Next Investors logo grey

PSM announces latest findings from Ubeong

Published 28-NOV-2017 13:56 P.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

Peninsula Mines (ASX:PSM) has today provided an update on sampling results from the new Ilweol trend near the Ubeong Project.

New high-grade zinc, lead and copper sampling results have been recovered from a one kilometre corridor of extensive historical workings at Ilweol, which is four kilometres south of the Ubeong mineralised skarn deposit in South Korea.

The company has indicated that a total of seven rockchip samples – including five underground channel samples – have been located from the corridor.

The Ilweol workings are located near a significant historical processing plant at Yonghwa, which was operational until the 1970s.

The highly promising results are summarised below:

peninsula mines ilweol

Source: Peninsula Mines

Peninsula Mines’ Managing Director, Jon Dugdale, commented on the results, “The discovery of the Ilweol trend presents the company with a new massive sulphide zinc-lead-copper target and further expands the footprint of the Ubeong skarn-porphyry mineralised system.”

It should be noted here that PSM remains a speculative stock and investors should seek professional financial advice if considering this stock for their portfolio.

A large section of the northwest-southeast trending Ilweol mineralisation falls within the already granted tenement Dogyedong 72 (as seen below).

Ilweol trend map

Source: Peninsula Mines

Further reconnaissance mapping at this location has identified northeast-southwest trending mineralised shear structures which are associated with mafic dykes.

Recently located channels all lie within PSM’s adjoining tenement Dogyedong 82, which has been the subject of a recent Mineral Deposit Survey (MDS), where a tenement grant is anticipated shortly.

The company has indicated that additional channel sampling will be followed by further tests to define drilling targets for the 2018 field season.

Ubeong project background

PSM has secured six granted tenements and multiple tenement applications covering a 10 kilometre strike length of a highly promising, limestone-skarn unit that includes the historical Chilbo mine workings.

High-grade zinc-lead-silver and copper-gold rockchip and sampling results have been recovered from the Chilbo workings area that occurs towards the eastern end of the skarn deposit.

The company has also executed detailed mapping, ground-based geophysical and detailed soil sampling programmes, testing targets for disseminated to massive sulphide zinc-lead-silver or copper-gold mineralisation. A drilling programme is now in progress due to these tests.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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.