MEDIA RELEASE 31 May 2007
Peel advances
exploration drive
The board of Peel Exploration Ltd (ASX:PEX) is
pleased to announce the engagement of Geos Mining Mineral Consultants Pty Ltd
to manage the exploration of the Company’s 700 km2 of tenements in
NSW.
Geos Mining, a specialist geology consultancy firm
based in Sydney,
will be responsible for the day-to-day management and exploration of Peel
Exploration’s licences for an initial 12-month period. Geos Mining will be in
charge of the exploration and investigation of Peel’s suite of highly
prospective copper, lead, zinc, silver and gold prospects.
Geos Mining has proven expertise in providing
world's best practice exploration and management services in a cost effective
and transparent manner. Geos Mining is headed by geologist Sue Border, who has
more than 30 years experience in the minerals sector.
“The appointment of Geos Mining will help Peel
Exploration preserve shareholder capital and obtain maximum return for each
dollar spent,” Peel Exploration Chairman Michael Kiernan explained.
“By outsourcing the exploration and management of
the Company’s tenure, Peel is able to preserve funds for the place that counts
most – exploration of our highly prospective ground.
“Peel’s exploration programmes are now being prepared
and airborne geophysical surveys are being contracted.
“Field work at the Company’s projects commences next
week, the results of which will help in formulating a prioritised drilling
program planned for later this year,” Mr Kiernan said.
Peel Exploration plans to spend about $700,000 on
exploration over the coming 12 months.
About Peel
Exploration Ltd
Peel Exploration is a
newly listed precious and base metals explorer with four 100%-owned tenements
covering 700 km2 in the New England Fold Belt region of northern New South Wales.
Peel Exploration
believes the New England Fold Belt, particularly the portion located in
northern NSW, represents a unique opportunity for exploration.
The area has a rich mining history with numerous mineral discoveries including Mount Morgan,
Gympie, Mount Rawdon,
Cracow,
Hillgrove, Timbarra and Twin Hills. Yet despite this rich mineral endowment,
the Belt remains poorly explored with minimal modern exploration.
The Company’s portfolio
of 100% owned exploration licences comprises:
1. The
Dungowan Prospect (EL6613), containing five historic
copper mines and workings. High grade copper mineralisation was reported from
the Fishers copper mine with 2,643 tonnes of ore extracted at an average grade
of 13.4% copper.
2. The
Barry Prospect (EL6614), centred on a cluster of
copper and molybdenum workings. Exploration in the 1970’s returned copper
values averaging some 1.7%.
3. The
Waverley Prospect (EL6719), centred on the historic Waverley silver-lead-zinc
workings and an associated magnetic anomaly. Prospecting in the mid 1990’s
returned anomalous values of up to 739 ppm silver, 14.6% zinc and 9.4% lead.
4. The
Armidale Prospect (EL6722), containing several
historic silver mines along with numerous gold, antimony, tungsten and
molybdenum workings. The area also hosts a large untested gravity anomaly which
will receive exploration priority.
The Company
believes the prospects offer excellent potential for the discovery of economic
copper, zinc, lead, gold, and silver deposits, with most prospects being
polymetallic in nature. (See attached plan for project location details).
|
For further information, please contact:
|
|
|
Rob
Tyson
Executive
Director – Peel Exploration
Tel: 08 9382
3955
|
Warrick
Hazeldine
Purple
Communications
Tel: 08 9485
1254
Mob: 0417 944
616
|
Peel Exploration’s Project Location Map
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