HIGH-GRADE LINK BETWEEN WAGGA TANK AND SOUTHERN NIGHTS CONFIRMED; DOWN-DIP CONTINUITY TAKING SHAPE • WTRCDD123 returns strongly mineralised intercept providing link between Wagga Tank and Southern Nights deposits:
o 14.45m @ 2.43% Cu, 2.67 g/t Au, 123 g/t Ag, 2.58% Zn, 0.87% Pb from 435.55m
• Copper-gold mineralisation intercepted in WTRCDD123 indicates possible metal zonation within the Wagga Tank-Southern Nights mineral system, a common feature of Cobar-style deposits; mineralisation is open in all directions including up-dip
• WTRCDD122 returns strongly mineralised intercept (assays pending) at more than 350m below surface adding substantial down-dip continuity to Southern Nights mineralisation
• Further high-grade zinc-lead-silver-gold intercepts returned, with better assays including:
o 31m @ 3.7% Zn, 1.51% Pb, 0.25% Cu, 25 g/t Ag, 0.19 g/t Au from 274m including 7m @ 11.32% Zn, 4.92% Pb, 49 g/t Ag, 0.23 g/t Au from 277m in WTRCDD081
o 19m @ 3.52% Zn, 1.11% Pb, 18 g/t Ag, 0.1 g/t Au from 181m in WTRCDD064 including 5m @ 8.18% Zn, 3.75% Pb, 46 g/t Ag, 0.12 g/t Au from 279m in WTRCDD084
Peel Mining Limited (ASXEX) (“Peel” or the “Company”) is pleased to report further drilling results from its 100%-owned Wagga Tank/Southern Nights project, south of Cobar in western New South Wales, which is rapidly emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.
New high-grade mineralised intercepts at Southern Nights continue to build upon previously released results, whilst assay results from drilling in the intervening zone between Wagga Tank and Southern Nights returned a strongly mineralised intercept, establishing a link between the two deposits. Encouragingly, a new strongly mineralised intercept has been returned from Southern Nights at more than 350m below surface adding substantial down-dip continuity to mineralisation.
Drilling is now focused on testing for down dip mineralisation at Southern Nights and in the Wagga Tank-Southern Nights corridor. Follow-up RC drilling at the Fenceline and The Bird prospects, to the east of Wagga Tank/Southern Nights within the broader project area, has also recently been completed with assays pending.
Induced Polarisation (IP) geophysical surveys, along with downhole electromagnetic (DHEM) surveys, in the Wagga Tank/Southern Nights project area are continuing. A comprehensive review of geophysical data is also practically complete.
Wagga Tank-Southern Nights Corridor As previously reported, drillhole WTRCDD123, designed to test a chargeable IP geophysical target located ~300m south of the Wagga Tank deposit and ~500m north of the Southern Nights deposit, intersected a significant zone of pyrite-chalcopyrite-sphalerite-galena mineralisation from ~436m to 450m downhole. Final assays confirm a strong copper-gold-silver-zinc-lead intercept of 14.45m @ 2.43% Cu, 2.67 g/t Au, 123 g/t Ag, 2.58% Zn, 0.87% Pb from 435.55m. The mineralised interval is thought to be north-south striking with a sub-vertical or steep westerly dip. The true width is interpreted to be 30-50% of the downhole width.
The intercept in WTRCDD123 lies immediately along strike from both Wagga Tank and Southern Nights, and coupled with other drillholes in the intervening area, provides a link between the two deposits. The intercept is also one of the deepest to date in the Wagga Tank-Southern Nights project area, highlighting the potential for down-dip continuity of mineralisation similar to that seen in Cobar-style deposits, which are renowned for their vertical continuity. Interestingly, the mineralisation is coppergold rich with individual metres grading up to 5.88% Cu and 8.83 g/t Au, possibly indicating metal zonation, another common feature of Cobar-style deposits.
Follow-up drilling in the Wagga Tank-Southern Nights corridor is planned over the coming weeks.
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EX) (“Peel” or the “Company”) is pleased to report further drilling results from its 100%-owned Wagga Tank/Southern Nights project, south of Cobar in western New South Wales, which is rapidly emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.
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