Name and Location
Peelwood zinc/copper project, New South Wales, Australia.

Client
Balamara Resources.

Project Description
Peelwood is an advanced high-grade zinc/copper project on which considerable work has been completed. The existing mine life is currently considered too short to warrant the required capital investment to start a mine. As a result, an extensive aeromagnetic survey over the entire concession area has been prioritised to identify any further anomalies that may be considered priority targets for further drilling.

Value
Not stated.

Duration
The electromagnetic and aeromagnetic survey and associated interpretation are expected to be completed by the end of the first quarter of this year.

Latest Developments
Balamara has announced that an airborne time-domain electromagnetic and aeromagnetic survey is set to begin at the Peelwood project, as part of a new exploration programme being funded by its new farm-in strategic partner, Aim-listed company CEB Resources.

The survey is designed to identify new targets for exploration drilling aimed at increasing the overall mineral resource at the project, laying the foundations for potential additions to the mineable ore reserves.

The Peelwood orebodies are massive to semimassive sulphide bodies that are electrically conductive and this type of airborne survey is particularly suited to detecting buried conductors within the first 100 m from surface.
Balamara reached an agreement with CEB in December 2013 to farm out the Peelwood project in three stages, with a total cash commitment of $1.2-million to progress the project to the next stage of development, subject to positive results. CEB Resources can earn up to 49% of the project. Both companies are seeking an extension to the existing mineable ore reserve at Peelwood as a catalyst for a decision to mine.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Balamara Resources, tel +61 8 6365 4519, fax +61 8 9388 6040 or email enquiries@balamara.com.au.