 square kilometres of ground in the Cobar Superbasin, which includes Mallee Bull, Wirlong, Southern Nights, May Day and Wagga Tank deposits.

Excluding Wirlong, the project has a global resource of 12.78Mt at 1% copper, 2.3% zinc, 1.1% lead, and 0.4g/t silver.

Peel is targeting 12-15Mt in resources.

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