PEEL
GRANTED ATTUNGA PROJECT – EXPLORATION NOW UNDERWAY
Exploration Update
Peel Exploration Ltd (ASX:PEX) is pleased to announce it has
extended its footprint of precious and base metal projects in NSW following the
granting of exploration licences covering the Attunga Intrusive-Related Gold
System (IRGS).
The two licences comprising the Attunga Project (EL6883 and
EL6884) are located approximately 20 km north of Tamworth
and cover a combined area of about 250km2. The project area contains
numerous historic gold, tungsten and molybdenum prospects.
Peel Exploration has already commenced exploration activity
on the Attunga Project.
An independent expert review completed by Dr Tim Baker (former lecturer in Economic
Geology at James Cook University)
supports Peel Exploration’s opinion with regard to the geological model
relevant to the Attunga region. In his report Dr Baker stated that an
intrusion-related gold model is readily applicable, and that prospects in the
region contain metal signatures common to IRGS. He also noted that the wide
variety of mineralisation styles present at Attunga is a common feature of
intrusion centred systems.
Since lodgement of the Attunga Project
exploration licence applications in late June, Peel Exploration has been active
with developments including :
· key landholder
negotiations,
· GIS data
capture and initial desktop studies,
·
initial ore deposit modelling at
Prospect 1 tungsten-molybdenum skarn deposit,
· re-logging
and re-sampling of Prospect 1 diamond drillcore,
·
location and retrieval of missing diamond
drillcore from the Kensington gold-tungsten prospect, and
·
first-pass rock chip sampling (25
samples) to test the validity of previously defined geochemical anomalies.
Peel Exploration plans to move forward rapidly with the exploration
of the Attunga Intrusive-Related Gold System. Gold assay results from the
initial rock-chip sampling programme are expected soon. Peel Exploration will
also seek to re-log and re-sample the recently located Kensington diamond
drillcore. Additional exploration results will be reported as they come to
hand.
Peel Exploration’s Attunga Project Location Map
About
Peel Exploration Ltd
Peel Exploration is a newly listed
precious and base metals explorer with six 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 Attunga Project (EL6883 &
EL6884), containing numerous historic gold, tungsten and molybdenum prospects.
The Attunga Project exhibits the hallmarks of an Intrusive-Related Gold System.
2.
The Dungowan Project (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.
3.
The Barry Project (EL6614), centred
on a cluster of copper and molybdenum workings. Exploration in the 1970’s
returned copper values averaging some 1.7%.
4.
The Waverley Project (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.
5.
The Armidale Project (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 gold, tungsten,
molybdenum, copper, zinc, lead and silver, 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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