WITH EXCELLENT POTENTIAL FOR FUTURE RESOURCE GROWTH

Peel Mining Ltd (ASX Code: PEX) ("Peel" or "the Company") is pleased to report a maiden Indicated & Inferred Mineral Resource Estimate for its 100% owned Wirlong copper deposit located ~70km SSE of Cobar in Western NSW. The MRE provides Peel with further foundation to its copper first development strategy, adding further copper-rich resources to Peel's high-grade Mallee Bull copper deposit.


KEY POINTS:

  • Maiden Indicated and Inferred Mineral Resource Estimate (MRE) for Wirlong delivers 2.45Mt@2.4%Cu,8.7g/tAgfor57,900tcontainedcopperand686,000ozcontained silver.
  • Wirlong MRE contains five lenses with the MBX lens hosting 1.38Mt @ 2.9% Cu, 10.5g/tAg.
  • The MRE uses a A$90/t Net Smelter Return (NSR) cutoff to generate mineable shapes (utilising Stope Shape Optimisation) including minimum mining widths and internal dilution.
  • The MRE, combined with ongoing infill and extensional drilling, provides the basis for scoping study work to better understand the potential development opportunities available.
  • Wirlong remains open along strike and down dip, particularly to the southeast following on from recently reported drillhole WLDD040 which returned 205m @ 1.4% Cu, 3g/t Ag from 434m1

'PEEL MINING MANAGING DIRECTOR ROB TYSON COMMENTED:

"We are very pleased to deliver a maiden high-grade copper resource for Wirlong, further bolstering Peel's Cobar Basin global resources, and particularly the Company's copper first strategy.

"The strong copper mineralisation hosted within the main MBX lens has provided a solid base for the MRE, hosting around 69% of the MRE's contained copper, while the other lenses highlight the widespread copper endowment and the clear potential for Wirlong to grow.

"This MRE is an excellent foundation, and it is anticipated that ongoing infill and extensional drilling will improve and expand this copper-rich mineral system."

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This article includes content from Peel Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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