New South Wales explorer Peel Mining (ASX: PEX) has unearthed further “super” high-grade zinc, lead, silver and gold during drilling at its Southern Nights target, with a resource due in June.
Resource definition drilling at Southern Nights, part of the company’s wholly-owned Wagga Tank project, has returned 23.1m at 22.54% zinc, 12% lead, 0.25% copper, 200 grams per tonne silver and 1.42g/t gold from 224m, including 16.35m at 28.09% zinc, 15.77% lead, 0.26% copper, 270g/t silver and 1.80g/t gold from 224.75m.
From this latest assay batch, Peel uncovered up to 30.34% zinc, 18.24% lead, 437g/t silver and 1.80g/t gold.
According to the company, results have continued to confirm its understanding of the mineralisation, which it anticipates is steep westerly dipping.
These results follow on from previous drilling at Southern Nights which is revealing the target to be one of Australia’s “most significant zinc polymetallic discoveries” in recent years.
A 70-hole 25,000m drilling program is underway at the project with the maiden JORC resource scheduled for release before the end of June.
Peel discovered the Southern Nights target in 2017, with initial intersections of 26m at 25.5% zinc, 9.9% lead, 215g/t silver and 1.19g/t gold from 190m, and 142m at 7.3% zinc, 3.7% lead, 101g/t silver and 0.54g/t gold from 108m.
Additionally, the company established a link between Wagga Tank and Southern Nights and is firming up a camp-scale mineral system.
Cobar region and Wagga Tank
Wagga Tank is located in NSW’s Cobar region, and Peel claims its land position in the area dominates the exploration landscape.
Over the last 150 years of exploration in the Cobar Basin, around $15 billion worth of zinc has been recovered, in addition to $16 billion worth of copper, $10 billion in gold, $8 billion in lead and $4 billion in silver.
Peel has disclosed the Wagga Tank is underexplored with no drilling between 1989 and 2016 when Peel took over ownership of the asset.
However, the company noted economic mineralisation was discovered in the mid-1970s.
Shares in Peel were up 4.60% to $0.455 by mid-morning.