Pegmont Mines Limited (NSX:PMI) Annual Report - 31 December 2020 - ABN Newswire (@ABN_Newswire)

Pegmont Mines Limited (NSX:PMI) Annual Report - 31 December 2020
Annual Report - 31 December 2020Sydney, Mar 15, 2021 AEST (ABN Newswire) - During 2020, the main emphasis of Pegmont Mines Limited's (
NSX:PMI) exploration was directed at the Canyon EPM 27345 costing $79,000 and the Mount Kelly Trend regional analysis; an area of known copper mineralisation associated with significant faults.
The Canyon tenement is located between Mount Kelly and McLeod Hill copper deposits which are associated with a deep North-South structure called McNamara Fault.
We have undertaken a detailed analysis of previous exploration (mainly conducted by CRA in the 1990s) including drilling, and concluded that deep cover in the area has largely hidden the underlying geological formation of Dolomitic Siltstone that may host copper-gold mineralisation. The least risk option for confirming copper mineralisation is to drill the northern strike extension of the McNamara Fault from the known mineralisation at McLeod Hill, towards the Canyon prospect.

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