Peninsula Mines granted three tenements at the Ubeong zinc project
Published 28-MAR-2017 11:08 A.M.
|
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Diversified South Korean mining group, Peninsula Mines (ASX: PSM) has been granted three exploration and mining tenements across an area of 828 hectares by the Korean government.
The three tenements relate to the group’s Chilbo high grade zinc target at the Ubeong zinc project in South Korea. There is one further tenement application pending (Hyeondong), which if awarded would fully encompass all of the Chilbo target area.
The map below illustrates the areas that have been awarded, underlining the fact that they cover the majority of the high grade Chilbo zinc target, while also demonstrating the section in the bottom left quadrant that is still to be granted.
Granting of the mining tenements provides PSM with a period of one year in which to submit a prospecting plan, which then gives the company an initial three-year prospecting period that may be extended subject to certain conditions for a further three years.
This is indeed an early stage exploration play, so investors should seek professional financial advice if considering this stock for their portfolio.
The South Korean government has taken a ‘use it or lose it’ approach to mining tenements, which has worked in PSM’s favour as potentially prospective sites that were not being developed became available for acquisition.
This has enabled PSM to accumulate a portfolio of graphite, lithium, gold-silver and zinc-silver-polymetallic projects in South Korea that all offer significant exploration potential.
Management’s strategy has been to focus on mineral commodities which have a positive price outlook, and in particular offer potential for offtake or strategic partnerships within South Korea.
The Ubeong zinc project is in keeping with targeting commodities that are in favour, as it was the best performing base metal in 2016, and has started strongly in 2017 with the zinc price up circa 10% in the first few months.
Early exploration work at the Ubeong project has yielded positive results with high grade channel sampling returns including 2 metres at 29% zinc, 0.4 metres at 39.7% zinc and 1 metre at 23.1% zinc.
Commenting on the award of the three tenements and the group’s strategy going forward, PSM’s Managing Director Jon Dugdale said, “We are extremely pleased to have these key exploration and mining tenements granted over the Chilbo high grade zinc target, as this now allows us to fast track surface geochemistry and IP (induced polarisation) geophysics to define drilling targets for testing of this highly prospective zone.”
General Information Only
This material has been prepared by StocksDigital. StocksDigital is an authorised representative (CAR 000433913) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573).
This material is general advice only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with personal financial or tax advice and does not take into account your personal objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, StocksDigital, any of their related body corporates or any other person. To the maximum extent possible, 62C, StocksDigital, their related body corporates or any other person do not accept any liability for any statement in this material.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
