Peel Mining Limited reported a 48% increase in the resource estimate for its Apollo Hill Gold Project, located 50km south-east of Leonora in Western Australia, to 505,000 ounces of contained gold.
Peel Exploration Limited announced that its recent rights issue to raise approximately A$1.5 million has closed fully subscribed and an additional 10.7 million shares at 7 cents, the same price as the rights issue, to raise a further A$752,000. Funds raised will be used to continue and accelerate exploration work on Peel’s newly acquired Apollo Hill gold project, May Day gold-lead-zinc project and its high-grade Attunga tungsten-molybdenum project.
Figure 1. Apollo Hill Project location map showing simplified geology and gold occurrences
December 13, 2010
Peel Exploration Ltd announced a maiden resource estimate for the Apollo Hill and Ra deposits, Western Australia. Maiden resource at Apollo Hill and Ra deposits estimated at 11.1 M t at 1.0 g/t gold for 341,000 oz of gold, using 0.5 g/t gold cut off.
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