Peel Mining de-risks Wirlong copper deposit with Shuttleton Station acquisition

Peel Mining (ASX: PEX) has de-risked its Wirlong copper deposit after acquiring Shuttleton Station near Cobar in New South Wales, which will give the company “unencumbered access” to the asset and afford it tenure security as it moves towards development.

The company has paid a 10% deposit of $183,000, with the remaining $1.647 million to be paid upon settlement, which is expected next year.

Peel managing director Rob Tyson said securing the 12,000 acre Shuttleton Station landholding gave the company “unencumbered access” to Wirlong and gave the company security of land title at Wirlong and its other asset Mallee Bull.

“Land ownership is a critical de-risking step to ensure mining projects are not disrupted as they move towards development.”

“Shuttleton Station also provides Peel with potential for significant environmental benefits, with possible opportunities to yield carbon and biodiversity offsets, important ancillary benefits are we pursue our goal to produce clean Australian copper.”

Wirlong copper deposit

Peel revealed a maiden resource for Wirlong late last month, which was underpinned by 41,612m in reverse circulation and diamond drilling since 2014.

The maiden resource totals 2.45 million tonnes at 2.4% copper and 8.7 grams per tonne silver for 57,900t of contained copper and 686,000 ounces of silver.

This resource is made up of five lenses, with the MBX lens hosting 1.38Mt at 2.9% copper and 10.5g/t silver.

Almost 80% of the drilling focused on the MBX lens.

Mr Tyson said the presence of the other lenses highlighted the widespread copper endowment at Wirlong.

In October, Peel reported drilling had intercepted 205m at 1.4% copper at the project. This was the widest zone hit to-date and it is open along strike.

“This mineral resource estimate is an excellent foundation, and it is anticipated that ongoing infill and extensional drilling will improve and expand this copper-rich mineral system,” Mr Tyson said.

Peel’s tenements are located in the southern portion of NSW’s Cobar Superbasin and the company believes this region is “extremely high” in prospectivity.