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Mallee Bull is estimated to contain 6.8 million tonnes grading 1.8% copper, 1 ounce per tonne silver, 0.4 grams per tonne gold plus zinc and lead, all of which is equivalent to about 175,000 tonnes of contained copper – a 65% increase on previous contained copper equivalent.
The deposit now includes “high grade” zinc-lead-silver mineralisation at T1, with prefeasibility work “investigating the potential for an early production opportunity”.
Mallee Bull is a 50:50 venture with CBH Resources, which is owned by Toho Zinc.
Peel is estimated to have about A$6 million cash.
The company has recently been backed by gold miner St Barbara Mines, which has a 9.5% stake.
Shares in Peel were unchanged at 20c in morning trade, capitalising the company at $33.5 million.
