Wagga Tank Drilling Complete; Nombinnie Gold Targets Await Testing

Wagga Tank Progress and Metallurgical Testing

Peel Mining Limited has reported significant progress in its South Cobar Project with the completion of diamond drilling at the Wagga Tank deposit. This drilling was conducted primarily to support metallurgical testwork and early-stage geotechnical analysis, critical steps in assessing the feasibility of mining operations. Samples from these drill holes are currently undergoing metallurgical testing at ALS Burnie, with results expected in the coming quarter. These tests will inform the potential processing pathways and economic viability of the Wagga Tank open pit.

Alongside metallurgical efforts, a diamond drill hole dedicated to geotechnical logging has been completed, providing valuable data for preliminary pit design and mining considerations. Peel Mining plans to expand this program based on the outcomes of the metallurgical studies.

Chuchi Prospect Drilling and Assay Awaiting

At the nearby Chuchi prospect, located just 1.5 kilometers south of Wagga Tank, Peel has completed one of two planned reverse circulation drill holes. This target is notable for its high-grade gold-copper-zinc-lead-silver mineralisation and strong geophysical and geochemical anomalies. Assay results for the completed hole remain pending, with the second hole scheduled for a future campaign. The results here could further enhance the project's resource base.

Nombinnie Prospect Emerges as a Compelling Gold Target

Perhaps most intriguing is the identification of a compelling gold target at the Nombinnie prospect, situated approximately 23 kilometers southeast of Wagga Tank. Peel Mining has revisited historic drilling data from the 1980s, which revealed multiple strong shallow gold intercepts, including intervals such as 8 meters at 2.14 grams per tonne gold and 40 meters at 1.46 grams per tonne gold. These results, combined with recent geochemical and geophysical surveys, suggest the presence of a significant gold-rich mineral system.

Importantly, Peel has secured all necessary regulatory approvals and land access for drilling at Nombinnie, with preparations underway to commence exploration drilling. This marks a critical step in validating historic data and potentially expanding Peel’s gold resource portfolio.

Anabama Joint Venture Advances with Native Title Agreement

In South Australia, Peel’s joint venture with Red Hill Minerals at the Anabama copper-gold prospect continues to gain momentum. Recent induced polarization (IP) surveys have delineated a 4-kilometer strike length of chargeability and resistivity anomalies along a major shear zone, indicating promising mineralisation potential. Additional infill and extensional survey lines are underway to refine target areas.

Moreover, a Native Title Agreement has been executed with the Wilyakali Native Title Aboriginal Corporation, clearing a significant hurdle for future drilling activities. This agreement underscores Peel’s commitment to responsible exploration and community engagement.

Looking Ahead

Peel Mining’s recent activities reflect a methodical approach to advancing its projects from exploration through to resource definition and potential development. The combination of metallurgical testwork, geotechnical analysis, and new drilling campaigns across multiple prospects positions the company well to unlock value in its portfolio. Investors and analysts will be watching closely for upcoming assay results from Chuchi and metallurgical outcomes from Wagga Tank, as well as the progress of drilling at Nombinnie and Anabama.