MEDIA RELEASE
29 June 2007
Peel lodges ELAs for Attunga
Intrusive-Related Gold System
The board of Peel
Exploration Ltd (ASX:PEX) is pleased to announce the lodgement of applications
for exploration licences covering the historic Attunga-Kensington gold-tungsten-molybdenum
mineral fields, approximately 20 km north of Tamworth. ELA 3177 and ELA 3182
cover a combined area of about 250km2.
The area under
application contains numerous historic mines, prospects and workings and is in line
with Peel Exploration’s strategy of exploring forgotten mineral fields.
Initial investigations utilising
historic exploration reports coupled with modern datasets indicate that the
Attunga-Kensington mineralising system bears the hallmarks of an
Intrusive-Related Gold System.
Intrusive-Related Gold
Systems are an under-recognised but economically important class of gold
deposit. Examples of Intrusive-Related Gold Systems include Fort Knox in
Alaska, Kidston in north Queensland,
and Timbarra near Tenterfield in northern New South Wales.
Other important aspects of the Attunga-Kensington mineral
fields include:
· Only minor modern exploration
· Several historic non-JORC compliant resources
reported by previous explorers
·
Numerous
untested surface geochem gold-tungsten anomalies
Peel plans to immediately
seek an independent review of the Attunga project’s prospectivity with a view
to fast-tracking exploration upon the grant of licences.
“The Attunga area
represents an exciting exploration opportunity for Peel with known widespread
gold-tungsten mineralisation that fits perfectly with the Intrusive-Related
Gold System deposit model - yet remarkably the area appears to have gone under
the radar of major gold explorers”, Peel Exploration Chairman Michael Kiernan
commented.
“Peel’s initial plan once
the licences are granted will be to test the validity of previously reported
exploration results, and if confirmed, move quickly to drill test some of the
most obvious gold anomalies.
“The Attunga project area
represents yet another forgotten mineral field, and a major opportunity to Peel
Exploration.
“Auspiciously, the name
Attunga means “high place” and is a fitting project name given the obvious
potential of the area.”
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.
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For further information, please
contact:
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Rob Tyson
Executive Director – Peel Exploration
Tel: 08 9382 3955
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Warrick Hazeldine
Purple Communications
Tel: 08 9485 1254
Mob: 0417 944 616
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The
information in this report that relates to Exploration Results is based on
information compiled by Mr Robert Tyson, who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Tyson has sufficient experience which
is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr
Tyson consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
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Peel Exploration’s Project
Location Map
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