Peel Mining Advances Wagga Tank and Curnamona Projects Amid JV and Drilling Progress

Wagga Tank Evaluation and Resource Assessment

Peel Mining Limited has made significant strides in its June 2025 quarter exploration activities, particularly at the Wagga Tank project in New South Wales. The company completed four diamond drill holes targeting metallurgical testwork and an additional hole for preliminary geotechnical analysis. These efforts aim to refine the understanding of the Wagga Tank Open Pit Resource, which currently stands at 3.56 million tonnes grading 0.59% copper, 0.63 grams per tonne gold, and notable silver, lead, and zinc content. The drill cores have been dispatched to ALS Burnie for comprehensive metallurgical testing, with results anticipated in the coming quarter. This testing is critical for advancing the project’s pre-feasibility study and optimizing pit design.

Alongside metallurgical work, Peel Mining has identified several shallow, high-priority exploration targets adjacent to the existing resource at Wagga Tank and Southern Nights. These targets, particularly in up-dip areas that remain underexplored, show promising mineralisation potential, supported by historic drilling intercepts and geophysical anomalies. The company is preparing further drilling campaigns to test these extensions, which could enhance the overall resource base.

Expanding Exploration Footprint, Chuchi and Nombinnie Prospects

Exploration momentum continues with the commencement of drilling at the Chuchi prospect, located approximately 1.5 kilometres south of Wagga Tank. This target exhibits multiple styles of high-grade gold and base metal mineralisation, bolstered by strong geophysical and geochemical signatures. The first of two planned reverse circulation drill holes has been completed, with assay results pending.

Further afield, Peel Mining is advancing the Nombinnie prospect, situated 23 kilometres south-east of Wagga Tank. Historical drilling and surface sampling have revealed significant gold mineralisation, with recent geophysical surveys and soil sampling reinforcing the prospect’s potential. Land access and drilling approvals have been secured, and preparations for a drilling program are underway, signaling Peel’s commitment to expanding its exploration footprint in the Cobar region.

Curnamona Joint Venture Progress and Upcoming Drilling

In South Australia and western New South Wales, Peel Mining’s Curnamona Project is progressing under a farm-in and joint venture agreement with Red Hill Minerals Limited. Red Hill is set to undertake a 4,000-metre diamond drilling program at the Broken Hill Project starting in September, targeting multiple mineralisation styles across largely underexplored tenements. Encouraging induced polarisation survey results at the Anabama copper-gold target have prompted plans for additional geophysical lines and drilling.

Significantly, Peel Mining executed a Native Title Agreement with the Wilyakali Native Title Aboriginal Corporation for the Anabama Project, facilitating heritage surveys and enabling first-pass drilling. This milestone reflects the company’s proactive approach to community engagement and regulatory compliance, essential for advancing exploration activities.

Financial Position and Outlook

Peel Mining reported a cash balance of $1.399 million at the end of the quarter. While exploration and evaluation expenditures continue, the company is actively engaged in discussions with potential capital providers to secure additional funding. Management expresses confidence in its ability to raise necessary funds based on past capital raising success, ensuring operational continuity and the advancement of its projects.

Overall, Peel Mining’s June quarter report highlights a methodical and multi-pronged approach to exploration and project development, balancing technical progress with strategic partnerships and community agreements. The pending metallurgical and assay results will be pivotal in shaping the next phase of project evaluation and potential development.