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Peel Mining Confirms Outstanding Growth Potential at Southern Nights-Wagga Tank

Mining News - Published on Fri, 12 Jul 2019

Image Source: Proactive Investors
Peel Mining Ltd announced a maiden JORC 2012 Indicated & Inferred Mineral Resource Estimate for its 100% owned Wagga Tank and Southern Nights deposits located in the Cobar Basin of western NSW. The MRE provides Peel with a solid foundation to immediately commence Scoping Studies to advance the potential development scenarios at Wagga Tank-Southern Nights. Activities underway at the time of reporting include detailed metallurgical testwork, ongoing geotechnical studies, pre-development environmental baseline work, new geophysical surveys and drill planning targeting potential extensions to mineralisation. The Wagga Tank-Southern Nights mineral system remains open along strike and down dip.

Mr Rob Tyson MD of Peel Mining said that "The high-grade Maiden Resource at Wagga Tank-Southern Nights is a pleasing addition to Peel's Cobar Basin assets. Peel's exceptional exploration team were able to deliver this major resource in less than 2 years from discovery and at a fraction of the cost of many of our peers. A great deal of knowledge has come from this work and the potential for the project to grow is excellent. It is worth noting that the scale of resource at Wagga Tank-Southern Nights is similar to that of other Cobar Basin mines at the time they were brought into production - mines that have gone on to become world-class operations. We now look forward to advancing Wagga Tank-Southern Nights' development scenario studies to ultimately complement our pending development of Mallee Bull"

Highlights:

Maiden JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) for Southern Nights-Wagga Tank of 4.1Mt @ 5.1% Zn, 1.9% Pb, 71 g/t Ag, 0.28% Cu and 0.32 g/t Au for:
210,000t contained Zn, o 80,000t contained Pb, o 9.5Moz contained Ag, o 12,000t contained Cu, and o 42,000 oz contained Au
or 9.2% Zinc Equivalent1 (ZnEq) for 382,000t contained ZnEq

High-grade estimate of 1.8Mt @ 9.0% Zn, 3.6% Pb, 116 g/t Ag, 0.19% Cu and 0.29 g/t Au or 15% ZnEq included in MRE

290,000t @ 21.4% Zn, 9.1% Pb, 215 g/t Ag, 0.28% Cu, 0.57 g/t Au (34.5% ZnEq) occurs as massive sulphide mineralisation at Southern Nights, commencing at 150m below surface

Discovery cost of US$30 per ZnEq tonne (US$0,015 per ZnEq pound)

MRE provides a solid foundation to immediately commence Scoping Studies to advance the potential development scenarios

Wagga Tank-Southern Nights system remains open along strike and down dip; exploration to expand resource now underway

Source :

Posted By : Sanju Moirangthem on Fri, 12 Jul 2019
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