Peel Mining Ltd (ASX:PEX) has released an updated Indicated and Inferred Mineral Resource Estimates (MRE) for its 100% owned South Cobar Project, centred around 100km south of Cobar in Western NSW, Australia.
The company has unveiled a global Mineral Resource Estimate (MRE) base of approximately 20Mt containing 216kt copper, 322kt zinc, 151kt lead, 22Moz silver, and 204koz gold.
Approximately 14Mt (or 70%) of the global MRE, including approximately 152kt of contained copper (or 77%) of copper-dominant Resources, is classified as Indicated.
Managing Director Jim Simpson said the MREs provide Peel with an excellent foundation to undertake mining studies and continue permitting for exploration declines.
“Peel has established a strong resource base at its South Cobar Project with a level of resource confidence to advance mining studies and permitting for exploration declines,” Mr Simpson said.
“The strong drill results from Mallee Bull and Wirlong over the last 18 months have translated into a significant upgrade in confidence of these copper resources, with ~77% of the company’s copper- dominant resources now classified as Indicated Resources, for approximately 152kt of the 197kt copper metal contained in these two copper-rich deposits.
“At Wirlong the MBX lens has delivered coherent high-grade mineralisation, and exploration drilling has confirmed it is surrounded by a broad halo of stockwork copper mineralisation, which remains open and will be subject to further exploration and definition.”
The South Cobar Project is located within Peel’s 100%-owned tenure and comprises the Mallee Bull, Wirlong, Wagga Tank-Southern Nights and May Day deposits. Peel was initially attracted to the Cobar area in 2010 by the presence of world-class, high-grade, and long-life base and precious metals-rich deposits as demonstrated by the CSA, Peak and Elura/Endeavor mines.
Since Peel’s entry into the Cobar district, the company has aggregated more than 3,000 sq km of tenure and defined significant mineral systems at Mallee Bull, Wirlong, Southern Nights-Wagga Tank and May Day. During this time, Peel has completed more than 334km of drilling across its Cobar project holdings, including about 289km of diamond and RC drilling. The bulk of this drilling, totalling about 249km of diamond and RC drilling, was in the general area of the South Cobar Project MREs.
Most of the Peel’s activity in 2022 was aimed at upgrading the company’s copper resources, particularly Wirlong, where infill and extensional drilling results and updated modelling has yielded a considerable improvement to that deposit’s contained copper and MRE classification.
Notably, drilling focussed on the key MBX lens which delivered increases in the quantity of contained copper, up 29%, and the relative proportion of Indicated-classified Resource tonnes from 33% to 82%, from the maiden November 2021 MRE2.
Recently, Wirlong drilling has also identified a significant halo of stockwork copper mineralisation which remains unconstrained, and which will be subject to future drilling to determine its full potential.
For further information please visit: https://www.peelmining.com.au/
