After channel sampling returned grades of up to 39.7% zinc and 294 g/t silver from outcropping massive-sulphide lodes at the Ubeong project in South Korea, Peninsula Mines has accelerated the exploration program with the objective of defining drill targets.

The latest results confirm the high-grade zinc and silver mineralisation at the historic Chilbo Mine.

Peninsula’s CEO Jon Dugdale said, “The exceptionally high-grades in outcrop samples of up to 40% zinc, with silver, lead, copper and gold, demonstrate the high-grade massive sulphide potential within the highly prospective 10km strike length of the limestone skarn unit at Ubeong, over which the company has 21 tenement applications.”

Channel sampling results come from outcropping, high-grade, zinc-silver sulphide mineralisation associated with the historical Chilbo Mine workings.

Highlights include: 39.7% zinc, 294 g/t silver and 2.0% lead, and 23.1% zinc, 177 g/t silver and 1.3% lead in Pit/Stope 1; 26.4% zinc, 142 g/t silver and 0.7% lead in Pit/Stope 2; 4.39% zinc and 1.32 g/t gold in Stope 3; and 2.91% copper and 177 g/t silver in Pit 4.

An aggressive follow-up program has commenced including detailed ridge and spur soil sampling to detect further surface mineralisation and geophysics.
The Ubeong tenement applications include the historic Chilbo Zinc Mine and adjoin the operating Kumho Zinc Mine. The high-grade zinc-silver mineralisation associated with the Chilbo Mine occurs towards the eastern end of the skarn-unit.

The channel sampling followed results from September which produced grades of up to 25.6% zinc, 669 g/t silver and 19.1% lead from rock chip sampling.

Peninsula’s portfolio of projects in South Korea consists of:

• Wolmyeong (graphite), Daewon (graphite), Yongwon (graphite);
• Daehyeon (lithium), Dongsugok (lithium);
• Osu (gold-silver);
• Ubeong (zinc-silver); and
• Darhwa (molybdenum-tungsten).