Sydney, Sep 10, 2008 AEST (ABN Newswire) - Peel Exploration (ASX:PEX) is pleased to announce that recent RC drilling completed at the Kensington Gold-Tungsten Prospect has encountered widespread gold mineralisation. Kensington is in the Attunga Project area and is 100%-owned by Peel Exploration. Encouragingly, gold mineralisation was intersected in all drillholes.
A summary of drilling results is listed below:
Table 1: Summary June/July 2008 Kensington RC Drill Results
---------------------------------------------------------Hole No. Final From To Interval Au Comment Depth (m) (m) (m) (g/t) ---------------------------------------------------------KENRC-8* 198 3 174 171 0.32 Bulk intersectionincl. 29 44 15 0.93 >0.5 g/t Au cutincl. 58 60 2 0.77 >0.5 g/t Au cutincl. 81 83 2 0.91 >0.5 g/t Au cut---------------------------------------------------------KENRC-9 131 15 24 9 1.40 >0.5 g/t Au cutand 60 65 5 2.76 >0.5 g/t Au cutand 80 81 1 1.87 >1.0 g/t Au cutand 83 84 1 1.87 >1.0 g/t Au cutand 117 121 4 1.79 >0.5 g/t Au cut---------------------------------------------------------KENRC-11* 77 24 38 14 0.78 Bulk intersection---------------------------------------------------------KENRC-12* 137 72 108 36 0.31 Bulk intersectionincl. 90 98 8 0.71 >0.25 g/t Au cutincl. 107 108 1 1.78 >1.0 g/t Au cut---------------------------------------------------------KENRC-14 126 9 11 2 0.6 >0.5 g/t Au cut---------------------------------------------------------KENRC-15* 143 94 143 49 0.32 Bulk intersection---------------------------------------------------------KENRC-16* 113 43 45 2 1.06 >0.5 g/t Au cut---------------------------------------------------------KENRC-17 107 35 39 4 0.87 >0.5 g/t Au cutand 49 62 13 1.07 Bulk intersectionand 74 77 3 0.59 >0.25 g/t Au cut---------------------------------------------------------KENRC-18 96 1 6 5 1.58 >0.5 g/t Au cut 56 79 23 0.71 >0.25 g/t Au cut---------------------------------------------------------KENRC-19 4 8 4 0.87 >0.5 g/t Au cut---------------------------------------------------------
Notes:
* Previously reported (July 2008 quarterly activity report).
1. Drillholes KENRC-10 & KENRC-13 were not drilled due to rugged terrain.
2. Samples were from split RC drill chips.
3. Samples were analysed at ALS Chemex utilising methods Au-AA25 (30g fire assay) for gold.
4. Bulk intersections had no lower cutoff grade applied.
5. No estimate of true width has been made.
Kensington is located about 5km north-northwest of the Attunga Tungsten Deposit, and represents a high-priority target for Peel. Exploration at Kensington in the 1980s reported substantial gold and tungsten mineralisation at Kensington, including the delineation of an historic tungsten resource.
In July 2008, Peel completed an RC drilling programme comprising 10 holes for 1,229m. The only other drilling completed at Kensington occurred in 1987 and comprised 7 diamond drillholes for 822m. Results received by Peel continue to confirm that Kensington represents a significant gold-tungsten system.
The drilling has highlighted several areas requiring follow-up with a particular focus on the near-surface gold potential near KENRC-9, and about historic drillholes KENDDH-6 &-7. Drilling to date has been relatively shallow and Peel believes that good potential exists for the discovery of an economic gold system. In addition to the above gold results, significant tungsten mineralisation in the form of scheelite was also identified via Niton XRF analyser and UV inspection. Some tungsten anomalous samples were sent for analysis at ALS Chemex with certain individual metre intervals returning up to 0.21% WO3.
Geologically, the area at Kensington is complex, and more regionally, similarities between the Inlet Monzonite and the Cadia Hill Monzonite have been observed. Peel is encouraged by results received to date and plans to complete a full review of the data generated in effort to better focus future investigation.
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.
The Company's portfolio of 100% owned exploration licences comprises:
1. The Attunga Project (EL6883 & EL6884), containing numerous historic gold, tungsten and molybdenum prospects including the Attunga Tungsten Deposit and the Kensington Gold-Tungsten Prospect. 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 numerous copper values averaging some 1.7% and no follow-up work has ever been completed.
4. The Waverley Project (EL6719), centred on the historic Waverley silver-lead-zinc workings. 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 Company believes the prospects offer excellent potential for the discovery of economic tungsten, gold, molybdenum, copper, zinc, lead and silver, with most prospects being polymetallic in nature.
Contact
Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au
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