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BROKEN HILL, NSW - A new copper-rich discovery in the Cobar region may now be fasttracked into development following a heads of agreement announcedtoday between discoverer Peel Mining Ltd (ASX: PEX) and New SouthWales lead-zinc-silver-copper miner CBH Resources Ltd, now owned byToho Zinc of Japan. Managing director of Peel Mining, Rob Tyson, told the Resources andEnergy Symposium in Broken Hill today that if a joint venture canbe completed in the next few weeks then a drilling programme of4,000 metres could begin. The deal would see CBH Resources having the right to earn up to a50% interest in the project south of Cobar by committing tospending $8.33 million over three years on exploration. Peel would retain the exploration management. The deal is a potential win-win for both companies. Earlier today,CBH Resources managing director, Stephen Dennis, said the company'sEndeavour copper-lead-zinc-silver mine in the same region has aknown life of about six more years and has a modernised processingplant. For Peel it provides a fast track to development without theonerous costs of plant development and gaining an experienced plantworkforce in a market with skilled shortages. Tyson told the conference that the Super Cobar Basin has producedin today's dollar terms about $US50 billion worth of metal,dominated by copper and zinc. Some of the better drill intersections from Cobar to date include10 metres grading 9.01% lead, 11% zinc, 41 grams/tonne silver and0.77 g/t gold; 11m @ 2.71% Cu, 19 g/t Ag and 0.56 g/t Au; 6m @2.01% Cu, 64 g/t Ag and 0.43 g/t Au; and 10m @ 2.22% Cu, 33 g/t Agand 0.44 g/t Au. Tyson said the company was also advancing its other discovery inthe south Cobar region, May Day, which is agold-silver-lead-zinc-copper deposit, 8 km west of Mallee Bull. There was a shallow open pit heap leach gold operation there in the1990s, but drilling by Peel has indicated a strong mineralisedsystem at least 200m below surface and open at depth. Intersections included 16m @ 1.78 g/t gold, 42 g/t silver, 0.95%copper, 0.95% lead and 1.33% zinc. SUBSCRIBE to Mineweb.com's free daily newsletter now. We are high quality suppliers, our products such as China Salon Hair Clips , Round Hair Brush for oversee buyer. To know more, please visits Hair Salon Cape.
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