Mallee Bull Confirmed as Significant Virgin Copper Discovery
Perth, Mar 15, 2012 AEST (ABN Newswire) - Peel Mining Limited (
ASX:PEX) High-grade mineralisation remains open at depth offering excellent potential for Mallee Bull to grow into a major Cobar-style copper find.
Highlights:
Latest assays continue to return new high-grade copper-dominant polymetallic mineralisation from multiple drillholes.
Significant results include:
4MRCDD009:
- 5m @ 3.11% CuEq* (2.40% Cu, 28 g/t Ag, 0.60g/t Au) from 302m
- 7m @ 2.58% CuEq* (2.32% Cu, 14 g/t Ag, 0.15 g/t Au) from 336m
4MRCDD010:
- 7m @ 1.89% CuEq* (1.31% Cu, 19 g/t Ag, 0.56 g/t Au) from 271m
4MRCDD011:
- 4m @ 1.90% CuEq* (1.34% Cu, 11 g/t Ag, 0.69 g/t Au) from 262m
- 5m @ 1.60% CuEq* (1.42% Cu, 12 g/t Ag, 0.05 g/t Au) from 273m
4MRCDD023:
- 5m @ 3.44% CuEq* (2.14% Cu, 41 g/t Ag, 1.29 g/t Au) from 257m
- 3m @ 3.14% CuEq* (2.22% Cu, 38 g/t Ag, 0.75 g/t Au) from 264m
- 2m @ 2.46% CuEq* (1.75% Cu, 26 g/t Ag, 0.63 g/t Au) from 272m
- 2m @ 5.61% CuEq* (3.88% Cu, 57 g/t Ag, 1.67 g/t Au) from 277m
4MRCDD025:
- 2m @ 1.97% CuEq* (1.38% Cu, 17 g/t Ag, 0.61 g/t Au) from 210m
- 3m @ 7.12% Pb, 3.84% Zn, 23 g/t Ag, 0.25 g/t Au from 215m
- 2m @ 4.47% CuEq* (3.48% Cu, 40 g/t Ag, 0.82 g/t Au) from 223m
- 3m @ 2.35% CuEq* (1.84% Cu, 36 g/t Ag, 0.13 g/t Au) from 258m
4MRC027:
- 3m @ 1.90% CuEq* (1.39% Cu, 36 g/t Ag, 0.12 g/t Au) from 169m
Mineralisation remains open in multiple directions including at depth.
Downhole EM and follow-up exploration planning underway.
Perth-based explorer Peel Mining Limited (ASX: PEX) is pleased to report that follow-up RC/diamond drilling at the Mallee Bull prospect, part of its 100%-owned May Day-Gilgunnia Project located about 100km south of Cobar in NSW, has intersected more high-grade Cobar-style polymetallic mineralisation.
Peel's Managing Director, Mr Rob Tyson, said the Company was pleased with the latest results which confirm Mallee Bull as a significant virgin copper discovery.
"These results confirm the Mallee Bull prospect as a true "greenfields" copper-dominant discovery. The grades and widths we are seeing are comparable to those found at other major deposits located in the Cobar district and with mineralisation open in multiple directions, including at depth, Mallee Bull has excellent potential to grow into a major copper find," Mr Tyson said.
Tyson added: "We believe that the potential being demonstrated at Mallee Bull is exciting for the broader Cobar region, which has come increasingly under the spotlight recently with Glencore's interest in YTC Resources, which is looking to develop its Cobar-style Nymagee and Hera deposits located about 45 km NE of Mallee Bull".
The results listed above are in addition to those reported previously, where highlights included:
4MRCDD006:
- 10m @ 9.01% Pb, 11.00% Zn, 41 g/t Ag, 0.77 g/t Au from 253m
- 6.65m @ 4.09% CuEq* (3.1% Cu, 34 g/t Ag, 0.93 g/t Au) from 267.35m
4MRC007:
- 10m @ 2.41% CuEq* (1.70% Cu, 46 g/t Ag, 0.27 g/t Au) from 248m
- 4m @ 2.31% CuEq* (1.49% Cu, 59 g/t Ag, 0.18 g/t Au) from 262m
4MRCDD008:
- 4m @ 2.97% CuEq* (1.98% Cu, 45 g/t Ag, 0.72 g/t Au) from 358m
4MRC015:
- 6m @ 3.05% CuEq* (2.01% Cu,64 g/t Ag, 0.43 g/t Au) from 208m
4MRC016:
- 11m @ 3.30% CuEq* (2.71% Cu, 36 g/t Ag, 0.26 g/t Au) from 233m
4MRC019:
- 10m @ 3.47% CuEq*(2.66% Cu, 44 g/t Ag, 0.51 g/t Au) from 237m
4MRC024:
- 10m @ 2.89% CuEq* (2.22% Cu, 33 g/t Ag, 0.44 g/t Au) from 174m
The follow-up RC/diamond drilling programme was designed to test along strike and down dip of previously intersected mineralisation. Drilling was carried out on an approximate 40m by 40m grid pattern and comprised a series of RC and RC pre-collar/diamond tail drillholes. Polymetallic mineralisation intersected consisted of intervals of massive sulphide and/or stringer mineralisation, including visible chalcopyrite, sphalerite and galena with accessory sulphide minerals including pyrrhotite, pyrite, and arsenopyrite.
Drilling to date indicates that high-grade copper-dominant polymetallic mineralisation at Mallee Bull has a strike length of at least 120m, comes to within at least ~150m of surface, extends to at least ~310m below surface and is open in multiple directions including at depth. Peel notes that several strongly mineralised intercepts were recorded from deeper drillholes (4MRCDD008/009), and that Cobar-style deposits are typically short in strike length but long in the vertical plane.
Mineralisation occurs within a package of sheared and brecciated volcaniclastic sediments comprising siltstones and mudstones and is interpreted as occurring as a shoot-like structure dipping moderately to the west. Drill intercepts are construed as being close to true.
The Mallee Bull prospect is interpreted to be positioned in a favourable geological and structural position, sited on the "nose" of an anticline - a suitable high-stress environment, and occurring in a geological unit interpreted to be age equivalent of the Chesney and Great Cobar Slate Formations found in the immediate Cobar region.
Background on Peel's Mallee Bull discovery
In March/April 2011, Peel began targeting a newly-recognised coincident EM and magnetic geophysical anomaly located within the historic 4-Mile goldfield. The 4-Mile goldfield comprises up to 60 shafts and workings spread over an area covering about 1,000m by 500m.
Initial drilling resulted in the discovery of significant silver-lead-zinc mineralisation. Follow-up drilling completed in July/August 2011 confirmed the discovery of Cobar-style copper-silver-gold-lead-zinccobalt mineralisation.
The Mallee Bull prospect is located less than 10 kilometres east of Peel's 100%-owned May Day goldsilver-lead-zinc deposit (ML1361), where drilling in 2010 by Peel confirmed the down-dip continuation of mineralisation to more than 200m below surface.
To view the complete Peel Mining announcement including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PEX-582142.pdf
Contact
Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au
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