PERTH (miningweekly.com) – ASX-listed Peel Mining has regained full ownership of the Mallee Bull copper and May Day gold deposits, after completing a A$17-million transaction with partner CBH Resources.
Peel on Wednesday told shareholder that Ministerial approval for the transfer of the titles has now been granted, allowing for the settlement of the transaction.
Peel MD Rob Tyson in August of last year said that the consolidation of Mallee Bull would deliver a number of very important outcomes for Peel’s business plan, including control, critical mass and copper.
“With complete managerial independence now returned, it is the company’s intention to undertake resource drillout at Mallee Bull to establish primary indicated resource as part of the company’s plans to achieve a critical mass of resources to support our hub and spoke strategy,” Tyson said on Wednesday.
“The acquisition of Mallee Bull delivers 100% control of Peel’s entire Cobar Basin tenure, while significantly increasing the company’s exposure to copper, and expanding the company’s asset base in its objective to achieve critical mass to support a standalone processing plant.”
Mallee Bull contains a Joint Ore Reserves Committee-compliant resource of some 6.76-million tonnes, at 1.8% copper, 31 g/t silver, 0.4 g/t gold, 0.6% lead and 0.6% zinc.