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PEEL MINING LIMITED - ASX: PEX
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
Peel Mining Ltd is an Australian company focused on exploring and developing precious, base and specialty metals resources in New South Wales and Western Australia, Australia. Peel is listed on the Australian Securities Exchange (ASX:PEX).
Peel is building shareholder value by recognising, enhancing and developing undervalued mineral resource assets. Since listing in May 2007, Peel has identified and acquired several valuable mineral assets, including:
• the Apollo Hill gold deposit near Leonora, WA with inferred JORC resources of 340,000 ounces gold;
• the Attunga Tungsten Deposit near Tamworth, NSW with inferred JORC resources of >7,000t WO3; and,
• the May Day gold-lead-zinc deposit near Cobar, NSW.
Each of these projects represents an advanced mineral asset with excellent potential for future development. To this end, Peel is continuing to advance these projects through systematic exploration with a focus on maximising the return on every dollar spent.
Apollo Hill
Apollo Hill is located about 50 km southeast of Leonora, Western Australia, contains two significant gold deposits; Apollo Hill and the Black Zone. These deposits exhibit the hallmarks of a major mineralised Archean gold system, showing extensive and intense hydrothermal alteration and deformation. In June 2010, Peel announced that it had entered into an option agreement with Hampton Hill Mining NL (ASX:HHM) to acquire the entire issued capital of Apollo Mining Pty Ltd, the 100%-owner of the Apollo Hill gold project in the North Eastern Goldfields of Western Australia. The Apollo Hill gold comprises 16 mineral leases covering about 140 km2. In November 2010, Peel exercised its option over Apollo Hill gaining 100% ownership.
In November 2010, Peel reported a maiden resource estimate for the Apollo Hill and Ra deposits. The highlights of this work were:
* Maiden resource at Apollo Hill and Ra deposits estimated at 11.1 Mt at 1.0 g/t Au for 341,000 ounces of gold (using 0.5 g/t gold cut off).
* Maximum depth of the resource estimate is 150m below surface.
* At a 0.2 g/t gold cut off for scenario planning the estimated resource is 26.6 Mt at 0.6 g/t Au for 534,000 ounces of gold.
* The Apollo Hill deposit extends to surface and remains unexploited.
* Mineralisation at Apollo Hill and Ra deposits remains open at depth and along strike to the south of both deposits.
* Potential increase in resources with minimal further drilling.
* Exploration planning now underway, infill and extensional drilling planned for March 2011.
Attunga
The Attunga project - EL6883 & EL6884 - is located about 20 km north of Tamworth (pop ~42,000), or about 330 km north of Sydney, New South Wales. The licences cover a combined area of about 250 km2.
Within the Attunga project, there are three specific areas of interest: the Attunga Tungsten Deposit area; the Attunga Copper Mine prospect and the Kensington gold-tungsten prospect. The Attunga Project area is considered prospective for tungsten-molybdenum skarn-type mineralisation, base/precious metal skarn-type mineralisation, and gold (+/-tungsten) intrusive-related gold system type mineralisation.
During 2010, Peel completed a comprehensive geological and geochemical mapping programme across the main zone of interest at the Attunga project, essentially covering an area centred on the Inlet Monzonite and Peel Fault. The survey area covered all of the major prospects mentioned above and resulted in an updated geological dataset and the identification of new areas of interest for future investigation.
May Day-Gilgunnia
The May Day project - ML1361 & EL7461 - located approximately 100km south of the mining town of Cobar in central NSW, contains the historic May Day gold-base metal deposit. In November 2009, Peel completed the acquisition of ML1361 which contains the May Day gold-base metal deposit.
In May 2010, Peel completed a programme of 10 RC drillholes for 1,877m of drilling at the May Day gold-base metal deposit, located about 100km south of Cobar in central-western New South Wales. This drilling programme was primarily designed to test for down-dip extensions to known mineralisation.
Better drill results include the following intercepts: 16m at 1.78 g/t Au, 42 g/t Ag, 0.25% Cu, 0.95% Pb, 1.33% Zn from 159m in MDRC002; 24m at 0.96 g/t Au, 20 g/t Ag, 0.07% Cu, 0.70% Pb, 0.85% Zn from 120m in MDRC004; 27m at 2.12 g/t Au, 27 g/t Ag, 0.11% Cu, 0.43% Pb, 0.75% Zn from 120m in MDRC005; 3m at 1.33 g/t Au, 98 g/t Ag, 0.92% Cu, 7.29% Pb, 8.19% Zn from 140m in MDRC006, and; 10m at 2.15 g/t Au, 28 g/t Ag, 0.06% Cu, 0.34% Pb, 0.39% Zn from 213m in MDRC010.
Ruby
The Ruby silver project is a 21 unit (~60 km2) exploration licence covering the historic Ruby-Tulloch-Rockvale silver-field. EL7711 is located approximately 30 km east of Armidale in north-eastern New South Wales.
EL7711 encompasses much of the central part of the Rockvale Adamellite which hosts silver-gold-antimony-arsenic mineralisation both at its margin and within the intrusion on northeast/northwest fracture zones, possibly associated with aplite dykes. Major known deposits are the Ruby and Tulloch silver mines and the Rockvale arsenic mine. There are, however, many other underexplored prospects and anomalies within EL7711, adding to its prospectivity for silver and gold.
Yerranderie
Yerranderie - EL7356 - located about 25 km west of Picton, New South Wales, contains the historic Yerranderie silver field. Investigations indicate that substantial amounts of silver-lead-gold mineralisation remain present in surface waste and tailings dumps at Yerranderie.
During 2010, Peel commenced heritage and environmental studies at Yerranderie. Peel also completed a programme of dump grab sampling with results confirming that high levels of silver?gold?lead remain present in tailings at Yerranderie. Results ranged between 112 g/t Ag to 1,450 g/t Ag. Peel also undertook initial metallurgical testwork with results indicating cyanide leaching could yield an average 67% silver recovery and 81% gold recovery on the sample material tested.
Mine For
gold, tungsten, molybdenum, silver, copper, lead, zinc
Location of operation(s)
New South Wales, Western Australia
Address
Unit 1, 34 Kings Park Rd
WEST PERTH, WA, AUSTRALIA
Phone
(61 8) 9382 3955
Website
Last Updated
5/5/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
