Peel Mining’s shares closed at 47 per cent up at end of trading yesterday following announcement of a major high-grade zinc discovery at the company’s Southern Nights prospect in New South Wales.
Assay results have shown 31.02 per cent zinc over 21 metres and 3.88 per cent zinc over 58 metres; 258 and 1.43 grams per tonne of silver and gold over 194 metres; and 12.05 per cent lead at 21 metres, among other prospects.
Mineralisation from 190 metres to 216 metres (end of hole), which includes the aforementioned 31.02 per cent zinc over 21 metres (25.45 per cent overall for the drill) has been reported by Peel as the best intercept ever recorded in the company’s history.
The Southern Nights prospect is located 1km south of Peel’s zinc-rich Wagga Tank deposit, and from these results looks like it could prove equally fruitful.
Peel acquired licences for 100 per cent of Wagga Tank last year for a relatively modest sum, in keeping with Peel’s métier of buying up undervalued deposits. Six more holes are planned to be drilled at Souther Nights in the near future.