Peel Mining Ltd has announced that its exploration drilling at the 4 Mile prospect has found significant silver, lead and zinc mineralization. The prospect which is owned 100% by Peel Mining is located in the May Day Gilgunnia project, situated 100 km south of the Cobar.
The drilling program concentrated on an east west line of three drill holes at about 40 m spacing and 633 m depth. It was targeting a magnetic geophysical anomaly in the 4 Mile goldfield. All three holes hit visible sulphide mineralization at about 10 m. Sphalerite and galena were found and so were other accessory sulphide minerals such as pyrrhotite, pyrite, arsenopyrite and chalcopyrite.
All drill holes remained anomalous in silver-lead-zinc-arsenic at the bottom of holes. Further exploration will be needed to test the possibility of supergene enrichment to the east of the drilled holed. Down-hole and moving-loop EM geophysical surveys are also planned to further refine the EM conductor and to test the local area for additional targets.
Peel Mining also found very high gold and silver values at the Tulloch, G Reef, Happy Valley and Rockvale areas. Samples collected here have identified that the G Reef lode is likely to be 700 m in length. The Australian company is focusing on developing its New South Wales and Western Australian metal projects.