Drillhole MBRC0 24 returning 12 m @ 20.30 % Zn, 14.81 % Pb, 308 g/t Ag and 1.59 g/t Au from 83 m including 7 m @ 31.44 % Zn, 19.37 % Pb, 440 g/t Ag and 2.53 g/t Au from 83 m.

Drillholes MBRC0 19 to MBRC 024 , reported herein, were completed as part of a recent drilling program designed to test for new mineralisation supplementary to that at the main Mallee Bull copper – rich depo sit. The Mallee Bull project is a 50:50 Joint Venture with CBH Resources Limited (CBH).

T1 Target

MBRC019 to MBRC024 were designed to follow – up on newly discovered mineralisation at the T1 target to the east of Mallee Bull (see ASX release "Shallow high – grade Zn – Pb – Ag at Mallee Bull" – 25 May 2015) . Previously reported intersections from T1 included 10m @ 15.8% Zn, 7.6% Pb, 322 g/t Ag and 1.28 g/t Au from 106m in MBRC018 and 7m @ 6.1% Zn, 3.4% Pb, 76 g/t Ag and 0 .25 g/t Au from 131m in MBRC016 .

MBRC016 and MBRC018 were completed to test a new, high priority geophysical target known as T1, in close proximity to Mallee Bull. T1 represent s one of several strong chargeable IP responses identified by the recently completed Orion 3D DCIP geophysical survey .

T1 is a near – surface (starting at ~8 0m below surface), strong chargeable and low resistivity geophysical anomaly and is located in an area that has had limited previous drill test ing. T1 remains open along strike to the no rth and south and up and down dip . The discovery of mineralisation at T1 validates the use of the inn ovative Orion 3D geophysical method , with multiple other anomalies identified for follow – up.

Drillholes MBRC019 to MBRC024 were designed to further test the T1 target. All drillholes intersected zinc – lead – silver – gold mineralisation which comprises sphalerite – galena – pyrite sulphides in stringer to massive accumulations within fresh turbidite sediments of the Shume Formation. Mineralisation is occurring in a position close to the interpreted axial plane of an anticline. Mineralisation inter sec ted to date is considered to be dipping at abou t 45 degrees to the west and it is considered that the downhole width approximates the true width.

A total of 21 RC drillholes ( MBRC013, MBRC016 to MBRC035) have recently been completed to test T1 . All drillholes have intersected zinc – lead – silver mineralisation to varying degrees, with several drillholes intersecting sphalerite – galena – pyrite r ich massive s ulphide mineralisation , to within 5 0m of surface . Assay results for drillholes MBRC0 25 to MBRC035 remain pending.

As previously observed , sphalerite, galena and pyrite are generally poor EM conductors , which is believed to have made the zinc – lead – rich mineralisation currently being intersected effectively in visible to previously completed EM surveys . Substantial z inc – lead rich mineralisation occurs elsewhere at Mallee Bull , and remains open, however is yet to be formally quantified. T1 po tentially offers a substantial lift to the quantum of this mineralisation.

Peel Mining managing director Rob Tyson said: "This is a very important development for Mallee Bull – exceptionally high – grade zinc – lead – silver – gold mineralisation , open in all directions and within open pit mining depths . Mallee Bull has once again confirmed its position amongst the most important greenfield’s discoveries in Australia in recent times. "