Mallee Bull & May Day

The Mallee Bull & May Day projects are 100% owned by Peel Mining Limited. 

The Mallee Bull project is located about 100km south of Cobar in central NSW and comprises 80km2 of granted leases containing one of the highest-grade undeveloped copper resources in Australia. The project also contains Cobar-style zinc, lead silver and gold mineralisation.

Mallee Bull consists of three lodes capable of sustaining an underground mining operation. The first and shallowest lode is the Silver Ray lode, which comprises of a high-grade zinc, lead and silver system, which could assist in the short-term payback of costs associated with establishing an underground mine.

The project also holds the Union and Mallee Bull lodes which are larger and deeper systems beneath Silver Ray containing higher levels of copper. The Mallee Bull lode remains open at depth, presenting further exploration upside.

Mallee Bull holds a Joint Ore Reserves Committee Code (JORC) Compliant Mineral Resource Estimate, released on July 2017 of:

  • 6.76 million tonnes at 1.8% copper
  • 31 g/t silver
  • 0.4 g/t gold
  • 0.6% lead
  • 0.6% zinc (2.6% copper equivalent).

Combined, the project contains approximately:

  • 119,000 tonnes of copper
  • 6.6 million ounces silver
  • 83,000 ounces gold
  • 38,000t lead
  • 38,000t zinc
  • (175,000 tonnes of copper equivalent using a 1% copper equivalent cut-off)

The May Day project is located about 100km south of Cobar contained within part of the Mallee Bull project.

Mineralisation at May Day occurs as a steeply dipping zone of highly altered, sheared and partly brecciated siltstone and volcaniclastics. Primary mineralisation has been identified in deeper drilling (100-250m below the surface) and comprises pyrite, pyrrhotite, sphalerite, galena, chalcopyrite, tetrahedrite with gold and silver considered to occur within both galena and tetrahedrite.

The Maiden Resource Estimate has been reported in accordance with the JORC Code (2012 Edition) using an NSR cut-off of A$40 per tonne1. Full details of the resource can be found in the announcement released 13 October 2020 – “Maiden May Day Inferred Mineral Resource Estimate”. Table 1 presents the estimates by oxidation zone.

 

The MRE for the May Day deposit of 1.128 Mt at 1.3 g/t Au, 19 g/t Ag, 0.82% Zn, 0.61% Pb, 0.11% Cu ($101/t NSR); containing:

  • 46,400 oz gold
  • 676,000 oz silver
  • 9,260 t zinc
  • 6,860 t lead
  • 1,240 t copper


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