Peel Mining hits strong copper, silver mineralisation at Wirlong

Wed 01 Jun 22, 12:08pm (AEDT)
Copper 13 Coil
Source: iStock

Key Points

  • Peel Mining up 4.8% in morning trades to 21.5c
  • Market interest driven by assay results for 2021 drilling that intersected strong copper and silver mineralisation
  • The catch is, most good results are some 200m underground

Copper explorer Peel Mining (ASX:PEX) is up 4.8% in morning trade to 21.5c on the back of the company's reported 2021 diamond drill assay results for copper targets. 

The company reports 11 assay results in total across as many drill holes for a total of over 200m of core samples. 

(Source: Peel Mining) A map locating Peel's project acreage
(Source: Peel Mining) A map locating Peel's project acreage

Three drill rigs active on-site for 2022 campaign

Three rigs are still active on-site at the company's Wirlong project after extension drilling resumed in April this year; and while it lacks results for the drill hole thus far, the company claims it has already intersected new mineralisation in WLDD061. 

The latest assay results reported today capture the efforts of drilling works that were completed towards the end of the 2021 calendar year and not included in the company's Wirlong maiden mineral resource estimate published last November. 

The April 2022 diamond drilling campaign is planned to total out at 48,000m of drilling using four different rigs targeting perceived extensions of mineralisation on-site towards the upgrade of the Wirlong MRE. 

Drilling is expected to wind up in late 2022.

Peel Mining's three month charts up against the materials index
Peel Mining's three month charts up against the materials index


A look at core results

The company has retrieved 43m @ 1.92% copper, as well as 8g/t of silver per tonne, starting at 280m depth in drillhole WLDD034. 

Thirteen metres further down in the same hole, cores returned results of 13g/t silver within a further 18.8m @ 3.35% copper. 

The company also hit 49m @ 1.5% copper and 6g/t Ag in drill hole WLDD035. 

The Total Resource attached to the Wirlong Project is 2.45m tonnes for 686,000oz of silver and 57,900 tonnes of copper.

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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