Base metals explorer Peel Mining (ASX: PEX) has unearthed more high-grade copper from ongoing drilling at its Mallee Bull and Wirlong deposits in New South Wales.
The deposits lie within the company’s South Cobar project, situated about 100km south of the Cobar mining centre in the state’s west.
The best assay from Mallee Bull resource upgrade drilling returned 58m grading 4.96% copper, 59 grams per tonne of silver and 0.2g/t gold from 585m, including 31m at 7.62% copper, 78g/t silver and 0.24g/t gold.
Other notable assays from the deposit were: 48m at 3.61% copper and 36g/t silver from 484m, including 15m at 6.25% copper and 57g/t silver, and 7.28m at 4.48% copper and 52g/t silver; and 31m at 3.21% copper and 32g/t silver from 396m, including 5m at 10.6% copper and 68g/t silver.
At Wirlong, strong results included 4m at 2.04% copper and 3g/t silver from 526m, and 5m at 6.75% copper and 11g/t silver from 544m.
Peel managing director Rob Tyson said the “exceptional” copper-rich intervals encountered at Mallee Bull highlight the “incredible tenor of chalcopyrite present in the heart of the mineral system”.
“These results provide strong encouragement that the upcoming resource upgrade will demonstrate the high-grade nature of Mallee Bull and its economic importance as the company progresses our copper-first strategy,” he added.
Mallee Bull resource upgrade expected this quarter
Targeted infill drilling at Mallee Bull has now resumed after resource drilling at both prospects paused over the Christmas/New Year period.
Assays are pending for 19 drill holes from Mallee Bull and 19 from Wirlong.
Peel expects to deliver a Mallee Bull resource update within the current March quarter as part of the company’s first development strategy.
Awaited Wirlong assays, plus any additional drilling, will be used for an upcoming resource upgrade at this deposit expected in mid-2022.