Peninsula Mines releases high grade zinc and silver results
Peninsula Mines (ASX: PSM) has released promising results from surface rock chip sampling conducted at its Ubeong zinc-silver project located in South Korea.
As well as having secured three tenements, PSM has multiple tenement applications over a 10 kilometre strike length of highly prospective territory, including the historical Chilbo mine workings which adjoin the operating Kumho zinc mine.
The latest samples have been collected from the historical Chilbo mine workings with notable returns across a broad range of samples including 48.8% zinc, 958 grams per tonne silver 4.9 grams per tonne gold and copper grading 2.74%.
One of the promising developments was the evidence of a second style of copper-gold mineralisation where copper as chalcopyrite is associated with massive pyrrhotite, a magnetic sulphide.
This zone was characterised by high magnetic intensity, and soil sampling has also been completed over this zone with the objective of defining geochemical copper-gold targets.
Of course this is still an early stage play and investors should seek professional financial advice if considering this stock for their portfolio.
Commenting on these latest developments, PSM’s Managing Director, Jon Dugdale, said, “The results of systematic rock chip sampling of the Chilbo workings have highlighted the exceptional zinc and silver grades in this target area, and the bonus is that we are also seeing elevated copper and gold associated with the magnetic pyrrhotite, a separate target type within the extensively mineralised skarn”.
Dugdale confirmed that systematic soil sampling had been completed and he expects the results of this work, in conjunction with detailed IP and electromagnetic geophysics to be carried out in June, will define drilling targets for high-grade sulphide mineralisation, which will be tested as soon as possible after drilling access is achieved.