http://www.*.com.au/companies/news/35022/peel-mi...

http://www.proactiveinvestors.com.au/companies/news/35022/peel-mining-extends-cobar-project-with-new-copper-silver-licence-35022.html

Peel Mining extends Cobar project with new copper-silver licence
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Peel Mining (ASX: PEX) has been granted an extension of its Cobar Superbasin Project in New South Wales where historic drilling had discovered strong copper-silver mineralisation.

The 270 square kilometre exploration licence EL7976 is centred on the Mundoe prospect within the Rast Trough region, the southern extension of the Cobar Superbasin.

Mundoe is defined by a 2 kilometre long multi-element geochemical anomaly, coincident geophysical anomalies, and encouraging historic drill results.

It was first discovered in the 1970s as a “bulls-eye” magnetic anomaly and was followed up by geological mapping, rotary air blast drilling, IP and gravity geophysical surveys, and a single diamond drillhole that returned 3 metres at 2.9% zinc, 0.78% lead, 30 grams per tonne (g/t) silver and 0.4g/t gold from 88 metres.

However, it was the strong copper-silver mineralisation intersected by three drillholes in the 1990s that has Peel’s attention.

These included:

- 6 metres at 1.66% copper and 103g/t silver from 111 metres;
- 3 metres at 122g/t silver and 0.3g/t gold from 42 metres and 6 metres at 0.42% copper and 14g/t silver from 69 metres; and
- 12 metres at 1.09% copper and 60g/t silver.

While a follow-up drilling program in 2005 failed to return mineralisation, a data review by Peel indicates that mineralisation is likely to be dipping to the east presenting a significant possibility that this drilling (drilled from west to east) inadequately tested the previously intersected mineralisation.

Peel plans to carry out a reverse circulation program in late November to test this mineralisation.