Peninsula Mines has identified very high-grade zinc-silver-lead mineralisation associated with extensive previous mine workings within its newly acquired Ubeong project in South Korea. The company now plans follow-up work using systematic stream sediment, soil and rock-chip channel sampling.

The high-grade massive sulphide skarn-style mineralisation is associated with a limestone unit that has been mapped for a 12km strike length, and correlates with a prominent east-west trending magnetic feature likely to be associated with magnetite alteration in the skarn.

The discovery of this mineralisation is a direct result of follow-up reconnaissance of zinc and arsenic anomalism generated from the recently completed stream sediment survey on the company’s Dongsugok lithium tenements.

Following the location of the substantial workings and identification of the limestone-skarn unit that links with the operating Kumho Zinc Mine, a title search identified vacant ground immediately to the west of the initial tenement applications. The company has subsequently applied for 12 additional blocks, which combined with the previous tenement applications brings the total at the Ubeong project to 21 blocks.

Consequently, Peninsula has now secured tenement applications over the eastern 10km of strike of this highly prospective limestone-skarn unit, and the associated magnetic feature, adjoining the operating Kumho mine.

Peninsula Mines’ CEO Jon Dugdale said, “These results are very exciting and demonstrate the potential grades of zinc, silver and other metals associated with the skarn mineralisation identified in the Ubeong area.

“We have also been able to secure tenement applications over a 10km strike length of the highly prospective magnetic limestone-skarn horizon, directly along strike from the operating Kumho Zinc Mine.

“South Korea has enjoyed a long history of zinc mining and processing, and there are several zinc refineries in the country, so this latest opportunity fits with our strategy of exploring for mineral commodities which have a positive price outlook and potential offtake in country.”

Peninsula Mines is an ASX-listed exploration/development company focused on developing the outstanding opportunities for mineral discovery within South Korea. The company has established and is growing a portfolio of highly prospective graphite, lithium and gold-polymetallic projects in South Korea that all offer significant exploration potential.
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