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PEEL MINING LIMITED Interim / Quarterly Report 2018

Apr 30, 2018

65545_rns_2018-04-30_c2e5aa98-7961-4667-b86a-2d94d5d165b5.pdf

Interim / Quarterly Report

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MARCH 2018 QUARTERLY REPORT 30 APRIL 2018

Peel Mining Limited

ASX code: PEX ACN: 119 343 734

Unit 1, 34 Kings Park Rd West Perth, WA 6005

Ph: (08) 9382 3955 Fax: (08) 9388 1025 E: [email protected] Web: www.peelmining.com.au

Contact: Rob Tyson Managing Director [email protected]

184 million shares in issue for $116m Market Capitalisation at 30 Apr 2018.

About Peel Mining Limited:

  • The Company’s projects cover more than 4,800 km[2] of highly prospective tenure with a focus on the Cobar Basin in NSW.

  • The 100%-owned Wagga TankSouthern Nights project represents a major zinc-rich polymetallic Cobar-type discovery and is the Company’s primary focus.

  • Mallee Bull is an advanced copperpolymetallic deposit that is subject to a feasibility study; the deposit remains open in many directions.

  • Cobar Superbasin Project Farm-in Agreement with JOGMEC includes the significant Cobar-style Wirlong copper discovery.

  • 36% shareholding in STN offers exposure to excellent gold assets in WA goldfields.

Highlights for March quarter 2018

  • Drilling confirms large-scale mineral system at

  • Wagga Tank-Southern Nights project. Significant intercepts reported during the quarter include:

· 142.1m @ 7.39% Zn, 3.76% Pb, 0.15% Cu, 101 g/t Ag, 0.54 g/t Au from 108m in WTRCDD033;

  • 102m @ 4.3% Zn, 1.14% Pb, 0.41% Cu, 27 g/t Ag, 0.44 g/t Au from 195m in WTRCDD043;

· 19m @ 10.9% Zn, 3.6% Pb, 0.13% Cu, 99 g/t Ag, 0.46 g/t Au from 215m in WTRCDD062;

· 17m @ 2.8% Zn, 0.96% Pb, 0.21% Cu, 469 g/t Ag, 0.91 g/t Au from 181m in WTRCDD064;

· 9.3m @ 10.24% Zn, 0.44% Pb, 0.31% Cu, 23 g/t Ag, 0.32 g/t Au from 261.9m in WTRCDD105.

  • WTRCDD123 returns strong drill intercept

  • establishing a link between Southern Nights and Wagga Tank deposits.

  • Drilling at the Fenceline prospect intercepts

  • mineralisation akin to that at Wagga Tank and Southern Nights. Better intercepts include:

  • 24m @ 12.55% Pb, 0.2% Zn, 68 g/t Ag, 2.49 g/t Au from 118m in TBRC001;

· 6m @ 11.69% Pb, 0.4% Zn, 0.17% Cu, 39 g/t Ag, 1.38 g/t Au from 91m in TBRC002;

  • 2m @ 7.48% Zn, 4.49% Pb, 35.7 g/t Ag from 137m in TBRC012.

  • The Silver Ray pre-feasibility study continues;

  • in-fill drilling of the upper part of the Mallee Bull resource is now underway.

  • Successful $7m spin-out of Saturn Metals Ltd

  • (ASX: STN); Peel retains 36% shareholding.

Plans for June quarter 2018

• RC and Diamond drilling is to continue at Southern Nights/Wagga Tank, with drillholes designed to extend existing mineralisation and test other targets in the project area

  • Completion of infill drilling at Mallee Bull;

  • updating of geological model and prefeasibility study.

Peel Mining Limited – Quarterly Report March 2018

1

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Exploration

Wagga Tank/Mount View Projects: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%). Targets : Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

The Wagga Tank project is located on the western edge of the Cobar Superbasin, ~130 km south of Cobar or ~30km northwest of Mount Hope. Its namesake prospect represents a polymetallic Cobar-style deposit. Mineralisation is interpreted to occur as sub-vertical elongate shoots/lenses within zones of brecciation and hydrothermal alteration. Work by Peel to date has defined exceptional zinc-lead-silver mineralisation at both the main Wagga Tank deposit and to the south at the Southern Nights discovery. Drilling this quarter under Phase 3 continued to substantiate mineralisation at Southern Nights, extending it at depth as well as further along strike to the south and north. Of note is the new strongly mineralised intercept returned from drillhole WTRCDD123 within the Wagga Tank-Southern Nights corridor which establishes a link between the two deposits, and an observed increase in copper and gold mineralisation from deeper intercepts at Southern Nights.

Southern Nights

Phase 3 drilling conducted in the March quarter comprised of 54 RC drillholes, 36 of which have been extended with diamond tails, and 1 diamond drillhole for a total 16,301.3m. Drilling to date has defined a mineralised system interpreted to be sub-vertical, with a steep westerly dip, implying true widths of approximately 70-90% for reported downhole intervals for all east-oriented (085/090 degree collar azimuth) drillholes and 30-50% of west-oriented (270 degree collar azimuth) drillholes. The Southern Nights prospect area covers more than 850m strike and open.

Line 6386500

WTRC056 (240m, 92 azi), had previously returned a 10m interval averaging 0.73% Zn, 0.67% Pb, 4 g/t Ag from 109m; WTRCDD058 (363.5m, 94 azi) returned a corresponding down-dip interval of 6m @ 0.76% Zn, 0.26% Pb, 13 g/t Ag from 156m to EOH. WTRCDD058 was extended this quarter with a diamond tail; assays remain pending. Collared ~55m west of WTRCDD058, WTRCDD095 (363.3m, 93 azi) also encountered several zones of mineralisation; assays remain pending.

Line 6386420N

Diamond tails were added to drillholes WTRCDD046 (381.4m, 270 azi) and WTRCDD074 (300.6m, 90 azi). WTRCDD046 was initially RC drilled to 211m and had returned 26m @ 2.37% Zn, 1.13% Pb, 5 g/t Ag from 137m, 10m @ 1.84% Zn, 0.72% Pb, 5 g/t Ag from 166m and 14m @ 3.97% Zn, 1.64% Pb, 18 g/t Ag from 192m. A diamond tail was added however no further significant mineralisation was returned. Scissor drillhole WTRCDD074 returned a weak zone of Zn-Pb-As-Ag mineralisation in the RC pre-collar from ~224m to EOH but had failed to test down-dip of WTRCDD046. During the quarter, the hole was extended with a diamond tail returning further intervals of 8.4m @ 1.75% Zn, 0.68% Pb, 9 g/t Ag from 237.6m, 3m @ 0.66% Zn from 254m and 3m @ 0.61% Zn from 259m. Drillhole WTRCDD102 (381.4m, 92 azi) was collared ~50m west of WTRCDD074 intersected several zones of mineralisation; assays remain pending.

Line 6386350N

Full assay results for WTRCDD033 were reported early during the quarter, with a total mineralised interval of 142.1m @ 7.39% Zn, 3.76% Pb, 0.15% Cu, 101 g/t Ag, 0.54 g/t Au from 108m. This interval was drilled down the dip of the mineralised system however is believed to represent a true width of up to 35m. WTRCDD061 (369.6m, 93 azi) and WTRCDD075 (390.3m, 80 azi) were designed to test for downdip extension of mineralisation; several strong intervals were returned. Best intercepts from WTRCDD075 include 9m @ 4.52% Zn, 1.41% Pb, 31 g/t Ag, 0.37 g/t Au from 261m, 2.4m @ 15.5% Zn, 3.58% Pb, 1.83% Cu, 50 g/t Ag, 1.75 g/t Au from 270.5m, 6m @ 1.02% Cu, 0.74% Zn, 21 g/t Ag, 0.82 g/t Au from 302m, 10m @ 1.27 g/t Au, 0.42% Cu from 318m, and 16.3m @ 0.98% Zn, 0.31% Pb from 374m to EOH.

Peel Mining Limited – Quarterly Report March 2018

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WTRCDD061, initially RC-drilled in the last quarter to 244m, was extended with a diamond tail this quarter. Significant mineralised intervals of 15m averaging 4.81% Zn, 2.31% Pb, 0.61% Cu, 66 g/t Ag, 0.59g/t Au from 234m, 40m @ 3.47% Zn, 0.87% Cu, 0.12% Cu, 14 g/t Ag, 0.15 g/t Au from 273m, and 19m @ 2.29% Zn, 0.58% Pb, 9 g/t Ag from 323m were returned.

Line 6386310N

Full assay results for WTRCDD043 were reported early during the quarter, with a total mineralised interval of 102m @ 4.3% Zn, 1.14% Pb, 0.41% Cu, 27 g/t Ag, 0.44 g/t Au from 195. The true width is estimated to be up 70m.

Line 6386270N

Drillhole WTDD001 (315.4m, 90 azi), was diamond drilled from surface to scissor drillhole WTRC038 (289m, 270 azi) which intersected 7m @ 4.22% Zn, 1.33% Pb, 21 g/t Ag from 147m and 3m @ 3.75% Zn, 3.48% Pb, 65 g/t Ag from 190m. The drillhole confirmed the down-dip continuation of mineralisation from WTRC038, with best intercepts of 32m @ 2.70% Zn, 0.81% Pb, 44 g/t Ag from 230m (incl. 7m @ 5.41% Zn, 2.02% Pb, 78 g/t Ag from 230m, 1m @ 8.01% Zn, 0.87% Pb, 59 g/t Ag from 244m and 5m @ 4.07% Zn, 1.22% Pb, 72 g/t Ag, 0.45 g/t Au from 249m), 6m @ 1.58% Zn, 0.54% Pb from 288m and 6m @ 1.93% Zn, 0.46% Pb from 295m. Located to the east and west of WTDD001 respectively, drillholes WTRCDD063 (291.1m, 97 azi) and WTRCDD068 (493.9m, 90 azi) were extended with diamond tails this quarter. WTRCDD063 had previously intersected a zone of variable Zn-Pb-As-Ag mineralisation from ~179m to the end of the RC pre-collar (223m) including a best intercept of 7m @ 19.9% Zn, 7.17% Pb, 82 g/t Ag from 181m. Minor mineralisation was returned from the diamond tail extension. For WTRCDD068, the diamond tail diverted south from the planned trace and back towards WTRCDD064 to return additional multiple significant intercepts such as 18m @ 2.90% Zn, 0.93% Pb, 28 g/t Ag, 0.24 g/t Au from 297m (incl. 2m @ 8.17% Zn, 3.31% Pb, 132 g/t Ag, 0.34 g/t Au from 297m), 9m @ 1.97% Zn, 0.58% Pb, 0.30% Cu, 10 g/t Ag from 418m, 2m @ 7.14% Zn, 0.97% Pb, 0.71% Cu, 0.26 g/t Au from 461m, and 2m @ 3.67% Zn, 2.51% Pb, 0.62% Cu, 15 g/t Ag, 0.39 g/t Au from 467m.

Line 6386230N

Drilling commenced with the diamond tail extension of WTRCDD064 ( 265.5m, 93 azi); the hole was initially RC drilled to scissor hole WTRC039 (25m @ 7.53% Zn, 2.71% Pb, 105 g/t Ag, 0.22 g/t Au from 159m) and intersected a 6m mineralised zone averaging 2.98% Zn, 1.19% Pb, 1253 g/t Ag, 2.28 g/t Au from 181m to the end of the RC pre-collar. Laboratory assays for the diamond tail have extended this mineralised zone to 21m @ 2.40% Zn, 0.80% Pb, 386 g/t Ag, 0.78 g/t Au from 181m. The down-dip extent of these intercepts was to be further tested with WTRCDD069 (402.2m, 90 azi), which was collared approximately 40m west of WTRCDD064. However, the hole swung considerably to the south to test instead down-dip of hole WTRC045 (228m, 270 azi) which returned 6m @ 1.53% Zn, 0.50% Pb, 16 g/t Ag from 174m and 4m @ 2.54% Zn, 0.79% Pb, 40 g/t Ag from 181m last quarter. Broad mineralised zones were seen in WTRCDD069, with best intercepts of 28m @ 2.15% Zn, 0.81% Pb, 87 g/t Ag from 252m, 23m @ 1.30% Zn, 0.49% Pb from 284m, 6m @ 1.51% Zn, 0.54% Pb, 0.63% Cu, 26 g/t Ag, 0.22 g/t Au from 317m and 2m @ 3.48% Zn, 1.24% Pb from 330m.

Line 6386190N

WTRCDD080 (270.5m, 90 azi) was completed to test down-dip of WTRC031, which last year returned several mineralised intervals including 15m @ 1.02% Zn, 0.42% Pb, 29 g/t Ag from 112m, 6m @ 1.27% Zn, 0.58% Pb, 73 g/t Ag from 139m and 6m @ 1.99% Zn, 0.45% Pb, 27 g/t Ag from 179m to EOH. The continuation of anomalous Zn-Pb was confirmed by WTRCDD080 with the following best intercepts: 16.3m @ 1.66% Zn, 0.51% Pb from 219.7m, 6m @ 1.02% Zn, 0.31% Pb, 13 g/t Ag from 259m and 2.4m @ 1.94% Zn, 0.55% Pb, 14 g/t Ag from 266m to EOH. WTRCDD081 (501.4, 93.6 azi) was then collared ~80m west of WTRCDD080, and whilst laboratory assays are pending, geological logging and pXRF analysis defined multiple mineralised intervals within the diamond tail. Drillhole WTRCDD065 (423.4m, 90 azi) , located between WTRCDD080 and WTRCDD081, had previously intercepted a 50m zone @ 2.50% Zn,

Peel Mining Limited – Quarterly Report March 2018

3

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0.86% Pb, 33 g/t Ag from 213m; extension of the hole this quarter returned further mineralised zones including 3m @ 1.55% Zn, 0.48% Pb, 17 g/t Ag, 0.32 g/t Au from 292m, 1m @ 1.21% Zn, 0.43% Pb, 10 g/t Ag, 0.21 g/t Au from 300m, 2.7m @ 2.05% Zn, 0.59% Pb, 5 g/t Ag from 321m, and 1m @ 1.83 g/t Au from 418m.

Line 6386150N

Geological logging and pXRF analysis of WTRCDD082 (332.1m, 93 azi) defined several mineralised intercepts within the diamond tail; assays remain pending. Drillholes WTRC083 (180m, 90 azi) and WTRCDD084 (438.5m, 89 azi) were subsequently collared 40m and 80m west respectively of WTRCDD082. WTRC083 requires a diamond tail while WTRCDD084 confirmed the continuation of mineralisation at depth. Assay results remain pending at the time of reporting.

Line 6386110N

WTRC085 (120m, 94 azi) was collared to test up-dip of the mineralised zone in WTRC047 (86m @ 1.99% Zn, 0.72% Pb, 20 g/t Ag from 109m (incl. 7m @ 6.34% Zn, 1.51% Pb, 131 g/t Ag from 185m)) and requires a diamond tail. Mineralisation was intercepted in drillhole WTRCDD086 (356.5m, 91.6 azi), collared approximately 75m west of WTRC085 with final assays pending.

Line 6386070N

WTRCDD088 (297.1m, 93.7 azi) returned mineralised intercepts including 10m @ 2.42% Zn, 0.64% Pb, 83 g/t Ag from 216m, 1m @ 2.96% Zn, 1.87% Pb from 236m, 1m @ 4.10% Zn from 239m, 2m @ 5.00% Zn, 0.59% Pb from 243m and 2m @ 3.74% Zn from 246m. Drillholes WTRC087 (144m, 91.4 azi) and WTRC089 (200m, 92 azi), respectively 40m east and west of WTRCDD088, require diamond tails.

Line 6386030N

WTRC077 (140m, 90 azi), WTRC078 (198m, 80 azi) and WTRCDD079 (330.8m, 92 azi) were designed to follow up a significant intercept in WTRC048 (59m @ 1.40% Zn, 0.49% Pb, 6 g/t Ag from 194m to EOH). Drillholes WTRC077 and WTRC078 terminated in mineralisation, with zones averaging 5m @ 1.18% Zn, 0.41% Pb, 9 g/t Ag from 135m in WTRC077 and 18m @ 1.77% Zn, 0.72% Pb, 71 g/t Ag from 180m in WTRC078. Drillhole WTRCDD079 intersected mineralisation in a down dip position of WTRC048; assays remaining pending.

Line 6385990N

WTRC090 (200m, 94.5 azi), WTRC092 (140m, 91 azi) and WTRCDD091 (417.4m, 91.6 azi) were completed. WTRC090 ended in highly anomalous mineralisation with a 5m intercept averaging 5.60% Zn, 1.91% Pb, 435 g/t Ag, 2.46 g/t Au from 195m. A diamond tail is required. This mineralisation was substantiated with holes which were drilled to test down-dip and up-dip respectively of WTRC090. WTRCDD091 intercepted a broad 33m zone averaging 2.94% Zn, 1.37% Pb, 41 g/t Ag from 240m, and WTRC092 returned 19m @ 2.48% Zn, 1.70% Pb, 38 g/t Ag from 121 to the end of hole. Both WTRC090 and WTRC092 require extensions with diamond tails.

Line 6385950N

WTRC049 intercepted a zone of mineralisation returning 29m @ 2.17% Zn, 0.55% Pb, 8 g/t Ag from 182m to EOH. Three holes were completed this quarter to scissor WTRC049, all of which intersected mineralisation. WTRC093 (200m, 89 azi) returned a 22m zone averaging 4.71% Zn, 1.93% Pb, 50 g/t Ag from 178m to EOH. Drillholes WTRCDD094 (372.6m, 90 azi) and WTRC109 (169m, 90 azi) intersected mineralisation both down-dip and up-dip respectively; assays remain pending.

Line 6385870N

WTRC050 (42m @ 1.09% Zn, 0.49% Pb, 31 g/t Ag from 141m) was followed-up with drillholes WTRCDD105 (375.4m, 90 azi) and WTRCDD108 (468.4m, 88 azi) designed to scissor and test down-dip of the mineralised intercept. WTRCDD105 returned 9.3m @ 10.24% Zn, 0.44% Pb, 0.31% Cu, 23 g/t Ag, 0.32

Peel Mining Limited – Quarterly Report March 2018

4

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g/t Au from 261.9m and 0.85m @ 11.7% Zn, 1.07% Pb, 0.35% Cu, 22.2 g/t Ag, 0.36 g/t Au from 270.35m. Additional assay results for both drillholes remain pending.

Line 6385790N

WTRCDD106 (372.5m, 91 azi) and WTRCDD115 (387.3m, 93 azi) were completed to scissor hole WTRC051 (34m @ 0.80% Zn, 0.26% Pb, 21.8 g/t Ag from 170m to EOH). Assays remain pending however high-grade intercepts were observed in both holes.

Line 6385730N

WTRCDD107 (372.4m, 90 azi) and WTRCDD114 (288.5m, 90 azi) intersected modest mineralisation; assays remain pending.

Line 6385640N

WTRCDD110 (275.3, 94 azi) and WTRCDD111 (464.4m, 90 azi) intersected the contact position between the Vivigani and Wagga Tank Formations with weak mineralisation observed downhole. Assays remain pending.

  • Wagga Tank Southern Nights Corridor

As reported, results from drilling this quarter substantiated the link between the two deposits at Wagga Tank and Southern Nights.

Line 6386580N

WTRCDD096 (327.5m, 94 azi) and WTRCDD097 (276.3m, 90 azi) are located on (southern end of the corridor). Assay results for WTRCDD096 remain pending, however several zones of mineralisation were returned. Down-dip of these intercepts, hole WTRCDD097 returned 23m @ 1.05% Zn, 26 g/t Ag from 222m and 1m @ 0.66% Zn, 0.43% Pb, 0.91% Cu, 62 g/t Ag, 0.2 g/t Au from 254m.

Line 6386660N

WTRCDD098 (298.7m, 91 azi) returned 12m @ 1.32% Zn, 0.50% Pb, 33 g/t Ag from 222m. WTRCDD098 was drilled to test downdip of previously reported drillhole WTRC073, which returned a zone of mineralisation from ~135m downhole.

Line 6386740N

WTRC099 (150m, 90 azi) intersected a zone of mineralisation from ~140m with assays remining pending. Drillholes WTRCDD100 (459m, 91 azi) and WTRCDD117 (255.5m, 86 azi) were drilled as follow-up; assays remain pending. Very strong silica alteration was observed in all drillholes in this area, and additional down-dip drilling is planned.

Line 6386820N

WTRC072 and WTRC076 were drilled last quarter, and laboratory assays for both were recently returned. In WTRC072, best intercepts included 8m @ 2.03% Zn, 1.77% Pb, 40 g/t Ag from 131m and 3m @ 1.02% Zn, 0.46% Pb from 140m. Down-dip of these intercepts, drillhole WTRC076 returned an 8m zone from 173m to EOH averaging 2.63% Zn, 0.79% Pb, 64 g/t Ag, 0.56 g/t Au, and requires extension with a diamond tail. These mineralised zones were followed-up this quarter with hole WTRCDD101 (318.4m, 91 azi); assays remain pending.

Line 6386980N

WTRC057 returned 7m @ 1.53% Zn, 0.54% Pb, 67 g/t Ag from 162m and 3m @ 1.82% Zn, 7 g/t Ag from 183m, followed by a down-dip intercept of 9m @ 1.03% Zn, 0.38% Pb, 18 g/t Ag from 224m in WTRC067. Follow-up drillholes WTRCDD116 (414.2m, 274 azi) and WTRCDD123 (587.7m, 75 azi) were designed to test a geophysical target. WTRCDD116 was drilled from east to west to scissor holes WTRC057 and

Peel Mining Limited – Quarterly Report March 2018

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WTRC067, however, the hole was collared too far to the west and did not encounter significant mineralisation. WTRCDD123, collared west of WTRC067, swung against drill rotation to the north and steepened significantly however returned strong massive/semi-massive sulphide (py-cpy-sph-ga) mineralisation. Portable XRF analysis indicates significant Cu-Zn-Pb-Ag mineralisation. This intercept ranks as amongst the deepest to date for the entire Wagga Tank-Southern Nights area and highlight the potential vertical continuity of the mineralised system. Importantly it establishes a link between the Wagga Tank and Southern Nights deposits.

RAB Drilling and Geophysical Surveying

The March quarter saw the completion of an additional 72 RAB drillholes (WTRAB085 to WTRAB156; total 4,631m) both towards the south and south-east of the main Southern Nights prospect, outlining a number of anomalous areas for follow-up. Approximately 600m to the south of Southern Nights, significant gold mineralisation was intercepted, with notable intercepts of 12m @ 0.43 g/t Au from 60m in WTRAB075 and 12m @ 0.21 g/t Au from 66m in WTRAB076. Two RC drillholes WTRC103 (171m, 90 azi) and WTRC104 (156m, 90 azi) were drilled in response, and gold assays are currently pending. Base metals results from initial pXRF assays were generally low.

To the east of WTRC104 by ~90m, drillhole WTRC112 (153m, 90 azi) was drilled to target down-dip of RAB hole WTRAB141 which terminated in a 1m zone averaging 0.36% Zn from 25m, and towards a geophysical anomaly. No significant mineralisation was observed. Drillhole WTRC113 (140m, 90 azi), drilled at the southern end of the geophysical anomaly and approximately 250m along strike from WTRC112, also failed to return any anomalous intercepts. Recently completed drillhole WTRC121 (270m. 90 azi) collared east of WTRC112 and completed post quarter returned minor mineralisation; assays remain pending.

To the south-east of and more proximal to the Southern Nights mineralised zone, anomalous RAB results were followed-up with a planned 9-hole RC drilling program, of which three have been completed so far. Holes WTRC118 (198m, 30 azi), WTRC119 (198m, 30 azi) and WTRC120 (198m, 30 azi) were drilled towards the north-east to test for the interpreted continuation of the Vivigani Formation-Wagga Tank mudstone contact with which the strongest mineralisation has been associated to date. Results remain pending.

Additional geophysics work this quarter comprised of two IP survey lines extending between the Wagga Tank and Fenceline prospects, which highlighted a number of high priority anomalies for drill targeting. Three broad spaced IP survey lines were also completed over the Vivigani prospect, located approximately 6km south of Southern Nights in the adjacent EL7484. A major fault is inferred to extend south-southeast from the prospective Wagga Tank-Nymagee structural corridor which hosts the Wagga Tank, Southern Nights and Fenceline prospects. The area warrants more detailed examination to test for repetitions or analogues of the Wagga Tank prospect style mineralisation. Final models and interpretations from the two surveys remain pending.

Fenceline & The Bird

The Fenceline prospect is located approximately 4km east of the Wagga Tank-Southern Nights prospect area, and several RC and/or diamond drillholes were completed between the 1970s and early 2000s to test a well-defined lead bedrock geochemical anomaly. Drilling confirmed the presence of significant gold and base metals mineralisation, with notable historic intercepts including:

  • 15m @ 2.02% Zn, 3.08% Pb, 18 g/t Ag, 1.03 g/t Au from 115m in diamond hole FLDH-1

  • 7m @ 4.71% Zn, 3.49% Pb, 39 g/t Ag, 0.74 g/t Au from 84m in RC hole FLP-1

  • 10m @ 2.34 g/t Au from 80m in RC hole FLP-2

Peel Mining Limited – Quarterly Report March 2018

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  • 4m @ 4.04% Zn, 1.57% Pb, 5 g/t Ag in RC hole FLP-3

  • 18.9m @ 7.38% Pb, 0.28% Zn, 35 g/t Ag, 1.21 g/t Au from 115m (incl. 6m @ 16.3% Pb, 0.58% Zn, 77 g/t Ag, 2.53 g/t Au from 118.2m and 3.7m @ 10.3% Pb, 0.34% Zn, 51 g/t Ag, 1.46 g/t Au from 128.4m) in RC/diamond tail hole HFLD5

An RC drilling program commenced this quarter at Fenceline to follow-up the above intercepts, and also to test a strong >2.5km strike chargeability anomaly identified from an IP survey completed in Nov/Dec 2017. A total of 12 drillholes were initially completed (2,256m), with multiple holes returning high-grade supergene Pb-Au-Ag mineralisation or primary sulphide mineralisation akin to that at Wagga Tank and Southern Nights.

  • 30m @ 10.2% Pb, 55 g/t Ag, 2.01 g/t Au from 116m (incl. 13m @ 21.5% Pb, 120 g/t Ag, 4.36 g/t Au from 119m) in TBRC001

  • 13m @ 5.88% Pb, 19 g/t Ag, 0.72 g/t Au from 85m (incl. 3m @ 21.0% Pb, 0.61% Zn, 66 g/t Ag, 2.08 g/t Au from 92m) in TBRC002

  • 1m @ 1.40% Pb, 0.34% Zn from 111m in TBRC003

  • 8m @ 0.69% Zn from 163m in TBRC007

  • 2m @ 1.14% Zn, 0.98% Pb, 16 g/t Ag from 105m and 3m @ 2.13% Zn, 0.63% Pb from 162m in TBRC011

  • 3m @ 1.50% Zn, 0.88% Pb, 11 g/t Ag from 123m, 4m @ 1.52% Zn, 0.83% Pb, 22 g/t Ag from 129m and 2m @ 7.48% Zn, 4.49% Pb, 36 g/t Ag from 137m in TBRC012

An additional 7 RC drillholes (1,398m) and 1 AC drillhole (125m) were subsequently completed within the quarter with the aim of extending the new mineralisation along strike to the north and south. Assays remain pending.

Drilling at the Fenceline area has been ongoing at the time of reporting, both at the main Fenceline prospect and approximately 1.5km to the north, where a strong chargeable zone is coincident with anomalous surface geochemistry and historic workings. Named ‘The Bird’ (haven’t you heard), this northern end of the chargeable anomaly had been refined with the extension of the 2017 IP survey by 2 additional traverses and has been the target of 5 RC drillholes so far. Assays remain pending.

Boolahbone

The Boolahbone prospect is located approximately 3km north-east of the Wagga Tank deposit. Historic soil sampling at Boolahbone is anomalous in Pb and Zn, with minor anomalism in Cu, Au, Cd, and Mo. A preliminary line of shallow RAB drilling was completed over the area in the last quarter (19 holes, total 717m), with several holes returning anomalous Zn-Pb-Ag mineralisation.

RAB drilling continued this quarter to encompass an additional 3,453m over 159 holes. The extensive program extended coverage over the prospect. Select intervals were sampled for laboratory assaying and whilst complete results are still pending, notable intercepts returned so far include 2m @ 0.36% Pb from 49m in BLRAB045, 2m @ 0.43% Pb from 1m in BLRAB068, 9m @ 0.31% Pb from 18m to EOH (incl. 2m @ 0.55% Pb from 18m) in BLRAB156, and 1m @ 0.31% Zn from 83m in BLRAB162.

Double Peak/Mt Dromedary

Approximately 16km to the east-southeast of Wagga Tank lie the Double Peak and Mt Dromedary prospects which are host to historic mines and workings. The area has previously been the focus of gravity and airborne magnetic surveys which defined significant discrete anomalies, and preliminary surface geochemical sampling and geological mapping showed intense alteration at surface with abundant gossanous material.

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Drilling at Double Peak/Mt Dromedary commenced this quarter with two RC pre-collar/diamond tail holes, DPRCDD001 (660.6m) and DPRCDD002 (396.8m), both in close proximity to old Au/Cu workings. DPRCDD001 was collared near the Double Peak South Gold Mine to test an identified magnetic and gravity high target. Approximately 1.3km to the north-west, DPRCDD002 was collared to test another identified magnetic target, however, the hole both steepened and swung further south than planned. No significant mineralisation was observed however strong alteration was noted in both drillholes. Assays for both DPRCDD002 and DPRCDD002 remain pending.

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Figure 1: Wagga Tank Project, Main Prospects over RTP 1VD Magnetics

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Figure 2: Wagga Tank/Southern Nights Drill Plan

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Figure 3: Southern Nights Long Section, Looking East

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Figure 4: Fenceline & The Bird Drill Plan

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Mallee Bull Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 50% and Manager, CBH 50%). Targets: Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

The Mallee Bull project is a 50:50 Joint Venture with CBH Resources Limited (CBH) and contains a JORC compliant Mineral Resource Estimate of 6.76 million tonnes at 1.8% copper, 31 g/t silver, 0.4 g/t gold, 0.6% lead and 0.6% zinc (2.6% copper equivalent) containing approximately 119,000 tonnes of copper, 6.6 million ounces silver, 83,000 ounces gold, 38,000t lead and 38,000t zinc (175,000t copper equivalent) (using a 1% copper equivalent cutoff). Details of the estimate can be found in the ASX announcement released 6 July 2017; "Mallee Bull Resource Grows 65% to 175,000 CuEq".

- Silver Ray Pre Feasibility Study

The Silver Ray high-grade near-surface zinc-lead-silver-gold lens (formerly known as ‘T1’) is the subject of a pre-feasibility study which aims to investigate the conceptual development of the mineralisation as a “dig and truck” operation, under which mineralisation would be milled at CBH’s Endeavour mine approximately 150km away where surplus milling capacity exists. Pre-feasibility concepts have considered open pit and underground mining scenarios, followed by the development of an exploration decline to ~300m below surface to enable the underground drilling of the primary Mallee Bull copper mineralisation; to date, the study has shown that an underground mining scenario is the preferable route. This staged mining development of the Mallee Bull deposit is believed to allow for a significant reduction in total capital expenditure.

Additionally, a recent review of the upper part of the Mallee Bull mineral resource has identified good potential to add further mineralisation to the scope of the pre-feasibility study; in particular, a cluster of strong drill intercepts that lie between ~180m and ~300m below surface and which define this upper ‘Union Lode’. The current drill spacing between many of these holes precludes the ability to estimate an indicated mineral resource for this area, and consequently, an in-fill drilling program has commenced at the time of reporting. The program comprises 11 RC pre-collar/diamond tail drillholes for ~3,300m, and aims to in-fill to a maximum of ~30m spacing between drill intercepts in the main zone of interest. Drilling will also provide additional geotechnical information and material for further metallurgical testwork if required.

It is anticipated that infill drilling of the Union Lode will extend the timeframe for completion of the prefeasibility study to mid-2018. Drilling was ongoing at the time of reporting.

Cobar Superbasin Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%).

Targets: Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

The Cobar Superbasin Project is subject to a Memorandum of Agreement with Japan Oil, Gas, and Metals National Corporation (JOGMEC). Details of the JOGMEC MoA can be found in Peel's ASX Announcement released on 30 September 2014. Exploration activities under the agreement have focused predominantly on the Wirlong prospect, which represents a very large hydrothermal system hosting significant highgrade copper mineralisation along its greater than 2.5km strike length and to depths of up to 950m.

In the March 2018 quarter, Phase 5 drilling recommenced at Wirlong under Stage 2 of the MoA and comprised of two RC pre-collar/diamond tail drill holes. The first hole, WLRCDD056 (669.8m), was collared to the south of the main mineralised zone, close to the historic Wirlong workings, to follow-up significant Zn-Pb intercepts encountered in holes WLRC008 and WLRC009 (19m @ 2.44% Zn, 0.39% Pb, 4 g/t Ag from 103m (incl. 3m @ 6.90% Zn, 0.88% Pb, 12 g/t Ag from 120m)). Minor sphalerite, galena and chalcopyrite mineralisation was encountered within sporadic quartz veins from approximately 450m down hole, with better intercepts including 3m @ 1.08% Zn 0.50% Pb from 465m, 1m @ 1.11% Zn, 0.39%

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Pb from 474m, 2m @ 1.92% Zn, 1.04% Pb, 8 g/t Ag from 477m, 1m @ 0.69% Cu from 542m and 3m @ 1.10% Cu, 8 g/t Ag from 578m.

The second hole, WLRCDD057 (714.5m), was drilled proximal to the ‘Dirty Deeds’ gravity anomaly and along strike to the south from drillhole WLRCDD028 (9m @ 1.29% Cu, 7 g/t Ag from 412, 19m @ 1.36% Cu, 6 g/t Ag from 432m and 1m @ 6.96% Zn, 0.58% Pb, 6 g/t Ag from 546m). The drill trace swung further to the south than originally planned. Anomalous Cu mineralisation was nonetheless noted throughout the hole, with laboratory assays returning the following better intercepts: 3m @ 0.54% Cu from 156m, 4m @ 0.56% Cu from 165m, 2m @ 0.71% Cu from 201m, 1m @ 0.77% Cu from 423m, 2m @ 0.73% Cu, 0.26% Pb from 469m and 5m @ 1.08% Cu from 643m.

Down-hole electromagnetic (DHEM) surveys have been completed for both holes; processing and interpretation of the data is currently underway.

Other Projects

No fieldwork was undertaken on any other project during the quarter.

Corporate

During the quarter Peel successfully completed the spin-out of the Apollo Hill gold assets into Saturn Metals Ltd (ASX: STN). Saturn commenced trading on the ASX on 9 March 2018 after raising $7m in an oversubscribed initial public offering (IPO). Peel maintains a 36% interest in Saturn Metals.

For further information, please contact Managing Director Rob Tyson on (08) 9382 3955.

Competent Persons Statements

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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Figure 5: Wirlong Prospect Drill Plan

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Wirlong RC/Diamond Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
WLRCDD056 6445621 418371 88.78 -50.4 669.8
WLRCDD057 6446808 418626 253.14 -64.62 714.5

Wagga Tank/Southern Nights RC/Diamond Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
WTDD001 6386268 378401 90 -60 315.4
WTRCDD046 6386423 378654 269.81 -60.2 381.4
WTRCDD058 6386501 378499 94.21 -61.05 363.5
WTRCDD061 6386349 378400 92.88 -59.89 369.6
WTRCDD063 6386268 378423 96.89 -60.04 291.1
WTRCDD064 6386229 378423 93.01 -59.55 265.5
WTRCDD065 6386188 378422 90.04 -60.69 423.4
WTRCDD068 6386267 378379 89.89 -60.13 493.9
WTRCDD069 6386230 378381 90.8 -60.2 402.2
WTRCDD074 6386424 378419 89.99 -59.81 300.6
WTRCDD075 6386354 378362 80 -60 390.3
WTRC077 6386029 378461 90 -65 140
WTRC078 6386028 378418 80 -60 198
WTRCDD079 6386027 378378 92.14 -60.39 330.8
WTRCDD080 6386189 378457 90.11 -60.44 270.5
WTRCDD081 6386190 378378 93.55 -59.87 501.4
WTRCDD082 6386148 378458 93.11 -60.69 332.1
WTRC083 6386148 378418 90 -60 180
WTRCDD084 6386148 378377 89.16 -61.64 438.5
WTRC085 6386110 378457 94.09 -60.1 120
WTRCDD086 6386109 378379 91.59 -59.94 356.5
WTRC087 6386068 378458 91.37 -61.1 144
WTRCDD088 6386068 378417 93.66 -61.72 297.1
WTRC089 6386067 378378 92.33 -60.45 200
WTRC090 6385987 378419 94.47 -60.36 200
WTRCDD091 6385988 378379 91.62 -59.55 417.4
WTRC092 6385981 378458 91.18 -60.59 140
WTRC092X 6385986 378459 90 -60 32
WTRC093 6385947 378418 89.4 -60.17 200
WTRCDD094 6385935 378385 89.94 -61.02 372.6
WTRCDD095 6386499 378441 92.54 -59.7 363.3
WTRCDD096 6386583 378501 93.64 -59.84 327.5
WTRCDD097 6386582 378440 90.12 -60.32 276.3
WTRCDD098 6386660 378440 90.76 -60.12 298.7
WTRC099 6386739 378501 90 -60 150
WTRCDD100 6386741 378449 91.32 -60.11 459
WTRCDD101 6386818 378441 90.68 -60.13 318.4
WTRCDD102 6386436 378368 92.08 -60.51 381.4
WTRC103 6385059 378463 90 -60 171
WTRC104 6384885 378508 90 -60 156
WTRCDD105 6385874 378419 90 -60 375.4
WTRCDD106 6385789 378381 91.33 -60.91 372.5

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Hole ID Northing Easting Azi Dip Final Depth(m)
WTRCDD107 6385728 378366 89.62 -58.63 372.4
WTRCDD108 6385867 378379 88.03 -60.85 468.4
WTRC109 6385947 378461 90 -60 169
WTRCDD110 6385640 378435 94.2 -59.07 275.3
WTRCDD111 6385640 378375 90 -60 464.4
WTRC112 6384890 378595 90 -60 153
WTRC113 6384650 378560 90 -60 140
WTRCDD114 6385730 378440 90 -60 288.5
WTRCDD115 6385790 378440 92.75 -60.74 387.3
WTRCDD116 6387000 378740 273.89 -60.4 414.2
WTRCDD117 6386740 378580 85.86 -60.94 255.5
WTRC118 6385800 378740 30 -60 198
WTRC119 6385640 378830 30 -60 198

Wagga Tank RAB Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
WTRAB085 6385702 378381 90 -60 87
WTRAB086 6385703 378344 90 -60 94
WTRAB087 6385543 378384 90 -60 90
WTRAB088 6385541 378345 90 -60 94
WTRAB089 6385544 379470 90 -60 97
WTRAB090 6385540 379441 90 -60 111
WTRAB091 6385548 379404 90 -60 84
WTRAB092 6385548 379364 90 -60 81
WTRAB093 6385545 379324 90 -60 24
WTRAB094 6385549 379282 90 -60 71
WTRAB095 6385547 379240 90 -60 47
WTRAB096 6385548 379200 90 -60 40
WTRAB097 6385548 379162 90 -60 35
WTRAB098 6385545 379123 90 -60 54
WTRAB099 6385708 379073 90 -60 47
WTRAB100 6385708 379024 90 -60 54
WTRAB101 6385708 378983 90 -60 58
WTRAB102 6385714 378943 90 -60 67
WTRAB103 6385705 378904 90 -60 78
WTRAB104 6385855 378943 90 -60 8
WTRAB105 6385855 378903 90 -60 29
WTRAB106 6385860 378862 90 -60 50
WTRAB107 6385856 378816 90 -60 10
WTRAB108 6385856 378781 90 -60 82
WTRAB109 6385865 378738 90 -60 26
WTRAB110 6385862 378704 90 -60 70
WTRAB111 6385857 378663 90 -60 85
WTRAB112 6385706 378664 90 -60 86
WTRAB113 6385706 378623 90 -60 112
WTRAB114 6385818 378929 0 -60 28
WTRAB115 6385776 378928 0 -60 49
WTRAB116 6385737 378925 0 -60 63
WTRAB117 6385694 378926 0 -60 77

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Hole ID Northing Easting Azi Dip Final Depth(m)
WTRAB118 6385658 378926 0 -60 91
WTRAB119 6385625 378922 0 -60 103
WTRAB120 6385586 378919 0 -60 95
WTRAB121 6385789 379083 0 -60 27
WTRAB122 6385750 379084 0 -60 30
WTRAB123 6385707 379083 0 -60 43
WTRAB124 6385665 379083 0 -60 54
WTRAB125 6385627 379081 0 -60 75
WTRAB126 6385583 379084 0 -60 85
WTRAB127 6385777 379243 0 -60 59
WTRAB128 6385740 379244 0 -60 84
WTRAB129 6385696 379241 0 -60 78
WTRAB130 6385665 379239 0 -60 63
WTRAB131 6385623 379239 0 -60 40
WTRAB132 6385585 379240 0 -60 50
WTRAB133 6385535 378838 90 -60 84
WTRAB134 6385531 378805 90 -60 84
WTRAB135 6385530 378759 90 -60 93
WTRAB136 6385535 378724 90 -60 96
WTRAB137 6385533 378683 90 -60 89
WTRAB138 6385542 378641 90 -60 93
WTRAB139 6385058 378623 90 -60 72
WTRAB140 6385058 378586 90 -60 93
WTRAB141 6384897 378683 90 -60 26
WTRAB142 6384896 378646 90 -60 12
WTRAB143 6385055 378658 90 -60 32
WTRAB144 6385377 379803 90 -60 13
WTRAB145 6385379 379760 90 -60 4
WTRAB146 6385379 379720 90 -60 10
WTRAB147 6385379 379680 90 -60 44
WTRAB148 6385381 379641 90 -60 54
WTRAB149 6385378 379599 90 -60 67
WTRAB150 6385378 379566 90 -60 86
WTRAB151 6385379 379524 90 -60 87
WTRAB152 6385379 379485 90 -60 84
WTRAB153 6385382 379442 90 -60 76
WTRAB154 6385379 379403 90 -60 70
WTRAB155 6385382 379362 90 -60 94
WTRAB156 6385384 379321 90 -60 103
Fenceline AC Drill Collar Fenceline AC Drill Collar
Hole ID Northing Easting Azi Dip Final Depth(m)
TBAC001 6386735 382303 90 -60 125
Fenceline RC Drill Collars
Hole ID Northing Easting Azi Dip Final Depth(m)
TBRC001 6386772 382306 91.43 -59.76 180
TBRC002 6386856 382306 89.64 -60.2 180
TBRC003 6386932 382311 94.74 -60.43 156

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Hole ID Northing Easting Azi Dip Final Depth(m)
TBRC004 6387015 382312 90.8 -64.69 180
TBRC005 6387100 382306 90.86 -65.32 180
TBRC006 6387173 382308 96.09 -64.82 180
TBRC007 6386694 382295 93.69 -65.38 180
TBRC008 6386593 382276 92.07 -65.58 180
TBRC009 6386491 382272 91.81 -64.93 180
TBRC010 6386395 382269 90.3 -64.6 180
TBRC011 6386772 382268 91.36 -65.98 240
TBRC012 6386855 382269 91.34 -65.67 240
TBRC013 6386935 382270 90 -65 216
TBRC014 6386897 382305 90 -65 150
TBRC015 6386814 382305 90 -65 150
TBRC016 6386733 382305 90 -65 174
TBRC017 6386700 382270 90 -65 204
TBRC018 6386935 382230 90 -65 252
TBRC019 6386120 382200 90 -65 252

Double Peak RC/Diamond Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
DPRCDD001 6380775 395302 271.15 -54.99 660.6
DPRCDD002 6381685 394320 90 -55 396.8

Boolahbone RAB Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
BLRAB020 6389299 380395 130 -60 38
BLRAB021 6389326 380363 130 -60 22
BLRAB022 6389365 380317 130 -60 28
BLRAB023 6389395 380280 130 -60 46
BLRAB024 6389419 380249 130 -60 49
BLRAB025 6389439 380219 130 -60 63
BLRAB026 6389459 380191 130 -60 87
BLRAB027 6389485 380158 130 -60 81
BLRAB028 6389509 380126 130 -60 74
BLRAB029 6389537 380100 130 -60 80
BLRAB030 6389559 380067 130 -60 90
BLRAB031 6389243 380645 130 -60 49
BLRAB032 6389267 380619 130 -60 52
BLRAB033 6389296 380590 130 -60 32
BLRAB034 6389308 380552 130 -60 15
BLRAB035 6389329 380523 130 -60 7
BLRAB036 6389362 380491 130 -60 16
BLRAB037 6389384 380458 130 -60 15
BLRAB038 6389406 380424 130 -60 5
BLRAB039 6389434 380400 130 -60 11
BLRAB040 6389460 380366 130 -60 5
BLRAB041 6389491 380325 130 -60 31
BLRAB042 6389514 380294 130 -60 25
BLRAB043 6389541 380265 130 -60 63
BLRAB044 6389560 380227 130 -60 74

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Hole ID Northing Easting Azi Dip Final Depth(m)
BLRAB045 6389588 380199 130 -60 77
BLRAB046 6389614 380167 130 -60 84
BLRAB047 6389644 380142 130 -60 82
BLRAB048 6389446 380764 130 -60 2
BLRAB049 6389474 380724 130 -60 3
BLRAB050 6389493 380692 130 -60 7
BLRAB051 6389518 380659 130 -60 16
BLRAB052 6389536 380635 130 -60 3
BLRAB053 6389563 380599 130 -60 5
BLRAB054 6389587 380571 130 -60 5
BLRAB055 6389614 380539 130 -60 6
BLRAB056 6389643 380510 130 -60 3
BLRAB057 6389663 380482 130 -60 3
BLRAB058 6389692 380449 130 -60 11
BLRAB059 6389719 380414 130 -60 10
BLRAB060 6389742 380384 130 -60 14
BLRAB061 6389769 380362 130 -60 14
BLRAB062 6389796 380321 130 -60 21
BLRAB063 6389820 380298 130 -60 31
BLRAB064 6389855 380275 130 -60 33
BLRAB065 6389598 380768 130 -60 10
BLRAB066 6389608 380758 130 -60 5
BLRAB067 6389618 380746 130 -60 5
BLRAB068 6389632 380728 130 -60 9
BLRAB069 6389642 380716 130 -60 3
BLRAB070 6389660 380695 130 -60 2
BLRAB071 6389675 380678 130 -60 4
BLRAB072 6389691 380660 130 -60 2
BLRAB073 6389699 380653 130 -60 7
BLRAB074 6389714 380635 130 -60 7
BLRAB075 6389725 380622 130 -60 3
BLRAB076 6389741 380603 130 -60 7
BLRAB077 6389747 380590 130 -60 4
BLRAB078 6389762 380571 130 -60 4
BLRAB079 6389770 380548 130 -60 12
BLRAB080 6389713 380816 130 -60 2
BLRAB081 6389729 380798 130 -60 8
BLRAB082 6389737 380786 130 -60 23
BLRAB083 6389748 380773 130 -60 8
BLRAB084 6389758 380761 130 -60 19
BLRAB085 6389768 380744 130 -60 8
BLRAB086 6389788 380726 130 -60 5
BLRAB087 6389798 380714 130 -60 4
BLRAB088 6389814 380696 130 -60 2
BLRAB089 6389825 380681 130 -60 5
BLRAB090 6389838 380664 130 -60 2
BLRAB091 6389849 380650 130 -60 2
BLRAB092 6389863 380634 130 -60 6
BLRAB093 6389872 380618 130 -60 9

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Hole ID Northing Easting Azi Dip Final Depth(m)
BLRAB094 6389885 380601 130 -60 5
BLRAB095 6389900 380588 130 -60 2
BLRAB096 6389911 380571 130 -60 6
BLRAB097 6389925 380559 130 -60 3
BLRAB098 6389939 380544 130 -60 2
BLRAB099 6389949 380524 130 -60 2
BLRAB100 6389962 380510 130 -60 10
BLRAB101 6389973 380494 130 -60 14
BLRAB102 6389981 380478 130 -60 6
BLRAB103 6389994 380464 130 -60 4
BLRAB104 6390008 380447 130 -60 3
BLRAB105 6390023 380426 130 -60 4
BLRAB106 6390034 380409 130 -60 6
BLRAB107 6390047 380394 130 -60 41
BLRAB108 6390062 380380 130 -60 21
BLRAB109 6389822 380885 130 -60 18
BLRAB110 6389834 380871 130 -60 31
BLRAB111 6389845 380851 130 -60 27
BLRAB112 6389855 380836 130 -60 2
BLRAB113 6389870 380821 130 -60 32
BLRAB114 6389883 380805 130 -60 22
BLRAB115 6389895 380793 130 -60 27
BLRAB116 6389908 380778 130 -60 48
BLRAB117 6389933 380749 130 -60 34
BLRAB118 6389958 380710 130 -60 39
BLRAB119 6389982 380676 130 -60 47
BLRAB120 6390006 380648 130 -60 18
BLRAB121 6390031 380619 130 -60 44
BLRAB122 6390057 380586 130 -60 21
BLRAB123 6390086 380556 130 -60 5
BLRAB124 6390071 380570 130 -60 12
BLRAB125 6390099 380540 130 -60 32
BLRAB126 6390109 380523 130 -60 33
BLRAB127 6390136 380492 130 -60 13
BLRAB128 6390148 380477 130 -60 4
BLRAB129 6390159 380460 130 -60 7
BLRAB130 6390123 380504 130 -60 24
BLRAB131 6389801 381100 130 -60 1
BLRAB132 6389812 381083 130 -60 3
BLRAB133 6389826 381064 130 -60 2
BLRAB134 6389838 381050 130 -60 1
BLRAB135 6389849 381038 130 -60 2
BLRAB136 6389861 381022 130 -60 2
BLRAB137 6389874 381005 130 -60 2
BLRAB138 6389887 380988 130 -60 3
BLRAB139 6389904 380968 130 -60 7
BLRAB140 6389911 380955 130 -60 18
BLRAB141 6389922 380941 130 -60 15
BLRAB142 6389936 380924 130 -60 7

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Hole ID Northing Easting Azi Dip Final Depth(m)
BLRAB143 6389950 380908 130 -60 18
BLRAB144 6389960 380893 130 -60 46
BLRAB145 6389977 380868 130 -60 46
BLRAB146 6389995 380853 130 -60 52
BLRAB147 6389942 381115 130 -60 11
BLRAB148 6389954 381100 130 -60 20
BLRAB149 6389966 381083 130 -60 25
BLRAB150 6389978 381067 130 -60 24
BLRAB151 6389992 381053 130 -60 29
BLRAB152 6390006 381035 130 -60 21
BLRAB153 6390016 381022 130 -60 10
BLRAB154 6390027 381003 130 -60 16
BLRAB155 6390037 380990 130 -60 25
BLRAB156 6390048 380976 130 -60 27
BLRAB157 6390064 380959 130 -60 36
BLRAB158 6390091 380925 130 -60 50
BLRAB159 6390277 380826 130 -60 81
BLRAB160 6390301 380802 130 -60 72
BLRAB161 6390329 380765 130 -60 93
BLRAB162 6390353 380737 130 -60 85
BLRAB163 6389459 380744 130 -60 4
BLRAB164 6389480 380710 130 -60 7
BLRAB165 6389502 380677 130 -60 24
BLRAB166 6389525 380647 130 -60 7
BLRAB167 6389547 380617 130 -60 5
BLRAB168 6389574 380586 130 -60 4
BLRAB169 6389598 380556 130 -60 10
BLRAB170 6389627 380528 130 -60 17
BLRAB171 6389651 380496 130 -60 7
BLRAB172 6389674 380465 130 -60 16
BLRAB173 6389707 380433 130 -60 8
BLRAB174 6389732 380397 130 -60 3
BLRAB175 6389755 380374 130 -60 9
BLRAB176 6389778 380344 130 -60 24
BLRAB177 6389999 380812 130 -60 60
BLRAB178 6390036 380805 130 -60 54
Wirlong RC/Diamond Drilling Significant Wirlong RC/Diamond Drilling Significant Wirlong RC/Diamond Drilling Significant Lab Assay Results(1m intervals) Lab Assay Results(1m intervals) Lab Assay Results(1m intervals)
Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
WLRCDD057 114 120 0.09 0.00 0.02 1.8 0.02
126 132 0.12 0.00 0.04 0.5 -0.01
152
153
154
155
156
157
158
159		 153
154
155
156
157
158
159
160		 0.32
0.31
0.34
0.24
0.59
0.59
0.45
0.21		 0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00		 0.01
0.01
0.02
0.02
0.01
0.02
0.02
0.01		 0.5
0.6
0.7
0.5
1.7
2.6
2.3
0.9		 0.01
0.01
0.01
-0.01
-0.01
0.01
0.01
-0.01

Peel Mining Limited – Quarterly Report March 2018

22

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
164
165
166
167
168		 165
166
167
168
169		 0.24
0.54
0.42
0.73
0.54		 0.00
0.00
0.00
0.00
0.00		 0.01
0.01
0.01
0.01
0.01		 0.8
1.5
1.1
2.0
1.9		 -0.01
0.01
-0.01
0.01
-0.01
171 172 0.21 0.00 0.01 0.5 0.01
201
202		 202
203		 0.50
0.91		 0.00
0.00		 0.01
0.02		 1.3
2.4		 0.01
0.01
255 256 0.48 0.00 0.01 1.8 0.01

Mallee Bull RC/Diamond Drilling Significant Lab Assay Results (1m intervals)

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
MBRCDD098
MBRCDD098
MBRCDD098
MBRCDD098		 69
70.15
71
71.95		 70.15
71
71.95
73		 0.08
0.27
0.43
0.14		 2.34
20.80
21.20
2.70		 3.95
40.10
38.00
5.41		 35.0
320.0
363.0
65.2		 0.22
0.78
3.43
0.20
MBRCDD099
MBRCDD099
MBRCDD099		 74
74.8
74.9		 74.8
74.9
76		 0.09
0.04
0.04		 6.27
22.00
1.25		 2.40
33.80
0.43		 58.6
146.0
19.8		 0.05
0.15
0.02

Wagga Tank RC/Diamond Significant Lab Assay Results (1m intervals)

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
WTRCDD046 136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163		 137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164		 0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.04
0.10
0.09
0.06
0.05
0.03
0.03
0.04
0.01
0.02
0.02
0.01
0.02
0.01
0.01
0.01
0.00
0.00		 0.02
0.10
0.22
0.19
0.24
0.27
0.59
1.43
1.93
1.36
1.60
1.61
1.56
1.36
1.64
1.94
2.14
1.48
1.01
0.99
0.98
1.61
1.21
1.17
1.49
0.83
0.42
0.16		 0.12
0.64
0.58
0.54
0.61
0.69
1.66
3.36
3.74
3.49
4.04
3.83
4.00
3.90
3.22
4.24
4.31
3.41
1.82
1.75
1.34
1.19
1.38
2.14
3.08
1.74
0.98
0.45		 0.5
1.4
1.3
1.3
2.1
1.4
2.3
4.4
6.2
4.4
5.3
5.2
5.2
4.8
5.6
6.5
7.4
6.0
4.7
4.8
4.9
7.4
6.7
7.1
9.3
6.0
3.4
2.9		 0.02
0.04
0.01
0.01
-0.01
0.01
0.02
0.03
0.08
0.04
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.03
0.02
0.02
0.02
0.02
0.01
0.01

Peel Mining Limited – Quarterly Report March 2018

23

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210		 165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211.4		 0.00
0.01
0.01
0.01
0.04
0.01
0.01
0.02
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.01
0.01
0.01
0.01
0.01
0.02
0.04
0.01
0.01
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00		 0.09
0.09
0.28
0.53
1.60
2.31
1.02
0.40
0.35
0.29
0.24
0.20
0.20
0.19
0.18
0.17
0.13
0.12
0.13
0.15
0.23
0.26
0.26
0.16
0.12
0.10
0.08
0.15
0.82
2.75
3.23
1.23
1.89
3.36
4.42
2.00
0.92
0.81
0.26
0.82
0.33
0.19
0.02
0.02
0.07
0.07
0.04		 0.38
0.41
0.96
1.34
3.70
5.69
2.84
1.17
0.97
0.65
0.62
0.51
0.47
0.47
0.42
0.38
0.33
0.27
0.30
0.32
0.45
0.62
0.58
0.33
0.23
0.18
0.26
0.36
1.57
4.53
5.27
4.56
5.51
7.77
12.40
4.32
2.54
2.14
0.79
2.35
0.90
0.91
0.35
0.21
0.43
0.47
0.39		 2.2
2.6
4.9
6.1
11.9
13.2
6.0
2.4
1.8
1.5
1.2
1.1
1.2
1.3
1.2
1.4
1.2
1.1
1.3
1.6
2.4
2.7
2.8
2.0
1.4
1.2
1.1
1.7
7.9
24.6
28.3
11.7
17.8
30.2
38.6
18.8
27.0
18.3
6.7
14.0
5.2
8.7
3.1
4.0
4.0
4.3
3.4		 0.01
0.01
0.01
0.02
0.01
0.02
0.02
0.02
0.01
0.01
0.01
-0.01
-0.01
-0.01
0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
0.02
0.02
0.02
0.01
0.01
0.05
0.01
0.02
0.04
0.05
0.04
-0.01
-0.01
-0.01
0.29
0.04
0.04
0.03
WTRCDD058 145
146
147
148		 146
147
148
149		 0.01
0.01
0.01
0.01		 0.01
0.01
0.03
0.02		 0.02
0.02
0.10
0.08		 0.6
1.0
1.9
1.7		 0.02
0.02
0.02
0.02

Peel Mining Limited – Quarterly Report March 2018

24

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
149
150
151
152
153
154
155
156
157
158
159
160
161		 150
151
152
153
154
155
156
157
158
159
160
161
162		 0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01		 0.01
0.10
0.07
0.03
0.02
0.13
0.07
0.35
0.35
0.30
0.27
0.14
0.12		 0.04
0.42
0.45
0.21
0.15
0.43
0.31
0.70
0.70
0.91
0.90
0.65
0.68		 1.5
13.1
18.9
22.6
28.0
27.7
15.1
24.9
12.1
12.3
11.8
7.9
9.5		 0.01
0.07
0.01
0.01
0.01
-0.01
0.01
0.03
0.02
0.01
-0.01
-0.01
-0.01
WTRCDD061 228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243		 229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244		 0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.02
0.01
0.03
0.04
0.05
0.03
0.02
0.02
0.06		 0.01
0.01
0.01
0.01
0.01
0.00
0.64
0.84
0.45
1.40
2.07
20.70
1.52
0.78
1.01
1.58		 0.04
0.03
0.02
0.02
0.03
0.02
0.95
1.24
1.35
2.05
2.43
39.30
3.36
2.22
2.83
4.40		 0.9
1.0
0.9
1.3
1.5
1.0
26.4
34.0
33.2
51.0
75.3
470.0
70.5
27.3
30.8
34.2		 0.01
0.01
0.01
0.01
-0.01
0.01
0.28
0.18
0.15
0.20
0.17
0.55
0.13
0.13
0.13
0.18
245.2
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266		 246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267		 4.72
2.01
1.91
1.08
0.39
0.25
0.61
0.55
0.12
0.11
0.61
0.05
0.13
0.03
0.31
0.82
3.35
0.44
0.15
0.10
0.09
0.31		 0.45
0.91
2.09
0.33
0.07
0.03
0.09
0.06
0.02
0.01
0.06
0.06
0.01
0.01
0.32
0.02
0.24
0.10
0.03
0.04
0.18
0.04		 1.76
4.45
5.20
0.90
0.12
0.11
0.69
0.64
0.17
0.10
3.61
0.15
0.09
0.13
0.53
0.08
2.08
0.39
0.28
0.15
0.20
0.34		 34.7
16.6
21.6
8.9
1.9
1.1
4.8
2.1
0.9
0.8
4.7
1.2
1.8
1.2
6.4
4.5
22.1
5.8
3.2
3.1
3.3
6.4		 4.75
1.44
0.87
0.57
0.26
0.13
0.51
0.27
0.15
0.15
0.33
0.10
0.12
0.19
0.58
0.28
0.93
0.49
0.22
0.20
0.19
0.18

Peel Mining Limited – Quarterly Report March 2018

25

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317		 268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318		 0.02
0.12
0.29
0.20
0.18
0.29
0.57
0.05
0.04
0.18
0.02
0.10
0.19
0.12
0.52
0.75
0.25
0.04
0.27
0.05
0.05
0.08
0.08
0.14
0.21
0.02
0.00
0.01
0.01
0.02
0.01
0.02
0.05
0.02
0.02
0.03
0.03
0.03
0.04
0.10
0.17
0.08
0.02
0.01
0.09
0.24
0.01
0.01
0.01
0.01
0.01		 0.04
0.07
0.82
0.18
0.21
0.15
0.90
1.65
1.10
2.21
0.50
1.11
1.52
1.17
1.45
3.17
0.57
0.66
1.72
1.63
1.34
0.81
2.41
3.79
1.54
0.42
0.28
0.49
0.54
0.94
0.11
0.38
0.06
0.04
0.08
0.07
0.09
0.54
0.23
0.19
0.13
0.13
0.09
0.40
0.18
0.08
0.04
0.04
0.04
0.02
0.02		 0.14
0.16
1.57
0.53
0.24
0.44
1.66
4.51
3.09
11.70
1.15
2.79
3.83
2.73
3.60
7.20
1.90
1.82
6.71
4.18
2.62
2.07
6.27
8.98
4.22
1.14
0.69
2.02
1.77
2.38
1.02
1.65
0.76
0.48
1.88
5.43
3.20
5.60
4.80
8.76
7.18
2.53
2.79
1.75
0.86
1.17
0.22
0.15
0.39
0.21
0.17		 2.1
5.2
14.7
6.8
7.3
7.0
23.0
14.9
13.7
30.4
12.8
21.7
23.4
12.6
17.8
34.3
9.3
9.0
23.0
18.7
18.5
13.1
27.0
30.9
18.0
4.9
3.1
6.9
8.4
20.8
5.9
13.8
6.5
4.4
4.6
9.2
8.1
15.2
11.4
6.3
8.3
5.5
4.2
6.6
8.3
8.1
4.1
5.6
8.7
3.9
3.5		 0.17
0.18
0.47
0.20
0.16
0.18
0.31
0.14
0.14
0.44
0.11
0.20
0.11
0.07
0.07
0.19
0.07
0.08
0.15
0.08
0.08
0.09
0.10
0.04
0.04
0.04
0.02
0.10
0.12
0.23
0.14
0.31
0.37
0.19
0.08
0.16
0.14
0.16
0.13
0.06
0.39
0.17
0.12
0.17
0.20
0.11
0.22
0.24
0.27
0.12
0.16

Peel Mining Limited – Quarterly Report March 2018

26

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368		 319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369		 0.03
0.02
0.03
0.02
0.00
0.00
0.01
0.01
0.01
0.01
0.00
0.01
0.10
0.06
0.11
0.14
0.02
0.01
0.02
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.00
0.00
0.00
0.09
0.03
0.05
0.00
0.01
0.02
0.08
0.00
0.01
0.02
0.01
0.01
0.00
0.15
0.54
0.04
0.10
0.14
0.03
0.04
0.00		 0.15
0.04
0.06
0.05
0.04
0.07
0.54
0.50
1.04
2.07
0.66
0.25
0.05
0.19
0.18
0.10
0.81
0.71
1.14
0.56
0.33
0.51
0.58
0.66
0.08
0.05
0.02
0.02
0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.10
0.03
0.01
0.01
0.01
0.03
0.02
0.01
0.01
0.01
0.01
0.01
0.03		 0.51
0.14
0.42
0.37
0.38
1.10
2.25
3.43
2.99
7.38
2.00
2.33
1.41
1.18
1.50
0.99
2.53
3.33
2.87
1.75
1.30
1.65
1.43
2.01
0.43
0.09
0.04
0.08
0.06
0.05
0.02
0.05
0.06
0.05
0.07
0.07
0.04
0.02
0.07
0.03
0.06
0.03
0.03
0.08
0.05
0.03
0.04
0.05
0.09
0.17
0.07		 5.1
4.8
5.2
3.5
3.0
4.5
13.6
11.9
12.9
17.6
8.8
7.3
5.0
17.3
9.4
4.2
6.6
12.0
11.8
5.8
3.2
4.1
5.1
4.3
1.5
1.1
0.8
1.4
1.3
1.1
1.1
0.6
0.8
0.8
1.7
1.0
2.8
1.9
1.6
1.6
0.9
0.7
0.6
1.8
2.6
1.0
0.9
1.3
0.6
0.7
0.8		 0.12
0.17
0.17
0.09
0.11
0.10
0.23
0.11
0.09
0.07
0.10
0.13
0.13
0.11
0.04
0.09
0.07
0.06
0.05
0.04
0.05
0.06
0.08
0.09
0.10
0.04
0.04
0.08
0.05
0.05
0.05
0.03
0.07
0.07
0.19
0.11
0.21
0.12
0.09
0.15
0.10
0.06
0.09
0.07
0.07
0.08
0.09
0.10
0.10
0.13
0.07

Peel Mining Limited – Quarterly Report March 2018

27

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
WTRCDD063 175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222		 176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223		 0.00
0.00
0.00
0.01
0.01
0.02
0.04
0.12
0.12
0.10
0.10
0.14
0.04
0.02
0.04
0.01
0.00
0.02
0.03
0.01
0.01
0.01
0.00
0.01
0.05
0.04
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.07
0.06
0.07
0.08
0.63
0.28
0.34
0.47
0.26
0.13		 0.00
0.00
0.00
0.01
0.15
0.37
2.05
9.13
13.70
8.95
11.25
3.86
1.25
0.48
0.33
0.21
0.15
0.20
0.74
0.42
0.31
0.44
0.43
0.27
0.14
0.11
0.29
0.35
0.50
0.37
0.46
0.30
0.17
0.06
0.04
0.03
0.03
0.05
0.14
0.23
0.19
0.13
0.17
0.09
0.07
0.11
0.13
0.16		 0.03
0.03
0.02
0.03
0.61
1.69
6.07
24.70
39.80
22.40
27.80
14.60
3.81
2.08
1.27
0.81
0.46
0.91
2.16
1.90
0.97
1.71
1.29
0.74
0.51
0.40
0.63
0.95
1.27
0.76
1.21
0.67
0.36
0.14
0.13
0.07
0.08
0.18
0.83
0.72
0.96
0.49
0.69
1.16
0.33
0.31
0.44
0.42		 0.6
0.6
0.7
1.2
8.6
34.6
87.6
144.0
135.0
78.1
67.9
37.4
24.9
13.3
24.5
13.4
8.0
11.5
16.1
7.0
4.9
12.0
6.8
6.1
11.6
5.2
5.3
5.8
6.0
5.6
6.9
6.8
4.1
2.4
3.5
3.3
4.4
6.7
11.4
11.8
12.0
9.5
21.6
12.1
9.0
10.5
9.0
6.3		 -0.01
0.01
0.01
0.01
0.02
0.04
0.04
0.05
0.02
0.04
0.07
0.21
0.12
0.09
0.13
0.09
0.06
0.09
0.08
0.05
0.03
0.14
0.03
0.05
0.03
0.03
0.04
0.05
0.08
0.06
0.09
0.06
0.06
0.04
0.06
0.04
0.02
0.07
0.11
0.09
0.07
0.06
0.06
0.04
0.04
0.05
0.06
0.04
244
245
246		 245
246
247		 0.01
0.00
0.00		 0.05
0.05
0.02		 0.18
0.12
0.11		 2.2
2.3
1.1		 0.11
0.10
0.07

Peel Mining Limited – Quarterly Report March 2018

28

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
247
248
249
250
251
252		 248
249
250
251
252
253		 0.03
0.02
0.07
0.21
0.06
0.11		 0.01
0.03
0.02
0.03
0.02
0.05		 0.09
0.37
0.12
0.11
0.11
0.77		 1.3
1.5
1.7
3.9
2.5
3.6		 0.08
0.10
0.05
0.10
0.02
0.04
269
270
271		 270
271
272		 0.09
0.06
0.01		 0.01
0.03
0.01		 0.05
0.18
0.06		 3.9
3.0
0.7		 0.15
0.19
0.05
WTRCDD064 180
181
182
183
184
185
186
187.2
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221		 181
182
183
184
185
186
187.2
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222		 0.01
0.03
0.03
0.03
0.03
0.04
0.06
0.08
0.02
0.02
0.01
0.06
0.10
0.36
0.74
0.32
1.00
0.62
0.32
0.24
0.12
0.03
0.02
0.03
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.02
0.07
0.04
0.03
0.05
0.06
0.02
0.03
0.02
0.01		 0.00
0.18
0.77
0.95
1.21
2.03
2.03
3.14
0.64
0.42
0.56
0.36
1.42
0.47
0.87
0.23
0.80
0.32
0.07
0.06
0.15
0.08
0.06
0.11
0.12
0.04
0.03
0.01
0.04
0.05
0.07
0.06
0.13
0.07
0.10
0.03
0.04
0.06
0.07
0.04
0.02
0.02		 0.02
0.42
1.89
2.57
2.93
4.99
5.08
11.70
2.69
1.22
1.68
1.79
3.79
1.36
1.34
0.53
1.72
1.94
0.42
0.59
1.24
0.52
0.31
0.30
0.39
0.38
0.23
0.09
0.07
0.06
0.15
0.46
0.36
0.11
0.17
0.27
0.11
0.19
0.15
0.28
0.06
0.07		 8.0
1445.0
2150.0
1800.0
987.0
566.0
570.0
121.0
46.5
27.0
19.5
17.5
25.3
25.0
43.0
25.0
67.9
42.5
27.3
31.1
54.2
11.9
9.4
9.1
9.0
6.0
4.6
3.3
4.4
8.9
11.1
7.8
9.5
12.2
9.8
4.4
5.7
7.1
5.3
4.6
2.3
3.0		 0.03
2.57
3.02
2.32
2.43
1.76
1.56
0.20
0.24
0.08
0.11
0.10
0.09
0.19
0.24
0.09
0.33
0.21
0.10
0.11
0.67
0.16
0.13
0.10
0.25
0.20
0.22
0.12
0.12
0.14
0.17
0.14
0.16
0.11
0.09
0.04
0.07
0.06
0.08
0.07
0.05
0.07

Peel Mining Limited – Quarterly Report March 2018

29

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258		 223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259		 0.09
0.01
0.01
0.01
0.03
0.01
0.02
0.01
0.05
0.03
0.04
0.07
0.03
0.01
0.00
0.01
0.01
0.00
0.03
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.03
0.01
0.04		 0.04
0.03
0.05
0.04
0.02
0.12
0.02
0.01
0.02
0.03
0.02
0.01
0.02
0.01
0.03
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.02
0.02
0.02
0.01
0.01
0.01
0.02		 0.29
0.09
0.13
0.22
0.18
0.98
0.46
0.14
0.28
0.28
0.08
0.09
0.05
0.05
0.54
0.24
0.05
0.06
0.36
0.29
0.10
0.07
0.10
0.08
0.06
0.07
0.04
0.04
0.05
0.03
0.04
0.03
0.04
0.05
0.04
0.09
0.06		 6.0
2.1
2.7
1.7
2.1
2.7
2.0
2.0
3.1
3.7
2.4
2.7
1.3
0.9
0.8
0.8
0.8
1.0
1.6
1.9
0.8
0.8
0.8
0.9
1.2
1.4
1.4
1.3
1.0
0.9
1.4
1.5
1.5
0.9
1.0
0.7
0.9		 0.10
0.05
0.05
0.03
0.03
0.02
0.04
0.04
0.05
0.05
0.04
0.05
0.03
0.04
0.02
0.02
0.03
0.04
0.05
0.06
0.03
0.03
0.03
0.04
0.05
0.05
0.04
0.04
0.04
0.04
0.06
0.06
0.06
0.05
0.04
0.04
0.03
260
261
262
263
264
265		 261
262
263
264
265
265.5		 0.02
0.15
0.09
0.13
0.09
0.11		 0.03
0.02
0.02
0.04
0.02
0.01		 0.11
0.14
0.15
0.27
0.10
0.08		 0.9
2.3
1.1
2.0
1.4
1.9		 0.04
0.05
0.03
0.03
0.05
0.05
WTRCDD065 210
211
212
213
214
215
216
217		 211
212
213
214
215
216
217
218		 0.01
0.01
0.01
0.01
0.02
0.10
0.09
0.11		 0.01
0.01
0.03
0.79
1.19
3.43
3.23
1.82		 0.03
0.03
0.03
1.12
2.40
9.47
10.50
5.19		 2.2
1.7
2.0
16.5
25.8
90.0
94.7
59.0		 0.02
0.02
0.03
0.04
0.03
0.23
0.27
0.18

Peel Mining Limited – Quarterly Report March 2018

30

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268		 219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269		 0.02
0.04
0.01
0.10
0.03
0.01
0.02
0.03
0.02
0.04
0.06
0.03
0.04
0.03
0.05
0.07
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05
0.05
0.03
0.01
0.05
0.01
0.01
0.01		 0.68
1.25
0.78
2.13
1.72
1.74
1.92
1.91
0.95
1.19
2.57
0.77
0.65
0.82
1.22
1.23
0.72
0.59
0.97
0.80
0.76
0.92
0.59
0.63
0.20
0.14
0.12
0.27
0.13
0.43
0.40
0.16
0.24
0.60
0.52
0.24
0.29
0.25
0.07
0.09
0.12
0.08
0.07
0.38
0.29
0.07
0.11
0.10
0.09
0.11
0.15		 1.37
2.36
4.97
5.22
4.54
5.49
5.00
5.06
2.23
3.48
9.10
2.74
2.02
2.04
3.41
3.27
1.82
1.82
2.65
2.45
2.43
2.17
1.74
1.42
0.91
0.81
0.74
0.62
1.16
1.54
1.35
0.60
0.71
1.52
2.01
0.48
0.99
0.54
0.40
0.45
0.44
0.63
0.15
0.75
0.67
0.19
0.26
0.28
0.20
0.26
0.39		 14.5
17.4
15.7
60.9
80.5
75.9
94.4
126.0
172.0
172.0
147.0
58.5
47.2
36.8
39.7
33.6
18.1
9.6
9.7
7.9
8.4
8.7
6.9
6.9
5.4
3.0
3.2
3.0
3.3
5.0
5.0
2.8
3.2
5.2
4.6
3.7
5.3
2.8
1.5
1.4
1.7
2.4
1.9
8.4
7.5
2.6
2.7
7.3
5.6
4.4
5.1		 0.03
0.03
0.09
0.04
0.08
0.04
0.03
0.05
0.07
0.06
0.04
0.03
0.03
0.01
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.04
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
-0.01
-0.01
-0.01
0.01
-0.01
-0.01
-0.01
0.01
0.03
0.04
0.07
0.08
0.08
0.11
0.14
0.15
0.14
0.15

Peel Mining Limited – Quarterly Report March 2018

31

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
269
270		 270
271.1		 0.01
0.01		 0.08
0.15		 0.22
0.30		 3.4
3.9		 0.07
0.11
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323		 292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
323.7		 0.01
0.08
0.26
0.07
0.01
0.02
0.01
0.07
0.01
0.06
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.24
0.02
0.01
0.06
0.01
0.09
0.05
0.13
0.05
0.01
0.02
0.11
0.12
0.02		 0.03
0.65
0.58
0.20
0.06
0.15
0.11
0.09
0.03
0.43
0.04
0.01
0.02
0.01
0.13
0.04
0.10
0.04
0.03
0.10
0.09
0.02
0.16
0.06
0.06
0.11
0.28
0.10
0.15
0.02
0.75
0.55
0.29		 0.10
2.59
1.31
0.76
0.15
0.22
0.25
0.23
0.07
1.21
0.14
0.03
0.04
0.02
0.19
0.02
0.15
0.15
0.06
0.46
0.25
0.07
0.20
0.06
0.15
0.14
0.65
0.31
0.34
0.07
2.19
2.68
0.67		 1.3
16.7
18.1
15.0
4.5
15.3
10.7
4.5
2.0
9.7
1.9
4.2
6.2
4.6
7.1
11.6
19.9
8.2
2.9
7.6
2.8
2.1
4.3
3.7
7.3
4.7
4.3
4.2
2.3
0.9
4.6
4.2
5.8		 0.05
0.35
0.33
0.29
0.12
0.28
0.15
0.10
0.10
0.21
0.09
0.08
0.07
0.09
0.12
0.10
0.07
0.07
0.07
0.08
0.04
0.03
0.06
0.09
0.19
0.08
0.06
0.07
0.05
0.02
0.09
0.07
0.10
387 388 0.07 0.00 0.01 0.5 0.07
389
390
391
392
393
394
395		 390
391
392
393
394
395
395.4		 0.02
0.04
0.08
0.02
0.1
0.03
0.04		 0.01
0.01
0.00
0.01
0.01
0.01
0.00		 0.03
0.02
0.01
0.02
0.02
0.01
0.01		 0.8
0.7
0.8
0.8
1.8
0.6
0.7		 0.15
0.06
0.12
0.08
0.35
0.11
0.03
405.9
407
408
409
410
411		 407
408
409
410
411
412		 0.29
0.06
0.04
0.15
0.25
0.22		 0.00
0.00
0.01
0.01
0.03
0.02		 0.01
0.01
0.01
0.01
0.08
0.03		 2.4
1.0
1.3
1.8
2.7
2.1		 0.08
0.06
0.13
0.06
0.12
0.11
414 415 0.04 0.01 0.03 0.7 0.08

Peel Mining Limited – Quarterly Report March 2018

32

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
416
417
418
419
420		 417
418
419
420
420.4		 0.05
0.44
0.43
0.35
0.21		 0.01
0.03
0.04
0.01
0.03		 0.01
0.07
0.15
0.03
0.07		 0.9
3.1
5.0
2.6
2.4		 0.14
0.23
1.83
0.24
0.35
WTRCDD068 293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315		 294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316		 0.06
0.02
0.00
0.01
0.33
0.09
0.03
0.02
0.02
0.02
0.03
0.02
0.05
0.04
0.03
0.02
0.03
0.04
0.05
0.01
0.02
0.02
0.04		 0.44
0.12
0.03
0.03
2.56
4.05
0.34
0.34
0.64
0.93
1.67
0.78
1.58
0.97
0.87
0.45
0.56
0.66
0.18
0.04
0.08
0.06
0.03		 0.67
0.55
0.04
0.04
7.41
8.92
0.69
0.79
1.90
2.32
3.60
3.00
3.81
2.19
2.19
2.23
1.40
2.68
3.29
2.06
2.25
1.43
0.19		 239.0
78.4
9.7
9.4
128.0
135.0
40.3
33.5
25.7
28.0
27.3
13.2
29.1
13.8
10.8
4.7
4.3
4.1
3.2
1.6
2.2
1.8
1.2		 1.32
1.19
0.10
0.09
0.32
0.36
0.51
0.36
0.16
0.09
0.06
0.06
0.16
0.23
0.22
0.18
0.38
0.46
0.27
0.20
0.17
0.12
0.11
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391		 375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392		 0.02
0.01
0.05
0.01
0.02
0.02
0.02
0.17
0.02
0.16
0.02
0.37
0.01
0.03
0.14
0.00
0.02
0.03		 0.05
0.01
0.02
0.02
0.04
0.02
0.03
0.41
0.76
0.03
0.03
0.03
0.13
0.29
0.02
0.01
0.01
0.14		 0.05
0.02
0.03
0.02
0.92
0.05
0.02
1.61
1.46
0.04
0.03
0.03
0.92
1.54
0.02
0.01
0.01
1.08		 1.0
7.5
4.1
4.8
4.0
2.0
27.9
19.5
4.1
3.6
2.2
4.7
1.1
2.0
1.2
0.6
0.8
1.6		 0.10
0.54
0.45
0.34
0.27
0.23
0.49
0.57
0.19
0.29
0.20
0.25
0.08
0.07
0.17
0.12
0.08
0.05
415
416
417
418
419		 416
417
418
419
420		 0.26
0.09
0.14
0.15
0.30		 0.12
0.05
0.03
0.37
0.09		 3.12
1.73
0.17
3.45
1.38		 9.1
7.5
5.8
10.9
7.7		 0.09
0.06
0.06
0.08
0.07

Peel Mining Limited – Quarterly Report March 2018

33

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470		 421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471		 0.12
0.51
0.04
0.02
1.39
0.11
0.02
0.54
0.96
0.43
0.03
0.02
0.02
0.16
0.07
0.07
0.01
0.10
0.08
0.04
0.06
0.11
0.10
0.39
0.07
0.51
1.25
0.07
0.08
0.13
0.27
0.17
0.47
0.04
0.60
0.65
0.20
0.39
0.05
0.24
0.28
0.66
0.76
0.11
0.64
0.29
0.14
1.07
0.16
0.15
0.04		 0.51
0.28
0.59
1.87
0.33
0.99
0.16
0.04
0.06
0.08
0.06
0.04
0.02
0.03
0.03
0.02
0.10
0.05
0.07
0.11
0.10
0.09
0.79
0.18
0.01
0.47
0.22
0.07
0.65
0.02
0.02
0.02
0.03
0.03
0.04
0.03
0.02
0.02
0.02
0.06
0.10
0.85
1.08
0.11
0.06
0.03
0.04
0.31
4.70
0.13
0.01		 0.55
0.93
0.56
3.96
0.61
4.64
1.68
0.30
0.12
0.30
0.53
0.06
0.04
0.05
0.06
0.04
0.08
0.06
0.29
0.07
0.09
0.10
3.20
1.81
0.02
3.19
1.75
0.39
1.60
0.01
0.03
0.03
0.04
0.85
0.27
0.41
0.02
0.16
0.02
0.10
0.25
3.32
10.95
0.59
0.06
0.03
0.10
0.59
6.75
0.39
0.02		 5.9
12.0
9.1
18.9
16.5
7.6
2.8
6.9
8.8
5.9
1.8
4.4
2.0
2.2
1.7
1.5
8.7
6.5
22.8
5.8
7.2
6.1
3.8
2.8
0.6
10.6
11.4
2.1
4.6
1.4
2.3
1.1
2.9
0.9
2.4
3.2
1.3
1.8
0.8
2.1
3.6
7.3
8.2
1.3
2.0
1.2
1.3
7.7
21.7
1.6
0.7		 0.06
0.15
0.06
0.12
0.29
0.07
0.08
0.29
0.44
0.46
0.09
0.21
0.16
0.30
0.31
0.29
0.46
0.24
0.53
0.32
0.22
0.21
0.10
0.21
0.11
0.27
0.42
0.10
0.06
0.10
0.14
0.13
0.51
0.13
0.26
0.22
0.12
0.28
0.35
0.18
0.27
0.23
0.28
0.22
0.48
0.35
0.18
0.61
0.17
0.09
0.05

Peel Mining Limited – Quarterly Report March 2018

34

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
471
472
473
474
475
476
477
478
479
480
481
482		 472
473
474
475
476
477
478
479
480
481
482
483		 0.02
0.01
0.30
0.15
0.24
0.38
0.09
0.26
1.22
0.17
0.05
1.00		 0.02
0.01
0.10
0.06
0.04
0.05
0.04
0.04
0.06
0.01
0.01
0.29		 0.04
0.02
0.09
0.16
0.03
0.03
0.02
0.10
0.03
0.02
0.01
0.16		 1.2
0.9
2.9
3.8
2.0
2.5
1.9
2.8
21.5
4.6
1.6
13.8		 0.04
0.03
0.18
0.15
0.10
0.10
0.06
0.06
0.15
0.17
0.11
0.44
WTRCDD069 250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288		 251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289		 0.01
0.01
0.01
0.03
0.04
0.05
0.10
0.03
0.03
0.08
0.03
0.01
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01		 0.02
0.02
0.10
1.24
1.55
0.46
1.07
1.22
1.14
2.89
2.95
1.09
0.69
1.34
0.56
0.69
0.26
0.24
0.28
0.47
0.77
0.90
0.64
0.64
0.28
0.29
0.47
0.19
0.18
0.19
0.15
0.10
0.07
0.10
0.23
0.44
0.59
0.69
0.44		 0.03
0.08
0.35
3.36
3.55
1.05
2.31
3.33
2.64
8.10
5.97
2.77
2.16
2.85
1.07
1.52
2.14
1.22
0.74
1.97
1.92
2.16
1.82
1.79
0.67
1.05
1.31
0.75
0.67
0.86
0.47
0.29
0.27
0.44
0.75
1.39
1.60
1.22
1.48		 23.1
23.1
107.0
370.0
263.0
451.0
249.0
90.0
56.5
93.3
54.6
39.3
53.6
68.6
52.0
52.9
32.6
23.6
22.6
42.1
57.0
52.8
51.0
25.6
23.3
21.7
20.2
28.8
17.3
15.5
12.4
13.2
7.9
6.2
7.3
9.3
8.9
11.5
9.1		 0.08
0.07
0.13
0.58
0.48
0.38
0.29
0.30
0.12
0.24
0.02
0.03
0.03
0.02
0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01

Peel Mining Limited – Quarterly Report March 2018

35

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339		 290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340		 0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.01
0.08
0.03
0.00
0.00
0.00
0.01
0.01
0.01
0.03
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.03
0.19
1.01
1.02
0.08
0.25
1.22
0.03
0.01
0.01
0.04
0.01
0.05
0.02
0.04
0.39
0.05
0.11
0.00
0.01
0.01
0.00
0.01
0.00		 0.22
0.28
0.36
0.42
0.56
0.64
0.62
1.01
0.78
0.72
0.61
0.26
0.32
0.33
0.23
0.15
0.98
0.45
0.05
0.12
0.69
0.23
0.24
0.04
0.04
0.16
0.04
0.11
0.33
0.94
0.33
0.55
0.15
0.94
0.05
0.03
0.08
0.20
0.08
0.26
0.18
0.66
1.81
0.09
1.55
0.03
0.05
0.05
0.04
0.05
0.03		 1.03
0.93
1.13
1.03
1.23
2.36
1.74
1.76
1.32
0.97
1.66
0.54
1.48
0.72
1.25
2.07
1.16
1.12
0.35
0.40
1.18
0.45
0.30
0.19
0.32
0.14
0.08
0.45
0.79
3.02
0.76
1.22
0.38
2.88
0.14
0.09
0.16
0.50
0.18
0.76
0.68
1.36
5.60
0.38
1.52
0.08
0.12
0.12
0.08
0.11
0.05		 6.6
5.5
5.9
6.0
7.7
5.5
4.9
6.4
7.0
5.6
5.1
2.5
3.3
4.2
4.3
3.0
7.7
4.5
1.9
2.4
5.2
5.2
10.0
9.1
7.7
8.9
6.8
7.8
16.6
33.6
26.7
25.1
21.4
31.2
5.3
3.2
6.2
12.6
1.6
9.7
6.8
18.4
19.7
2.7
15.2
1.5
3.2
1.8
1.9
1.8
0.6		 0.01
-0.01
-0.01
0.01
0.01
0.01
0.01
0.01
-0.01
0.01
0.02
0.02
0.01
0.03
0.04
0.02
0.05
0.04
0.03
0.01
0.03
0.03
0.06
0.07
0.99
0.02
0.08
-0.01
-0.01
-0.01
-0.01
-0.01
0.75
0.54
0.21
0.15
0.17
0.25
0.02
0.28
0.21
0.34
0.29
0.08
0.18
0.07
0.08
0.03
0.05
0.05
0.01

Peel Mining Limited – Quarterly Report March 2018

36

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
340 341 0.00 0.02 0.04 0.5 0.01
342 343 0.04 0.43 0.64 5.4 0.07
345
346
347
348
349
350
351
352
353
354
355		 346
347
348
349
350
351
352
353
354
355
356		 0.06
0.05
0.09
0.00
0.02
0.03
0.47
0.05
0.01
0.11
0.01		 0.03
0.11
0.52
0.07
0.10
0.08
0.39
0.07
0.02
0.07
0.01		 0.11
0.23
1.11
0.09
0.41
0.29
1.49
0.11
0.03
0.18
0.06		 1.0
1.2
4.5
0.8
1.1
1.0
8.8
1.7
0.7
3.2
0.5		 0.01
0.02
0.03
0.02
0.02
0.02
0.05
0.02
0.02
0.04
0.01
394 395 0.16 0.01 0.03 0.9 0.28
WTRCDD074 237.6
240.6
241.5
242.1
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275		 240.6
241.5
242.1
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276		 0.01
0.00
0.01
0.05
0.01
0.01
0.00
0.05
0.10
0.03
0.01
0.01
0.16
0.02
0.01
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.01
0.03
0.13
0.01
0.00
0.00
0.00
0.00
0.00
0.12
0.03
0.02
0.02
0.01
0.00		 0.26
0.56
0.36
3.42
0.95
0.09
0.06
0.08
0.11
0.03
0.10
0.10
0.44
0.01
0.03
0.08
0.20
0.10
0.04
0.02
0.08
0.22
0.05
0.01
0.22
0.01
0.00
0.00
0.02
0.02
0.04
0.11
0.04
0.01
0.01
0.01
0.01		 1.20
1.27
0.77
7.42
2.39
0.97
0.70
0.29
0.24
0.05
0.09
0.04
0.29
0.03
0.37
0.69
0.62
0.68
0.24
0.03
0.51
0.67
0.66
0.14
0.12
0.05
0.05
0.04
0.12
0.07
0.35
0.33
0.08
0.08
0.08
0.08
0.06		 15.6
19.4
7.2
25.8
7.5
1.0
0.8
2.0
3.9
1.4
1.2
0.9
5.5
1.0
1.9
2.0
2.8
2.6
2.1
1.1
2.1
2.8
1.2
1.9
13.5
1.4
0.9
0.9
1.8
1.4
3.2
12.6
3.3
2.4
2.1
2.0
1.8		 0.01
0.01
0.02
0.04
0.01
0.01
0.01
0.04
0.09
0.02
0.01
0.01
0.03
0.02
0.03
0.05
0.03
0.05
0.03
0.03
0.03
0.04
0.03
0.03
0.18
0.07
0.04
0.05
0.07
0.04
0.11
0.28
0.08
0.05
0.04
0.03
0.03

Peel Mining Limited – Quarterly Report March 2018

37

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
WTRCDD075 261
262
263
264
265
266
267
268
269		 262
263
264
265
266
267
268
269
270		 0.04
0.16
0.05
0.08
0.03
0.03
0.04
0.12
1.13		 0.36
0.52
1.64
1.36
1.68
1.28
1.64
1.07
3.10		 1.43
1.07
3.17
5.74
4.15
3.54
5.44
4.88
11.25		 18.4
34.3
39.5
38.6
24.2
17.3
21.3
20.4
66.0		 0.11
0.27
0.19
0.53
0.23
0.26
0.47
0.53
0.70
270.5
271.2
272.2
272.9
273.6
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
292.5
293.5
294.3
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309		 271.2
272.2
272.9
273.6
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
292.5
293.5
294.3
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310		 1.99
1.38
1.01
0.29
0.60
0.50
0.08
0.23
1.37
0.46
0.14
0.11
0.92
0.18
0.17
2.54
0.22
2.05
0.19
0.19
0.25
0.29
0.05
0.04
0.01
0.21
0.05
0.23
0.03
0.05
0.27
0.57
0.66
0.42
0.70
0.51
0.39
1.11
0.72
2.67
0.20
0.14		 6.45
1.98
0.16
0.10
0.30
0.02
0.03
0.01
0.11
0.10
0.03
0.07
0.19
0.03
0.13
0.21
0.06
0.48
0.11
0.40
0.34
0.22
0.08
0.04
0.06
0.27
0.26
0.20
0.01
0.02
0.08
0.10
0.14
0.12
0.06
0.11
0.17
0.13
0.07
0.14
0.02
0.03		 26.80
9.16
1.17
0.49
1.57
0.12
0.11
0.05
0.41
0.38
0.20
0.12
0.98
0.15
0.36
0.83
0.18
1.02
0.52
1.37
0.52
0.64
0.21
0.11
0.13
0.44
0.24
0.64
0.06
0.07
0.18
0.44
0.37
0.44
0.42
0.68
0.53
0.89
0.56
1.38
0.27
0.20		 90.3
22.7
6.6
2.4
9.0
1.9
0.9
1.2
10.1
6.1
3.0
2.7
15.8
3.9
7.0
43.9
8.5
40.9
12.9
25.1
11.6
14.7
5.2
2.9
2.6
10.5
4.0
7.0
0.6
1.3
6.3
11.5
18.7
20.7
18.0
12.1
14.0
23.7
15.3
40.7
3.2
5.9		 3.25
0.65
0.29
0.20
0.54
0.49
0.15
0.23
0.98
1.11
0.51
0.28
0.71
0.31
0.32
1.77
0.23
0.82
0.59
1.67
0.41
0.57
0.20
0.26
0.19
0.51
0.21
0.49
0.07
0.07
0.19
0.17
0.36
0.46
0.48
0.26
0.51
0.53
0.42
2.72
0.43
0.36

Peel Mining Limited – Quarterly Report March 2018

38

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340		 311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341		 0.41
0.12
0.70
0.85
0.79
0.09
0.38
0.32
0.54
0.38
0.22
0.48
0.13
0.15
0.15
0.21
0.83
1.14
0.24
0.09
0.08
0.19
0.14
0.17
0.14
1.18
0.22
0.21
0.14
0.13
0.16		 0.05
0.02
0.05
0.05
0.04
0.03
0.02
0.02
0.03
0.09
0.05
0.05
0.04
0.04
0.02
0.03
0.13
0.10
0.23
0.02
0.04
0.23
0.20
0.03
0.02
0.19
0.03
0.02
0.02
0.02
0.03		 0.69
0.32
0.54
0.57
0.41
0.10
0.16
0.10
0.11
0.46
0.22
0.23
0.15
0.17
0.22
0.12
0.49
0.34
0.90
0.16
0.14
0.71
0.55
0.43
0.22
1.47
0.24
0.13
0.22
0.13
0.27		 8.2
2.4
5.8
5.6
6.2
1.6
3.9
2.4
4.5
8.0
3.6
5.2
2.5
2.9
1.5
2.4
4.9
4.4
3.3
1.2
1.2
1.3
1.1
1.7
1.3
7.0
1.6
1.4
1.3
1.1
1.6		 0.87
0.32
0.51
0.79
0.60
0.24
0.38
0.36
0.79
2.09
1.87
0.98
0.64
0.82
1.04
0.68
2.94
0.85
0.33
0.16
0.16
0.24
0.25
0.20
0.11
0.99
0.18
0.17
0.19
0.11
0.18
343
344
345
346
347
348		 344
345
346
347
348
349		 0.04
0.09
0.09
0.02
0.05
0.13		 0.01
0.01
0.01
0.01
0.01
0.00		 0.11
0.02
0.03
0.03
0.03
0.04		 0.7
1.1
2.2
2.6
2.4
1.3		 0.07
0.09
0.12
0.13
0.14
0.11
351 352 0.04 0.02 0.05 0.8 0.12
355 356 0.03 0.02 0.14 0.6 0.14
357 358 0.22 0.20 0.26 3.4 0.12
359
360
361
362
363
364
365
366
367
368		 360
361
362
363
364
365
366
367
368
369		 0.05
0.02
0.07
0.08
0.07
0.17
0.05
0.10
0.02
0.01		 0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00		 0.09
0.06
0.09
0.09
0.09
0.06
0.04
0.10
0.02
0.02		 0.7
0.8
1.1
0.9
0.9
1.3
1.2
2.3
1.0
0.7		 0.08
0.09
0.17
0.12
0.06
0.06
0.05
0.10
0.08
0.05

Peel Mining Limited – Quarterly Report March 2018

39

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389		 371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390.3		 0.01
0.01
0.03
0.08
0.01
0.02
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.14
0.09
0.00
0.00
0.00
0.00
0.00		 0.01
0.07
0.09
0.01
0.17
0.21
0.40
0.49
0.31
0.32
0.28
0.08
0.13
0.03
0.54
0.52
0.37
0.43
0.41
0.31		 0.27
0.49
0.29
0.02
0.51
0.41
0.67
0.95
0.49
1.00
1.30
0.98
0.46
0.51
1.39
1.50
2.22
1.55
1.00
1.07		 0.7
0.9
1.1
2.4
5.0
1.4
1.5
1.6
1.1
1.3
0.8
0.4
0.5
1.1
1.1
1.1
1.6
2.2
2.0
2.2		 0.04
0.04
0.03
0.05
0.05
0.06
0.04
0.05
0.05
0.04
0.04
0.04
0.05
0.10
0.03
0.03
0.05
0.04
0.03
0.04
WTDD001 229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259		 230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260		 0.01
0.02
0.04
0.06
0.03
0.04
0.02
0.06
0.02
0.05
0.05
0.00
0.01
0.01
0.01
0.17
0.02
0.02
0.01
0.02
0.13
0.12
0.38
0.15
0.49
0.06
0.05
1.18
0.32
0.02
0.01		 0.09
1.25
1.44
2.42
4.22
2.46
1.30
1.08
0.38
0.14
0.09
0.07
0.07
0.08
0.17
0.87
0.12
0.47
0.59
0.62
0.67
0.70
1.31
1.42
2.00
0.37
0.21
0.22
0.19
0.35
0.30		 0.24
3.60
4.01
5.54
10.45
6.36
3.60
4.28
1.69
1.59
0.51
0.55
0.84
0.33
0.58
8.01
0.35
1.82
1.68
1.83
3.28
4.88
3.70
3.89
4.61
0.88
0.52
2.47
0.89
1.38
0.66		 12.8
85.1
55.8
56.7
118.0
114.0
55.8
60.1
38.3
38.5
41.6
14.8
24.2
23.1
25.5
59.0
17.9
49.2
22.0
35.5
59.0
68.9
94.9
53.7
81.1
17.5
12.1
46.3
15.4
4.0
3.7		 0.04
0.01
-0.01
-0.01
0.01
0.05
0.04
0.33
0.08
0.06
0.06
0.05
0.08
0.07
0.08
0.12
0.05
0.10
0.04
0.22
0.59
0.53
0.28
0.46
0.39
0.23
0.17
0.21
0.14
0.11
0.11

Peel Mining Limited – Quarterly Report March 2018

40

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310		 261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311		 0.03
0.39
0.04
0.02
0.04
0.01
0.01
0.03
0.01
0.00
0.16
0.00
0.00
0.03
0.31
0.13
0.01
0.03
0.01
0.11
0.01
0.01
0.02
0.02
0.04
0.02
0.03
0.00
0.00
0.00
0.01
0.01
0.01
0.04
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.18
0.04
0.04
0.02
0.01
0.05
0.70
0.01
0.13
0.03		 0.05
0.19
0.12
0.02
0.03
0.13
0.22
0.15
0.22
0.11
0.06
0.01
0.03
0.02
0.07
0.04
0.02
0.13
0.02
0.06
0.07
0.18
0.09
0.04
0.03
0.01
0.01
0.02
0.38
0.56
0.51
0.31
0.91
0.58
0.01
0.02
0.51
0.86
0.59
0.27
0.51
0.02
0.03
0.02
0.01
0.01
0.01
0.07
0.07
0.02
0.01		 0.66
0.94
0.38
0.18
0.15
0.36
0.35
0.33
0.43
0.27
0.39
0.10
0.18
0.08
0.58
0.31
0.59
1.36
0.10
0.24
1.07
1.21
0.35
0.54
0.30
0.05
0.06
0.06
1.27
2.63
1.62
0.72
2.07
1.19
0.06
1.04
1.67
2.38
2.30
2.04
2.13
0.07
1.39
0.39
0.08
0.05
0.03
0.11
0.19
0.07
0.20		 2.4
10.5
4.2
2.8
2.2
1.3
1.7
2.5
2.0
1.3
3.6
1.3
1.3
2.4
7.9
5.4
1.3
2.7
1.8
4.0
3.3
2.2
1.9
2.2
5.0
2.8
2.3
2.5
3.4
4.2
3.1
4.1
7.3
4.4
0.9
2.2
4.8
5.2
3.1
2.0
3.1
2.4
2.3
1.7
1.0
0.7
0.9
7.1
1.1
2.4
2.1		 0.05
0.16
0.07
0.10
0.12
0.05
0.03
0.06
0.04
0.05
0.16
0.06
0.06
0.02
0.38
0.11
0.04
0.07
0.07
0.10
0.05
0.05
0.06
0.06
0.07
0.04
0.05
0.06
0.04
0.06
0.06
0.05
0.06
0.08
0.05
0.07
0.08
0.06
0.06
0.07
0.07
0.11
0.10
0.11
0.16
0.13
0.13
0.37
0.14
0.22
0.18

Peel Mining Limited – Quarterly Report March 2018

41

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
311
312
313
314		 312
313
314
315.4		 0.01
0.02
0.13
0.04		 0.01
0.01
0.02
0.01		 0.04
0.05
0.05
0.07		 1.0
0.9
1.6
1.1		 0.17
0.14
0.15
0.15
WTRC077 134
135
136
137
138
139		 135
136
137
138
139
140		 0.00
0.01
0.01
0.01
0.01
0.01		 0.02
0.40
0.79
0.23
0.29
0.33		 0.14
1.08
2.47
0.67
0.72
0.94		 1.9
9.1
16.2
9.1
6.3
5.0		 -0.01
0.01
0.01
-0.01
0.01
0.02
WTRC078 180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197		 181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198		 0.00
0.01
0.03
0.03
0.06
0.04
0.05
0.02
0.01
0.01
0.01
0.02
0.02
0.01
0.01
0.01
0.02
0.01		 0.25
0.34
0.69
0.89
1.05
0.81
0.91
0.50
0.69
0.69
1.03
1.24
1.38
0.43
0.45
0.25
0.66
0.73		 0.58
0.57
1.58
1.84
2.07
1.72
2.33
1.18
1.27
1.65
2.03
4.95
3.43
1.08
1.00
0.62
1.92
2.10		 24.8
148.0
160.0
159.0
203.0
103.0
95.9
36.3
41.2
37.2
43.4
51.8
49.2
18.0
15.8
15.0
41.6
38.3		 0.01
0.03
0.05
0.20
0.35
0.03
0.08
0.03
0.10
0.12
0.08
0.04
0.03
0.01
0.01
0.01
0.06
0.05
WTRCDD080 219.7
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241		 221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242		 0.00
0.00
0.01
0.00
0.01
0.01
0.02
0.00
0.00
0.00
0.01
0.01
0.01
0.04
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00		 0.41
0.24
0.26
0.39
0.49
0.59
1.15
0.23
0.40
0.59
0.98
1.10
0.44
0.45
0.32
0.28
0.11
0.12
0.11
0.11
0.08
0.20		 0.52
0.67
0.94
0.82
1.15
1.36
3.48
1.33
2.14
3.13
2.52
3.23
1.34
1.29
1.52
1.58
0.14
0.24
0.26
0.44
0.30
0.24		 6.4
16.7
14.0
4.7
3.0
5.3
6.2
2.3
3.7
3.7
4.3
4.6
2.7
3.8
2.1
1.9
1.6
2.0
2.9
1.8
1.2
2.9		 -0.01
-0.01
0.01
0.01
0.01
0.01
0.03
0.02
0.02
0.02
0.01
0.01
0.02
0.04
0.02
0.02
0.04
0.03
0.05
0.05
0.03
0.04
244 245 0.02 0.06 0.32 4.2 0.06

Peel Mining Limited – Quarterly Report March 2018

42

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267		 246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268.4		 0.00
0.01
0.01
0.01
0.02
0.02
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.02
0.01
0.01
0.02
0.01
0.01
0.06
0.03		 0.05
0.12
0.14
0.13
0.02
0.02
0.03
0.02
0.01
0.01
0.09
0.22
0.23
0.07
0.23
0.32
0.29
0.19
0.40
0.41
0.21
0.94
0.38		 0.07
0.29
0.38
0.30
0.05
0.03
0.05
0.08
0.02
0.04
0.20
0.52
1.11
0.12
1.14
1.54
1.15
1.14
0.62
0.50
0.36
3.13
1.53		 1.0
22.8
12.8
11.3
11.2
10.7
9.8
3.6
3.2
2.5
8.8
3.2
15.6
2.5
15.2
18.4
10.4
9.1
10.0
15.6
6.9
17.1
16.3		 -0.01
0.07
0.03
0.03
0.03
0.09
0.19
0.17
0.07
0.02
0.01
0.01
0.07
0.01
0.05
0.07
0.06
0.05
0.09
0.07
0.03
0.03
0.04
WTRC090 192
193
194
195
196
197
198
199		 193
194
195
196
197
198
199
200		 0.01
0.00
0.00
0.01
0.09
0.04
0.06
0.03		 0.01
0.01
0.01
0.30
3.49
1.08
1.50
3.17		 0.02
0.03
0.02
0.84
8.25
3.70
5.56
9.67		 2.8
2.5
3.5
84.5
835.0
397.0
531.0
328.0		 0.04
0.01
0.02
0.03
11.80
0.19
0.19
0.07
WTRCDD091 232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251		 233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252		 0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.02
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.03
0.01
0.01
0.01		 0.02
0.02
0.02
0.01
0.04
0.06
0.02
0.05
0.60
1.46
1.65
1.22
1.79
2.44
0.62
1.17
0.85
1.32
1.09
0.48		 0.07
0.02
0.03
0.05
0.20
0.33
0.08
0.13
2.26
3.16
4.37
2.19
3.52
4.22
1.63
1.40
1.61
2.38
1.95
1.36		 16.3
30.2
31.3
14.2
43.9
99.1
34.5
24.1
52.0
145.0
195.0
68.3
70.2
87.8
36.4
47.2
30.0
34.2
30.5
17.0		 0.03
0.04
0.05
0.01
-0.01
0.01
0.01
-0.01
0.02
-0.01
0.01
-0.01
-0.01
0.02
0.01
0.01
-0.01
-0.01
-0.01
-0.01

Peel Mining Limited – Quarterly Report March 2018

43

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272		 253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273		 0.01
0.01
0.01
0.03
0.03
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.00		 0.73
0.63
1.13
9.34
6.87
0.92
1.13
0.78
0.79
1.09
0.74
0.66
0.64
1.10
0.84
0.50
0.33
0.30
0.74
0.63
0.61		 2.00
1.92
3.04
7.93
19.8
2.55
3.75
2.06
1.76
2.24
4.19
1.78
1.81
2.86
2.05
1.83
1.05
0.74
1.30
1.21
1.12		 24.9
19.3
30.3
179.0
148.0
15.9
20.9
14.7
11.0
10.6
18.7
8.2
6.9
10.0
7.9
5.3
3.9
3.3
6.1
5.1
4.2		 -0.01
-0.01
0.02
-0.01
-0.01
-0.01
0.02
0.01
-0.01
-0.01
0.02
-0.01
0.01
0.03
-0.01
0.01
0.01
0.01
0.03
0.01
-0.01
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291		 275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292		 0.01
0.00
0.01
0.01
0.02
0.01
0.01
0.09
0.06
0.20
0.05
0.06
0.01
0.19
0.03
0.05
0.45
0.03		 0.06
0.19
0.62
1.00
0.17
0.06
0.20
0.28
0.10
0.10
0.18
0.21
0.02
0.15
0.02
0.06
0.48
0.11		 0.18
0.41
1.10
1.58
0.47
0.40
0.49
0.65
0.8
0.57
0.44
0.75
0.03
0.48
0.07
0.12
1.53
0.23		 0.8
2.1
5.5
7.7
4.1
1.5
3.5
9.5
5.9
5.1
2.9
4.1
0.7
4.9
1.5
1.7
11.4
1.5		 -0.01
-0.01
0.01
0.03
0.01
-0.01
0.02
0.01
0.01
0.02
0.03
0.03
-0.01
0.02
0.02
0.03
0.05
0.01
354 355 0.13 0.02 0.08 0.7 0.12
357
358
359
360
361		 358
359
360
361
362		 0.19
0.46
0.21
1.57
0.14		 0.01
0.01
0.01
0.03
0.03		 0.03
0.04
0.03
0.03
0.08		 0.8
1.6
0.8
4.6
0.8		 0.09
0.20
0.10
0.46
0.16
363 364 0.56 0.03 0.09 1.4 0.26
365 366 0.06 0.01 0.01 0.5 0.17
367 368 0.29 0.01 0.01 0.6 0.11
370
371		 371
372		 0.74
0.22		 0.02
0.01		 0.03
0.02		 2.3
0.8		 0.23
0.12

Peel Mining Limited – Quarterly Report March 2018

44

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
372 373 0.19 0.02 0.02 0.8 0.18
399 400 0.38 0.00 0.01 0.5 0.03
402 403 1.03 0.01 0.05 2.3 0.12
411 412 0.12 0.01 0.02 1.2 0.02
WTRC092 120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139		 121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140		 0.01
0.02
0.05
0.09
0.05
0.06
0.08
0.05
0.02
0.04
0.02
0.05
0.02
0.02
0.03
0.02
0.01
0.00
0.01
0.01		 0.46
0.95
9.00
5.01
0.64
1.86
2.37
2.56
1.90
2.83
1.22
1.44
0.62
0.88
0.26
0.24
0.19
0.09
0.11
0.05		 0.08
0.24
0.28
0.26
0.47
1.95
3.97
5.29
3.89
5.51
3.38
10.05
2.18
2.89
2.11
1.35
1.43
0.45
0.64
0.75		 27.1
39.0
267.0
128.0
37.1
33.6
47.1
33.5
12.9
14.7
14.7
23.3
7.6
8.4
9.3
9.9
11.3
4.3
6.2
6.4		 0.03
0.04
0.28
0.16
0.04
0.03
0.06
0.09
0.22
0.23
0.10
0.27
0.05
0.04
0.08
0.11
0.17
0.01
0.05
0.09
WTRC093 176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199		 177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200		 0.00
0.01
0.05
0.03
0.03
0.07
0.09
0.05
0.06
0.06
0.14
0.07
0.04
0.04
0.05
0.04
0.02
0.01
0.03
0.05
0.13
0.04
0.04
0.04		 0.00
0.00
2.22
0.87
1.48
2.69
3.55
2.72
3.15
2.00
7.41
3.24
1.58
2.07
1.65
0.28
0.39
0.52
0.78
0.95
0.68
1.11
2.18
0.94		 0.04
0.04
3.63
1.89
3.31
7.33
9.64
5.88
6.96
3.86
11.25
7.62
4.38
5.01
3.11
2.81
2.36
1.88
2.41
3.45
4.57
3.00
5.05
4.20		 0.8
3.2
128.0
93.7
108.0
257.0
226.0
149.0
150.0
91.4
152.0
64.8
79.6
71.2
49.4
26.8
18.1
16.3
13.9
14.7
12.9
11.0
13.5
8.4		 -0.01
-0.01
0.19
0.09
0.03
0.06
0.07
0.05
0.06
0.08
0.16
0.25
0.17
0.20
0.15
0.13
0.14
0.14
0.06
0.07
0.17
0.06
0.07
0.24
WTRCDD097 221
222		 222
223		 0.00
0.01		 0.06
0.28		 0.30
0.84		 9.2
57.3		 -0.01
0.05

Peel Mining Limited – Quarterly Report March 2018

45

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
223
224
225
226
227
228
229
230
231
232
233
234
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256		 224
225
226
227
228
229
230
231
232
233
234
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257		 0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.02
0.01
0.01
0.01
0.03
0.03
0.01
0.00
0.01
0.10
0.17
0.01
0.12
0.91
0.26
0.13		 0.08
0.16
0.15
0.21
0.33
0.36
0.20
0.06
0.03
0.04
0.35
0.05
0.01
0.35
0.21
0.16
0.29
1.08
1.09
0.38
0.19
0.25
0.03
0.01
0.01
0.07
0.02
0.01
0.03
0.13
0.43
0.01
0.01		 0.34
0.74
0.43
0.69
0.92
0.75
0.85
0.42
0.36
1.68
1.70
0.55
0.44
1.42
1.06
0.67
1.33
2.84
3.08
1.21
0.78
1.08
0.06
0.03
0.01
0.21
0.07
0.04
0.10
0.19
0.66
0.01
0.02		 56.8
46.0
29.3
23.8
19.2
12.4
9.7
5.2
6.3
10.1
12.8
6.3
4.7
62.4
101.0
48.7
35.5
19.7
12.3
4.5
2.6
3.4
2.2
0.9
1.2
3.4
7.7
8.9
6.2
14.6
62.3
15.7
10.0		 0.01
0.02
-0.01
-0.01
0.01
-0.01
-0.01
-0.01
0.01
-0.01
-0.01
-0.01
0.02
0.10
0.01
-0.01
-0.01
0.04
0.06
0.06
0.05
0.04
0.07
0.03
0.09
0.14
0.15
0.11
0.15
0.24
0.20
0.20
0.11
WTRCDD098 222
223
224
225
226
227
228.5
230
231.5
233
234
235
236
237
238
239
240
241		 223
224
225
226
227
228.5
230
231.5
233
234
235
236
237
238
239
240
241
242		 0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.02
0.04
0.04
0.01
0.01
0.02
0.01
0.01		 0.18
0.46
1.19
0.63
0.48
0.47
0.04
0.20
0.93
0.48
0.84
0.06
0.02
0.01
0.01
0.01
0.00
0.01		 0.57
1.33
2.79
0.96
0.99
1.48
0.51
1.22
2.39
0.99
1.79
0.81
0.16
0.01
0.02
0.02
0.01
0.01		 35.5
39.4
46.6
29.8
25.7
31.5
15.3
146.0
13.7
4.5
8.0
3.1
3.0
2.5
2.0
1.7
1.7
2.3		 0.02
-0.01
-0.01
0.01
0.02
-0.01
0.03
0.15
0.02
0.05
0.02
0.04
0.03
0.04
0.06
0.04
0.06
0.06

Peel Mining Limited – Quarterly Report March 2018

46

==> picture [155 x 63] intentionally omitted <==

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
242
243
244
245
246
247
248
249
250
251
252
253		 243
244
245
246
247
248
249
250
251
252
253
254		 0.04
0.06
0.03
0.01
0.01
0.02
0.01
0.00
0.00
0.04
0.02
0.00		 0.01
0.04
0.01
0.01
0.00
0.00
0.00
0.01
0.02
0.14
0.09
0.08		 0.01
0.09
0.00
0.00
0.00
0.00
0.01
0.01
0.04
0.14
0.05
0.05		 2.9
4.5
2.9
1.7
1.6
2.9
2.2
2.6
1.9
10.1
5.4
1.8		 0.07
0.06
0.06
0.06
0.06
0.06
0.04
0.07
0.05
0.31
0.13
0.03
255 256 0.00 0.00 0.00 0.6 0.01
WTRCDD100 217
218
219
220
221
222
223
224
225
226		 218
219
220
221
222
223
224
225
226
227		 0.03
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.05
0.21		 0.81
0.90
0.57
0.41
0.47
0.57
0.35
0.30
0.05
0.10		 2.32
2.02
1.64
1.35
1.34
1.63
0.90
1.20
2.42
0.78		 44.5
34.6
37.0
22.9
16.7
14.2
9.1
3.9
6.1
5.8		 0.03
0.01
0.02
0.02
0.01
0.01
0.02
0.06
0.08
0.11
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258		 232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259		 0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.03
0.00
0.00
0.00
0.04
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01		 0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.03
0.01
0.15
0.02
0.07
0.01
0.00
0.01
0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.01		 0.04
0.05
0.03
0.03
0.02
0.05
0.02
0.02
0.02
0.17
0.05
0.06
0.08
0.02
0.03
0.07
0.01
0.01
0.01
0.01
0.03
0.01
0.02
0.02
0.01
0.01
0.01
0.01		 1.8
2.3
0.6
0.9
0.7
0.8
1.0
4.6
0.8
5.2
2.9
7.0
1.6
1.0
1.0
5.6
1.2
2.7
0.8
0.9
1.1
1.0
2.6
0.9
0.9
1.3
2.2
1.8		 0.03
0.05
0.02
0.02
0.02
0.04
0.03
0.04
0.01
0.01
0.02
0.06
0.02
0.01
0.01
0.03
0.02
0.04
-0.01
-0.01
0.01
0.01
0.03
0.01
-0.01
-0.01
-0.01
0.01

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
259
260		 260
261		 0.00
0.00		 0.00
0.00		 0.01
0.01		 1.4
0.6		 0.01
0.01
262 263 0.00 0.00 0.01 0.5 0.01
265 266 0.01 0.00 0.01 0.7 0.03
267
268
269
270
271
272
273
274
275
276		 268
269
270
271
272
273
274
275
276
277		 0.02
0.05
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00		 0.23
0.16
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00		 0.26
0.15
0.02
0.01
0.01
0.01
0.02
0.01
0.01
0.01		 4.7
6.8
1.6
1.1
0.6
1.3
0.7
0.7
0.9
0.5		 0.03
0.05
0.01
-0.01
0.01
0.02
0.02
0.01
0.01
-0.01
278
279
280
281		 279
280
281
282		 0.00
0.00
0.00
0.01		 0.00
0.00
0.00
0.00		 0.01
0.01
0.01
0.02		 1.1
0.6
1.1
1.3		 0.02
-0.01
0.03
0.02
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305		 284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306		 0.00
0.12
0.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.23
0.01
0.81
0.00
0.00		 0.00
0.01
0.03
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.02
0.00
0.02
0.00
0.01		 0.01
0.04
0.05
0.02
0.02
0.01
0.01
0.20
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.03
0.00
0.03
0.01
0.01		 0.8
7.2
6.2
1.8
0.6
1.0
0.8
1.6
1.1
0.7
1.3
2.1
1.8
1.3
1.4
1.9
1.1
4.7
16.7
0.9
31.1
0.8
1.1		 0.02
0.21
0.35
0.04
0.03
0.02
-0.01
0.02
0.01
0.02
0.04
0.05
0.04
0.04
0.02
0.02
0.02
0.09
0.24
0.03
0.33
0.01
0.05
308 309.2 0.00 0.02 0.03 1.3 0.01
WTRCDD105 261.9
262.55
263.25
264.4
265
266
267
268		 262.55
263.25
264.4
265
266
267
268
268.7		 1.19
0.47
0.39
0.30
0.16
0.16
0.11
0.12		 0.94
0.70
0.66
0.37
0.10
0.07
0.32
0.67		 2.16
18.50
3.52
13.70
19.30
16.95
17.15
4.38		 76.3
38.6
32.2
20.1
14.5
12.9
13.9
9.7		 0.61
0.36
0.33
0.29
0.36
0.38
0.24
0.13

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
268.7
269.3
270.35		 269.3
270.35
271.2		 0.62
0.01
0.35		 0.20
0.03
1.07		 3.42
0.12
11.70		 33.3
0.9
22.2		 0.60
0.03
0.36
Fenceline RC Significant Lab Assay Results(1m intervals)
Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
TBRC001 115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149		 116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150		 0.00
0.01
0.01
0.01
0.08
0.06
0.10
0.08
0.09
0.12
0.09
0.13
0.15
0.11
0.13
0.11
0.09
0.06
0.06
0.05
0.03
0.03
0.03
0.03
0.02
0.01
0.01
0.01
0.01
0.02
0.02
0.01
0.00
0.00
0.00		 0.28
1.61
0.52
1.45
10.4
8.28
20.20
25.00
30.70
18.35
23.60
21.50
28.40
28.20
27.80
21.10
15.80
3.05
5.11
1.95
2.15
1.42
1.18
2.18
0.98
1.12
1.32
0.58
0.37
0.55
0.65
0.43
0.33
0.22
0.33		 0.07
0.19
0.07
0.07
0.48
0.17
0.43
0.28
0.25
0.19
0.18
0.30
0.32
0.22
0.27
0.22
0.18
0.16
0.30
0.19
0.09
0.10
0.10
0.10
0.06
0.04
0.04
0.05
0.06
0.07
0.06
0.11
0.25
0.36
0.40		 0.5
8.6
0.5
2.1
51.3
29.5
113.0
165.0
176.0
67.8
90.7
95.3
125.0
259.0
167.0
126.0
88.1
10.0
11.0
4.7
6.0
4.9
4.4
9.1
4.1
5.1
6.9
2.1
1.2
2.5
5.3
2.5
1.1
0.8
1.2		 0.30
0.09
0.05
0.57
8.70
2.70
3.73
2.48
2.68
2.26
3.47
5.75
6.16
6.31
5.68
3.90
2.87
0.32
0.16
0.18
0.27
0.32
0.16
0.35
0.15
0.23
0.33
0.12
0.05
0.07
0.09
0.06
0.05
0.03
0.04
TBRC002 72
73		 73
74		 0.01
0.01		 0.06
0.03		 0.02
0.02		 1.4
1.5		 0.02
0.01
76 77 0.09 0.44 0.10 1.3 0.17
78
79
80
81		 79
80
81
82		 0.07
0.15
0.06
0.08		 1.39
0.81
0.48
0.31		 0.22
1.18
0.18
0.41		 1.9
1.3
2.8
1.3		 0.45
0.68
0.30
0.16
85
86		 86
87		 0.56
0.21		 2.54
0.98		 0.55
0.27		 14.5
7.1		 0.49
0.09

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
87 88 0.05 0.55 0.10 0.5 0.13
90
91
92
93
94
95
96
97		 91
92
93
94
95
96
97
98		 0.10
0.19
0.26
0.19
0.27
0.06
0.05
0.03		 0.65
3.11
10.60
19.95
32.30
2.34
1.87
0.59		 0.07
0.31
0.59
0.55
0.70
0.13
0.13
0.15		 0.8
20.1
14.0
43.2
140.0
6.2
7.9
1.0		 0.23
1.55
2.22
1.41
2.61
0.26
0.21
0.03
99 100 0.02 0.47 0.25 1.2 0.02
TBRC003 110
111		 111
112		 0.02
0.29		 0.05
1.40		 0.10
0.34		 0.6
1.5		 0.01
0.09
TBRC007 163 164 0.00 0.01 0.55 0.3 -0.01
165
166
167
168		 166
167
168
169		 0.00
0.00
0.00
0.00		 0.00
0.00
0.00
0.00		 0.68
0.77
1.19
0.85		 -0.2
-0.2
-0.2
-0.2		 -0.01
-0.01
-0.01
-0.01
170 171 0.00 0.00 0.55 -0.2 -0.01
TBRC011 84
85		 85
86		 0.01
0.01		 0.34
0.93		 0.06
0.04		 0.6
1.4		 0.01
0.01
87
88
89
90
91
92		 88
89
90
91
92
93		 0.00
0.00
0.00
0.00
0.00
0.00		 0.01
0.01
0.02
0.02
0.03
0.00		 0.01
0.01
0.01
0.01
0.01
0.01		 0.8
1.0
4.0
1.6
0.8
0.6		 0.02
0.02
0.09
0.06
0.02
0.02
94
95
96
97
98
99
100
101		 95
96
97
98
99
100
101
102		 0.00
0.01
0.02
0.00
0.01
0.00
0.00
0.00		 0.02
0.08
0.23
0.18
0.14
0.03
0.01
0.02		 0.04
0.19
0.26
0.03
0.06
0.02
0.02
0.02		 0.7
8.5
28.6
7.8
9.0
1.0
0.8
0.7		 0.07
0.03
0.09
0.07
0.03
0.01
0.01
0.01
104
105
106
107		 105
106
107
108		 0.01
0.02
0.01
0.00		 0.12
0.79
1.16
0.08		 0.14
0.74
1.54
0.13		 2.7
15.4
16.0
1.2		 -0.01
0.01
0.02
-0.01
159
160		 160
161		 0.00
0.00		 1.16
0.88		 0.87
0.71		 -0.2
-0.2		 0.01
0.01
162
163
164		 163
164
165		 0.00
0.00
0.00		 0.33
0.92
0.64		 0.81
4.53
1.06		 -0.2
0.4
0.2		 0.01
0.12
0.13
167
168		 168
169		 0.00
0.00		 1.30
0.36		 0.41
0.65		 -0.2
-0.2		 0.01
0.01
179 180 0.00 0.00 1.07 -0.2 -0.01
181 182 0.00 0.01 1.28 0.3 0.01
TBRC012 122
123
124		 123
124
125		 0.05
0.04
0.02		 0.33
1.80
0.25		 0.62
2.70
0.84		 2.1
11.1
3.7		 0.04
0.22
0.34

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
125
126		 126
127		 0.10
0.01		 0.59
0.11		 0.96
0.27		 16.7
6.7		 0.02
0.24
129
130
131
132
133
134
135		 130
131
132
133
134
135
136		 0.02
0.02
0.03
0.10
0.01
0.15
0.02		 0.61
1.23
0.76
0.72
0.09
0.69
0.13		 1.35
2.47
1.07
1.17
0.13
0.18
0.12		 12.4
28.7
30.0
15.2
1.6
3.5
2.0		 0.09
0.11
0.14
0.24
0.04
0.08
0.03
137
138
139		 138
139
140		 0.18
0.28
0.01		 6.47
2.51
0.37		 10.45
4.51
0.22		 45.5
25.8
1.2		 0.28
0.13
0.01

Boolahbone RAB Significant Lab & pXRF Assay Results

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
BLRAB045 49
50		 50
51		 0.00
0.02		 0.20
0.52		 0.05
0.06		 -0.2
0.5		 0.01
0.02
BLRAB046* 17 18 0.00 0.00 0.00 48.0 -0.01
BLRAB068 1
2		 2
3		 0.06
0.05		 0.35
0.50		 0.07
0.08		 0.6
0.7		 0.01
0.01
BLRAB079* 0 1 0.00 0.00 0.01 29.0 0.01
BLRAB082* 19 20 0.00 0.27 0.18 -1 0.01
BLRAB119* 2
3
4		 3
4
5		 0.03
0.03
0.03		 0.11
0.02
0.21		 0.32
0.21
0.09		 -1
-1
-1		 0.01
0.01
0.01
9
10
11		 10
11
12		 0.01
0.01
0.00		 0.02
0.01
0.01		 0.24
0.36
0.21		 -1
-1
-1		 -0.01
-0.01
-0.01
BLRAB122* 5 6 0.00 0.00 0.01 55.0 -0.01
BLRAB141* 14 15 0.01 0.22 0.01 -1 0.01
BLRAB146* 36
37
38		 37
38
39		 0.02
0.01
0.01		 0.03
0.01
0.02		 0.25
0.25
0.31		 -1
-1
-1		 -0.01
-0.01
-0.01
43
44		 44
45		 0.01
0.01		 0.02
0.02		 0.22
0.20		 -1
-1		 0.01
0.01
48
49
50
51		 49
50
51
52		 0.01
0.01
0.01
0.01		 0.02
0.02
0.01
0.06		 0.24
0.22
0.23
0.23		 -1
-1
-1
-1		 0.01
0.01
0.01
0.01
BLRAB148* 12 13 0.00 0.01 0.01 56.0 -0.01
BLRAB150* 15 16 0.01 0.20 0.02 -1 -0.01
21 22 0.01 0.10 0.02 41.0 -0.01
23 24 0.01 0.34 0.05 -1 -0.01
BLRAB152* 13 14 0.01 0.45 0.02 -1 -0.01
17
18		 18
19		 0.01
0.01		 0.38
0.37		 0.03
0.03		 -1
-1		 -0.01
-0.01
BLRAB155* 11 12 0.00 0.02 0.01 40.0 -0.01
15 16 0.00 0.03 0.02 38.0 -0.01
BLRAB156 18
19		 19
20		 0.01
0.01		 0.53
0.56		 0.02
0.02		 0.3
0.2		 0.01
-0.01

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
20 21 0.01 0.20 0.03 0.3 -0.01
22 23 0.00 0.28 0.01 -0.2 -0.01
26 27 0.01 0.56 0.02 -0.2 -0.01
BLRAB157* 35 36 0.01 0.29 0.04 -1 0.01
BLRAB158* 29 30 0.01 0.21 0.02 -1 -0.01
45 46 0.02 0.27 0.16 -1 -0.01
49 50 0.01 0.21 0.06 -1 0.01
BLRAB162*
BLRAB162		 32 33 0.00 0.02 0.00 46.0 -0.01
83 84 0.00 0.03 0.31 0.2 0.01
  • The Asterix denotes intervals for which a portable XRF machine was used to obtain the Cu, Pb, Zn & Ag assay results.

Wagga Tank RAB Significant pXRF Assay Results

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t)
WTRAB085 12 13 0.00 0.00 0.01 41.0
WTRAB092 37 38 0.00 0.01 0.00 40.0
WTRAB094 44
45		 45
46		 0.01
0.01		 0.38
0.30		 0.02
0.01		 -1
-1
WTRAB095 30 31 0.01 0.00 0.20 -1
WTRAB096 33 34 0.01 0.22 0.03 -1
WTRAB101 37 38 0.00 0.02 0.00 42.0
55 56 0.00 0.21 0.01 -1
WTRAB102 45
46		 46
47		 0.00
0.00		 0.05
0.13		 0.01
0.01		 51.0
39.0
64
65		 65
66		 0.01
0.01		 0.59
0.60		 0.01
0.02		 -1
-1
WTRAB103 40 41 0.00 0.26 0.00 -1
66
67
68
69		 67
68
69
70		 0.01
0.01
0.01
0.01		 0.30
0.51
0.52
0.31		 0.03
0.03
0.03
0.03		 -1
-1
-1
-1
WTRAB105 15 16 0.00 0.01 0.01 43.0
WTRAB109 1 2 0.00 0.00 0.01 40.0
WTRAB110 69 70 0.01 0.25 0.03 -1
WTRAB112 17 18 0.00 0.00 0.00 37.0
WTRAB113 53 54 0.00 0.00 0.00 37.0
WTRAB116 62 63 0.00 0.23 0.03 -1
WTRAB117 56 57 0.00 0.24 0.03 -1
61
62		 62
63		 0.00
0.00		 0.26
0.23		 0.02
0.03		 -1
-1
WTRAB118 69 70 0.00 0.26 0.03 -1
71
72		 72
73		 0.00
0.01		 0.25
1.19		 0.02
0.02		 -1
-1
78 79 0.01 0.55 0.04 -1
WTRAB119 74
75
76
77		 75
76
77
78		 0.00
0.01
0.01
0.01		 0.23
0.38
0.23
0.42		 0.02
0.02
0.02
0.02		 -1
-1
-1
-1
WTRAB120 25 26 0.00 0.01 0.00 39.0

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t)
WTRAB125 74 75 0.01 0.20 0.03 -1
WTRAB127 18 19 0.01 0.43 0.02 -1
WTRAB128 12 13 0.01 0.24 0.01 -1
23 24 0.01 0.24 0.02 -1
WTRAB129 6 7 0.00 0.20 0.01 -1
WTRAB134 42 43 0.00 0.01 0.01 50.0
WTRAB138 33 34 0.00 0.02 0.00 59.0
60 61 0.00 0.00 0.01 40.0
WTRAB139 38 39 0.00 0.00 0.00 35.0
WTRAB141 10 11 0.00 0.00 0.01 43.0
25 26 0.00 0.00 0.35 -1
WTRAB154 58 59 0.00 0.00 0.00 35.0
WTRAB156 20 21 0.00 0.00 0.00 55.0
WTRAB156 57 58 0.00 0.01 0.01 37.0

JORC Code, 2012 Edition Table 1 Appendices

Table 1 - Section 1 - Sampling Techniques and Data for Mallee Bull/Wagga Tank/Cobar Superbasin Projects

Criteria JORC Code explanation Commentary
Sampling
techniques		 • Nature and quality of sampling (e.g. cut channels,
random chips, or specific specialised industry
standard measurement tools appropriate to the
minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments, etc).
These examples should not be taken as limiting the
broad meaning of sampling.
• Include reference to measures taken to ensure
sample
representivity
and
the
appropriate
calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation that
are Material to the Public Report.
• In cases where ‘industry standard’ work has been
done this would be relatively simple (e.g. ‘reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay’). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of
detailed information.		 • Diamond, Reverse Circulation (RC) and
Rotary Air Blast (RAB) drilling is used to
obtain samples for geological logging and
assaying.
• Diamond core is generally cut and sampled
at 1m intervals. RC and RAB drill holes are
generally sampled at 1m intervals and split
using a cone splitter attached to the
cyclone to generate a split of 2-4kg to
ensure sample representivity.
• Multi-element readings are generally
taken of the diamond core and RC drill
chips using an Olympus Delta Innov-X
portable XRF tool. Portable XRF tools are
routinely serviced, calibrated and checked
against blanks/standards.
Drilling
techniques		 • Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (e.g. core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).		 • Drilling to date has been a combination of
diamond, reverse circulation and rotary air
blast. Reverse circulation drilling utilised a
5 1/2-inch diameter hammer. A blade bit
was predominantly used for RAB drilling.
PQ, HQ and NQ coring was/is used for
diamond drilling.

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Criteria JORC Code explanation Commentary
Drill
sample
recovery		 • Method of recording and assessing core and chip
sample recoveries and results assessed.
• Measures taken to maximise sample recovery and
ensure representative nature of the samples.
• Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.		 • Core recoveries are recorded by the drillers
in the field at the time of drilling and
checked by a geologist or technician
• RC and RAB samples are not weighed on a
regular basis due to the exploration nature
of drilling but no significant sample
recovery issues have been encountered in
a drilling program to date.
• Diamond core is reconstructed into
continuous runs on an angle iron cradle for
orientation marking and depths are
checked against the depths recorded on
core blocks. Rod counts are routinely
undertaken by drillers.
• When
poor
sample
recovery
is
encountered during drilling, the geologist
and driller have endeavoured to rectify the
problem to ensure maximum sample
recovery.
• Sample recoveries at Mallee Bull and
Wirlong to date have generally been high.
• Sample recoveries at Wagga Tank have
been variable in places and poorer sample
recoveries encountered. Insufficient data
is available at present to determine if a
relationship exists between recovery and
grade. This will be assessed once a
statistically valid amount of data is
available to make a determination.
Logging • Whether core and chip samples have been
geologically and geotechnically logged to a level of
detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical
studies.
• Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
• The total length and percentage of the relevant
intersections logged.		 • All core and drill chip samples are
geologically logged. Core samples are
orientated and logged for geotechnical
information. Drill chip samples are logged
at 1m intervals from surface to the bottom
of each individual hole to a level that will
support
appropriate
future
Mineral
Resource studies.
• Logging of diamond core, RC and RAB
samples records lithology, mineralogy,
mineralisation, structure (DDH
only),
weathering, colour and other features of
the samples. Core is photographed as both
wet and dry.
• RC/Diamond holes at Wirlong were
geologically logged in full. Logging at
Wagga
Tank/Southern
Nights,
Fenceline/The
Bird,
Boolahbone
and
Double Peak is still underway.
Sub-sampling
techniques
and
sample
preparation		 • If core, whether cut or sawn and whether quarter,
half or all core taken.
• If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
• For all sample types, the nature, quality and
appropriateness
of
the
sample
preparation
technique.		 • Drill core is generally cut with a core saw
and half core taken.
• The RC and RAB drilling rigs were equipped
with an in-built cyclone and splitting
system, which provided one bulk sample of
approximately 20kg and a sub-sample of 2-
4kg per metre drilled.

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Criteria JORC Code explanation Commentary
• Quality control procedures adopted for all sub-
sampling stages to maximise representivity of
samples.
• Measures taken to ensure that the sampling is
representative of the in situ material collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain
size of the material being sampled.		 • All samples were split using the system
described above to maximise and maintain
consistent representivity. The majority of
samples were dry.
• Bulk samples were placed in green plastic
bags, with the sub-samples collected
placed in calico sample bags
• Field
duplicates
were
collected
by
resplitting the bulk samples from large
plastic bags. These duplicates were
designed for lab checks.
• A sample size of 2-4kg was collected and
considered
appropriate
and
representative for the grain size and style
of mineralisation.
Quality
of
assay
data
and
laboratory
tests		 • The nature, quality and appropriateness of the
assaying and laboratory procedures used and
whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF
instruments,
etc,
the
parameters
used
in
determining the analysis including instrument make
and model, reading times, calibrations factors
applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy
(i.e. lack of bias) and precision have been
established.		 • ALS Laboratory Services is generally used
for Au and multi-element analysis work
carried on out on 3m to 6m composite
samples and 1m split samples. The
laboratory techniques below are for all
samples submitted to ALS and are
considered appropriate for the styles of
mineralisation defined at Mallee Bull,
Wirlong and Wagga Tank:
o PUL-23 (Sample preparation code)
o Au-AA26 Ore Grade Au 50g FA AA Finish
o ME-ICP41 35 element aqua regia ICP-
AES, with an appropriate Ore Grade base
metal AA finish
o ME-ICP61 33 element 4 acid digest ICP-
AES, with an appropriate Ore Grade base
metal AA finish
o ME-MS61 48 element 4 acid digest ICP-
MS and ICP-AES, with an appropriate Ore
Grade base metal AA finish
• Assaying of samples in the field was by
portable XRF instruments: Olympus Delta
Innov-X or Olympus Vanta Analysers.
Reading time for Innov-X was 20 seconds
per reading with a total 3 readings per
sample. Reading time for Vanta was 10 &
20 seconds per reading with 2 readings per
sample.
• The QA/QC data includes standards,
duplicates
and
laboratory
checks.
Duplicates for drill core are collected by
the lab every 30 samples after the core
sample is pulverised. Duplicates for
percussion drilling are collected directly
from the drill rig or the metre sample bag
using a half round section of pipe. In-house
QA/QC tests are conducted by the lab on
each batch of samples with standards
supplied by the same companies that
supplyour own.

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Criteria JORC Code explanation Commentary
Verification of
sampling and
assaying		 • The verification of significant intersections by either
independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry
procedures, data verification, data storage (physical
and electronic) protocols.
• Discuss any adjustment to assay data.		 • All geological logging and sampling
information is completed in spreadsheets,
which are then transferred to a database
for validation and compilation at the Peel
head office. Electronic copies of all
information are backed up periodically.
• No adjustments of assay data are
considered necessary.
Location
of
data points		 • Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral
Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.		 • A Garmin hand-held GPS is used to define
the location of the samples. Standard
practice is for the GPS to be left at the site
of the collar for a period of 5 minutes to
obtain a steady reading. Collars are picked
up after by DGPS. Down-hole surveys are
conducted by the drill contractors using
either a Reflex gyroscopic tool with
readings every 10m after drill hole
completion or a Reflex electronic multishot
camera will be used with readings for dip
and magnetic azimuth taken every 30m
down-hole. QA/QC in the field involves
calibration using a test stand. The
instrument is positioned with a stainless
steel drill rod so as not to affect the
magnetic azimuth.
• Grid system used is MGA 94 (Zone 55). All
down-hole
magnetic
surveys
were
converted to MGA94grid.
Data spacing
and
distribution		 • Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s)
and classifications applied.
• Whether sample compositing has been applied.		 • Data/drill hole spacing is variable and
appropriate to the geology and historical
drilling.
• 3m to 6m sample compositing has been
applied to RC drilling at Mallee Bull and
Wagga Tank for gold and/or multi-element
assay.
Orientation of
data
in
relation
to
geological
structure		 • Whether the orientation of sampling achieves
unbiased sampling of possible structures and the
extent to which this is known, considering the
deposit type.
• If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.		 • Most drillholes are planned to intersect the
interpreted mineralised structures/lodes
as near to a perpendicular angle as
possible (subject to access to the preferred
collar position).
Sample
security		 • The measures taken to ensure sample security. • The chain of custody is managed by the
project geologist who places calico sample
bags in polyweave sacks. Up to 5 calico
sample bags are placed in each sack. Each
sack is clearly labelled with:
o Peel Mining Ltd
o Address of Laboratory
o Sample range
• Detailed records are kept of all samples
that are dispatched, including details of
chain of custody.

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Criteria JORC Code explanation Commentary
Audits
or
reviews		 • The results of any audits or reviews of sampling
techniques and data.		 • Data is validated when loading into the
database. No formal external audit has
been conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Mallee Bull/Wagga Tank/Cobar Superbasin Projects

Criteria JORC Code explanation Commentary
Mineral
tenement and
land
tenure
status		 • Type, reference name/number, location and
ownership including agreements or material issues
with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or national
park and environmental settings.
• The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.		 • The Mallee Bull prospect is wholly located
within EL7461 “Gilgunnia”. The tenement
is subject to a 50:50 Joint Venture with CBH
Resources Ltd, a wholly owned subsidiary
of Toho Zinc Co Ltd.
• The Cobar Superbasin Project comprises of
multiple exploration licences that are
subject to a farm-in agreement with
JOGMEC whereby JOGMEC can earn up to
50%.
• The Wagga Tank Project comprises of
EL6695, EL7226, EL7484 and EL7581 and
are 100%-owned by Peel Mining Ltd,
subject to 2% NSR royalty agreement with
MMG Ltd.
• The tenements is in good standing and no
known impediments exist.
Exploration
done by other
parties		 • Acknowledgment and appraisal of exploration by
other parties.		 • Work in the Mallee Bull area was
completed by several former tenement
holders
including
Triako
Resources
between 2003 and 2009; it included
diamond drilling, IP surveys, geological
mapping and reconnaissance geochemical
sampling around the historic Four Mile
Goldfield area. Prior to Triako Resources,
Pasminco Exploration explored the Cobar
Basin area for a “Cobar-type” or “Elura-
type” zinc-lead-silver or copper-gold-lead-
zinc deposit.
• Work at Wagga Tank was completed by
multiple previous explorers including
Newmont, Homestake, Amoco, Cyprus,
Arimco, Golden Cross, Pasminco and
MMG.
Geology • Deposit type, geological setting and style of
mineralisation.		 • The Mallee Bull prospect area lies within
the
Cobar-Mt
Hope
Siluro-Devonian
sedimentary and volcanic units. The
northern
Cobar
region
consists
of
predominantly sedimentary units with
tuffaceous member, whilst the southern
Mt Hope region consists of predominantly
felsic volcanic rocks; the Mallee Bull
prospect seems to be located in an area of
overlap between these two regions.
Mineralization at the Mallee Bull discovery
features the Cobar-style attributes of short
strike lengths(<200m),narrow widths(5-

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Criteria JORC Code explanation Commentary
20m) and vertical continuity, and occurs as
a shoot-like structure dipping moderately
to the west.
• Wagga Tank is believed to be a volcanic
hosted massive sulphide (VHMS) deposit
and is located ~130 km south of Cobar on
the western edge of the Cobar Superbasin.
The
deposit
is
positioned
at
the
westernmost exposure of the Mt. Keenan
Volcanics (Mt. Hope Group) where it is
conformably
overlain
by
a
poorly-
outcropping, distal turbidite sequence of
carbonaceous
slate
and
siltstone.
Mineralisation is hosted in a sequence of
rhyodacitic
volcanic
and
associated
volcaniclastic rocks comprising polymictic
conglomerate, sandstone, slate, crystal-
lithic tuff and crystal tuff. This sequence
faces
northwest,
strikes
northeast-
southwest and dips range from moderate
westerly,
to
vertical,
and
locally
overturned to the east. Mineralisation
straddles
the
contact
between
the
volcaniclastic facies and the siltstone-slate
facies where there is a broad zone of
intense
tectonic
brecciation
and
hydrothermal alteration (sericite-chlorite
with local silicification).
Drill
hole
Information		 • A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding
of the report, the Competent Person should clearly
explain why this is the case.		 • All relevant information material to the
understanding of exploration results has
been included within the body of the
announcement or as appendices.
• No information has been excluded.
Data
aggregation
methods		 • In
reporting
Exploration
Results,
weighting
averaging techniques, maximum and/or minimum
grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be
stated.
• Where aggregate intercepts incorporate short
lengths of high grade results and longer lengths of
low grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
• The assumptions used for any reporting of metal
equivalent values should be clearly stated.		 • No length weighting or top-cuts have been
applied.
• No metal equivalent values are used for
reporting exploration results.

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Criteria JORC Code explanation Commentary
Relationship
between
mineralisation
widths
and
intercept
lengths		 • These relationships are particularly important in the
reporting of Exploration Results.
• If the geometry of the mineralisation with respect
to the drill hole angle is known, its nature should be
reported.
• If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. ‘down hole length, true width not
_known’). _		 •
True widths are generally estimated to be
about 90-100% of the downhole width
unless otherwise indicated.
Diagrams • Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.		 • Refer to Figures in the body of text.
Balanced
reporting		 • Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should
be practiced to avoid misleading reporting of
Exploration Results.		 • All results are reported.
Other
substantive
exploration
data		 • Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock
characteristics;
potential
deleterious
or
contaminating substances.		 • No other substantive exploration data are
available.
Further work • The nature and scale of planned further work (e.g.
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible
extensions,
including
the
main
geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.		 • The pre-feasibility study at Mallee Bull is
ongoing
and
will
incorporate
the
information obtained from the infill drilling
program currently underway for the upper
portion of the resource model.
• Drilling at Wagga Tank-Southern Nights is
continuing and further geophysical surveys
areplanned.

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TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3 NSW Granted Tenements

TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN
QUARTER
EL7519 Gilgunnia South Cobar,NSW 100%
EL7976 Mundoe Cobar,NSW 100%
EL8070 Tara Cobar,NSW 100%
EL8071 Manuka Cobar,NSW 100%
EL8105 Mirrabooka Cobar,NSW 100%
EL8112 Yackerboon Cobar,NSW 100%
EL8113 Iris Vale Cobar,NSW 100%
EL8114 Yara Cobar,NSW 100%
EL8117 Illewong Cobar,NSW 100%
EL8125 Hillview Cobar,NSW 100%
EL8126 Norma Vale Cobar,NSW 100%
EL8201 Mundoe North Cobar,NSW 100%
EL8307 SandyCreek Cobar,NSW 100%
EL8314 Glenwood Cobar,NSW 100%
EL8345 Pine Ridge Cobar,NSW 100%
EL8534 Burthong Cobar,NSW 100%
EL7461 Gilgunnia Cobar,NSW 50%
ML1361 MayDay Cobar,NSW 50%
EL6695 Wagga Tank Cobar,NSW 100%
EL7226 Wongawood Cobar,NSW 100%
EL7484 Mt View Cobar,NSW 100%
EL8414 Mt Walton Cobar,NSW 100%
EL8447 Linera Cobar,NSW 100%
EL8562 Nombinnie Cobar,NSW 100%
EL7711 RubySilver Armidale,NSW 100% Renewal sought
EL8326 Attunga Attunga,NSW 100% Renewal Sought
EL8450 Beanbah Cobar,NSW 100%
EL8451 Michelago Cooma,NSW 100%
EL8656 Marigold Cobar,NSW 100%
EL8655 Brambah Cobar,NSW 100%
ELA5545 Bilpa Broken Hill,NSW 100% Granted
ELA5546 Cymbric Vale Broken Hill,NSW 100% Granted
NSW Tenements Under Application NSW Tenements Under Application
TENEMENT PROJECT LOCATION STATUS
ELA5575 Nombinnie Cobar,NSW Under application

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60

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