SHARE prices for Peel Mining Limited rocketed in value by 179 per cent on Thursday on the strength of an announcement of “substantial, massive sulphides” in its drilling program on its Mallee Bull site, 100 kilometres south of Cobar.
Diamond drilling at a drillhole titled MBDD002 contained “massive sulphides comprising pyrite-pyrrhotite-chalcopyrite”, according to a Peel Mining media statement.
The statement said Mallee Bull was subject to an $8.3 million farm-in agreement with CBH Resources Ltd, where CBH has the right to earn an interest of up to 50 per cent in the project over a three-year period.
Peel Mining’s managing director Rob Tyson
said the mineralisation intercepted in MBDD002 showed a significant increase in width compared to previous drilling.
“With MBDD002 being one of the deepest drillholes to date, is an exciting development for Mallee Bull.
“We look forward to receiving assays in due course,” he said.
He said MBDD002 drilling was designed to test the down-dip/ plunge continuity of mineralisation at Mallee Bull, and encouragingly has intersected the broadest width of mineralisation encountered to date.
The true width of mineralisation is estimated to be about 25-metre for the massive sulphides zone and about 18-metre for the stringer/matrix sulphide zone.
MBDD002 is part of a 10-hole, 4000-metre diamond drilling program at Mallee Bull targeting down-dip/plunge mineralisation.
Mr Tyson said the results remained unquantifiable, however geological logging coupled with data from a Niton handheld XRF analyser confirms the presence of significant copper-lead-zinc-silver mineralisation.
Share price spike: Peel Mining Limited’s share price lifted by 179 per cent after Thursday’s announcement of a copper find 100 kilometres south of Cobar.
This story Administrator ready to work first appeared on Nanjing Night Net.