Peel Mining (ASX:PEX) has announced a significant upgrade to the Mineral Resource Estimate (MRE) at its 100%-owned Wagga Tank deposit, located approximately 130km south of Cobar in Western NSW. The updated pit-constrained MRE now stands at 3.56Mt at 0.59% Cu, 0.63g/t Au, 33g/t Ag, 0.64% Pb, and 0.70% Zn (1.82% CuEq). This open-pit resource contains approximately 21.1kt of copper, 72.5koz of gold, and 3.77Moz of silver, alongside significant lead and zinc credits. The updated Wagga Tank-Southern Nights MRE increased to 9.99Mt at 0.35% Cu, 0.41 g/t Au, 52 g/t Ag, 1.19% Pb and 2.78% Zn.
The upgrade has significantly bolstered Peel Mining’s global resource base, which now stands at 22.91Mt at 1.03% Cu, 0.37g/t Au, 35g/t Ag, 0.72% Pb and 1.45% Zn, containing approximately 235kt Cu, 271koz Au, 25.4Moz Ag, 166kt Pb, and 331kt Zn. The new open-pit resource at Wagga Tank has the potential to transform Peel’s future mine development plans, offering a lower capital development cost compared to the current Pre-Feasibility Study (PFS) work which assumes both Mallee Bull and Wirlong are developed as underground mines.
Technical Director Rob Tyson highlighted the importance of the open-pit resource, stating it could lead to lower capital development costs. Following the success at Wagga Tank, the company plans to review gold and copper mineralisation in the Wagga Tank/Southern Nights area, identifying new targets for exploration drilling, including the nearby Nombinnie gold prospect. Peel Mining will continue infill and metallurgical drilling at Wagga Tank to optimize processing options. The updated MRE was completed by independent consultant Mr. Jonathon Abbott of Matrix Resource Consultants Pty Ltd.
