Peel Mining Limited announced Mallee Bull Delivers Strong High-Grade Copper Results. The latest diamond drilling results represent the final assays for all drilling completed at Mallee Bull to the end of 2021. Targeted drilling at Mallee Bull has continued following restart in January 2022, with 10 new drillholes/intercepts completed (and two remaining holes underway) at the time of reporting.

A comprehensive table of significant results to date is included in Table 3. Mallee Bull resource upgrade drilling was undertaken to confirm the robustness of the Mallee Bull resource as a cornerstone of Peel's strategy to advance its South Cobar Copper Project. A total of 33,545 metres and 64 holes have been drilled over this period. The final extensional drill holes at Mallee Bull are anticipated to be completed shortly with the drill rigs relocating to Wirlong in the coming days.

Mineralisation remains open down dip and along strike, with multiple stacked lodes intersected. The assays received to date from this drill programme line up with prior drilling both spatially and for grade which is very positive for resource categorization in the next update, as 5.4mt out of 6.76mt (80%) is currently classified as inferred. The 2017 resource estimate for Mallee Bull (see Table 1) comprises 6.76Mt at 1.8% Cu, 31g/t Ag, 0.4g/t Au, 0.6% Pb, 0.6% Zn (2.6% CuEq) containing approximately 119,000t Cu, 6.6Moz Ag, 83,000oz Au, 38,000t Pb, 38,000t Zn) (using a 1% CuEq cut-off).

Refer to Peel Mining's ASX Announcement dated 6th July 2017 "Mallee Bull Resource Grows by 65% to 175,000t CuEq" for further details. As mentioned above, extensional and infill drilling at Wirlong is anticipated to commence in the coming days utilising three drill rigs. Assays for 18 drillholes completed prior to the end of 2021 are pending following completion of processing.

Completion of the recent resources review by the Company has highlighted the potential for significant resource growth at Wirlong; with those findings feeding into drill planning and design for the upcoming extensional and resource growth drill program.