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PSM Kicks Off Drilling Programme in South Korea
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It’s crunch time for Peninsula Mines (ASX:PSM) in South Korea, as the ASX-listed metals junior commences its long-awaited drilling and sampling programme.
PSM has begun drilling as part of a programme aiming to define several high-grade zinc-lead-silver and copper-gold targets (Taipan & Cobra) at PSM’s Ubeong Project in South Korea.
PSM drilled the first of its two diamond drill holes on Monday, 25th September, and is expected to complete its second drill-hole within the coming days with results due shortly.
Of course it is early days for this junior explorer, so investors should seek professional financial advice if considering this stock for their portfolio.
As a precursor to this week’s drilling, PSM defined a 300m x 150m strongly anomalous zinc (up to 0.59% Zn), copper (up to 4,162 ppm Cu), lead (up to 1,023 ppm Pb) and silver (up to 24.7 g/t Ag) zone several months ago.
The first new diamond drill hole, which commenced yesterday, was drilled at a shallow angle under the Taipan soil anomaly.
The drilling programme will consist of three to four shallow-angle holes for approximately 1,200m to 1,600m of diamond drilling planned to test PSM’s local geology for “high-grade, porphyry-related zinc-lead-silver and copper-gold sulphide ore-bodies,” said PSM in a market update.
The next step for PSM is to finalise this round of drilling by adding a second drill hole later this week.
PSM’s second drill-hole will continue to test under the strongly anomalous Cobra soil anomaly, where hand-held XRF results, backed-up by laboratory analyses, have defined a northeast-southwest oriented zone of dimensions 300m x 100m characterised by strongly anomalous Zn (up to 1.4%), Cu (up to 1,281 ppm), Pb (up to 2,980 ppm) and Ag (up to 54.8 g/t).
In tandem with yesterday’s announcement, PSM Managing Director John Dugdale said, “The results of the geochemical and geophysical programmes to date indicate that we may be dealing with a major porphyry-skarn base and precious metals system and this drilling programme will go a long way towards testing that concept.”
PSM has sole rights to five granted tenements and multiple tenement applications over a strike length stretching above 10 kilometres and running parallel to the historical Chilbo mine workings. PSM’s tenements also adjoin the currently-operational Keumho Zinc-Lead-Silver Mine, belonging to Aurora Minerals (ASX:ARM).