Red Hill Minerals and Peel Mining Strike $6.5 Million Deal for Zinc-Lead-Silver Project
Red Hill Minerals (ASX:RHI) and Peel Mining (ASX:PEX) subsidiary Peel Far West have signed a $6.5 million five-year farm-in agreement to explore the highly prospective Curnamona Project on the New South Wales and South Australian border.
The Curnamona Project covers a 1,460km2 area and is known for its potential for tier one zinc-lead-silver deposits. Red Hill, with a market capitalization of $492.38 million, may earn a 75% interest in Curnamona by investing $6.5 million in exploration over the farm-in period.
Red Hill Executive Chairman, Joshua Pitt, is excited about the exploration opportunity Curnamona presents. He highlights the potential for zinc-lead-silver deposits in the Broken Hill region and a proven copper target at Anabama in South Australia.
Peel Mining Technical Director, Rob Tyson, notes previous drilling at Curnamona has shown occurrences of Broken Hill-type mineralization, indicating potential hidden beneath the surface. The Anabama tenement in South Australia, within the under-explored Boucat Volcanics, holds promise for a large-scale copper discovery.
Red Hill Minerals, a gold and battery metals explorer, operates in Western Australia with projects like West Pilbara and Pannawonica. Peel Mining, focused on base and precious metals exploration, primarily targets copper and has a market capitalization of $75.54 million.
The agreement between Red Hill Minerals and Peel Mining signifies a significant step forward in exploring the rich mineral deposits of the Curnamona Project, promising exciting discoveries in the near future.
