Special Report: Results from the maiden resource drilling campaign at Peel Mining’s Wirlong copper project continue to reinforce the explorer’s confidence in its regional strategy in New South Wales’ Cobar region.
Copper is so hot right now, with some experts predicting prices could soar up to $US33,000/t in the future as EVs and other copper intensive technological advances grow at pace.
Excitement around the copper space in general has certainly been one part of the story that has driven Peel (ASX:PEX) shares up 40-odd per cent over the past month.
But the fundamental exploration success it has achieved at Wirlong has been as much as part of that story as well.
It adds to the ‘hub and spoke’ narrative Peel is building nicely around New South Wales’ Cobar region, where it also holds the Mallee Bull discovery, about 35km away.
Today’s results are equally impressive for Wirlong, including a thick 117m at 1.03 per cent copper from 280m (WLDD017) including 21.4m at a higher grade of 2.37% from 294m.
Another diamond hole (WLDD015) struck 80m at 1.15% copper from 262m including 11m at 2.40% and 26m at 1.72% copper, with plenty of silver credits to tally up in both holes.
The highest grades meanwhile could be found in WLDD016, where Peel encountered 5.75m at 5.54% copper from 353.25m downhole.
Early indications are that high grade copper mineralisation can be found at Wirlong as far as 600m below surface and remains open in all directions.
“These results continue to build our confidence in the primary target of our Wirlong drilling, the high-grade Western Lens, whilst evidence of additional mineralised lenses is also becoming apparent,” Peel managing director Rob Tyson said.
“We also see further indication of broad halo stockwork chalcopyrite mineralisation within many of our drillholes, an indication of the greater metal endowment of the Wirlong mineral system.
“Our understanding of the geometry and controls on mineralisation at Wirlong continues to grow as we complete each drillhole, and once again, we look forward to reporting further results in due course.”
Hub and Spoke
Wirlong sits around 100km south of Cobar and is a key part of Peel’s hub and spoke strategy.
The company aims to advance each of its regional deposits to mineable resources to achieve critical mass which will support a substantial, centrally located processing plant.
Wirlong is 35km north of Peel’s Mallee Bull copper deposit, and also proximate to the May Day gold-silver-zinc-lead project and the Wagga Tank and Southern Nights copper-lead-zinc-gold-silver projects.
Resource upgrade drilling is underway at Mallee Bull, which boasts a mineral resource measuring 6.76 million tonnes at 2.6% copper equivalent for 175,000t, one of Australia’s highest grade undeveloped copper deposits.
Peel had around $20 million in the bank at the end of the March quarter, after a major capital raising to fund the copper hopeful towards a final investment decision.
This article was developed in collaboration with Peel Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.