Peel Mining Limited (ASX:PEX) (Peel or the Company) is pleased to report further strong resource definition drill results from the May Day deposit. May Day is part of Peel's 100%-owned South Cobar Project, centred around 100km south of Cobar in Western NSW. Drilling at May Day is part of the Company's 'Hub & Spoke' strategy to advance each of the Company's deposits to mineable resources, to achieve critical mass in support of a new substantial centrally located processing plant.

May Day is contained within ML1361, part of Peel's 100%-owned South Cobar Project. May Day is viewed as having potential to provide open-pittable gold-rich starter mineralisation to Peel's Hub and Spoke development strategy. The May Day resource definition drilling program, which was completed in December 2020, was designed on an approximate 25x20m basis to enable an updated estimation of a primarily Indicated classified mineral resource, within an optimised pit shell. Deeper, higher grade mineralisation may allow for the definition of potential underground resources.

The latest assay results show further strong, continuous, and wide gold-polymetallic intercepts, confirming substantial true width (~25m) at relatively shallow depths. A high-grade core proximal to the hanging wall is evident with an approximate true thickness of up to ~12m. Resource drilling at May Day is now completed in advance of an anticipated Mineral Resource Estimate (MRE) update in the first quarter of 2021. Assays are pending for the balance of completed drilling.

At Wirlong copper deposit, resource definition drilling has now resumed following a pause for the Christmas/New Year period. Assay results for previously announced Wirlong drilling remain pending.

Peel Mining Managing Director Rob Tyson commented: 'The latest May Day assays continue to show strong gold intercepts over good true widths, as well as yielding substantial mineralisation at depth which remains open down dip. May Day offers excellent future exploration potential including for deeper underground resources. With drilling completed prior to Christmas, we now look forward to receiving the final assays and commencing resource modeling in anticipation of publishing an updated mineral resource estimate.'

Peel recently reported an in-pit maiden Inferred MRE for May Day of 1.13 Mt at 1.3 g/t Au, 19 g/t Ag, 0.74% Zn, 0.50% Pb, 0.09% Cu (1.8g/t gold equivalent) containing 47,200oz gold, 680,000oz silver, 8,320t zinc, 5,640t lead, 1,020t copper (65,100 oz gold equivalent). The MRE has been reported in accordance with the JORC Code (2012 Edition) using a 0.65g/t AuEq cut-off grade (See Table 1).

The resource definition drilling program comprised a total of 45 RC drillholes for a total of 8,984m and 14 diamond drillholes for a total of 1,631m. Finalised assay results have been returned for 30 drillholes, while results have been partially received or still pending for 28 drillholes. One drillhole has been used for metallurgical testing purposes.

May Day mineralisation is shear-hosted/related with primary sulphides comprising pyrite-sphaleritegalena-chalcopyrite. Newly received assays show further strong, continuous, and wide goldpolymetallic intercepts, confirming substantial true width (~25m) at relatively shallow depths. A highgrade core proximal to the hanging wall is evident with an approximate true thickness of up to ~12m. These results compliment previously received assays which also confirmed good down-dip continuity (minimum 180m down dip continuity from the base of the pit) of the May Day mineral system.

Better new RC drilling results include:

19.8m @ 1.65g/t Au, 20g/t Ag, 1.01% Zn, 0.49% Pb, 0.11% Cu from 24.2m within 35m @ 1.08g/t Au, 13g/t Ag, 1.29% Zn, 0.39% Pb, 0.08% Cu from 19m in MDDD007

19.4m @ 2.10g/t Au, 30g/t Ag, 0.98% Zn, 0.47% Pb, 0.13% Cu from 31.6m within 34m @ 1.45g/t Au, 21g/t Ag, 0.85% Zn, 0.4% Pb, 0.1% Cu from 25m in MDDD009

8.7m @ 1.21g/t Au, 49g/t Ag, 4.08% Zn, 2.37% Pb, 0.44% Cu from 75.4m in MDDD011

12m @ 3.08g/t Au, 47g/t Ag, 0.75% Zn, 0.27% Pb, 0.07% Cu from 84m and 16m @ 0.31g/t Au, 76g/t Ag, 5.40% Zn, 3.07% Pb, 0.59% Cu from 104m in MDRC021

18m @ 1.66g/t Au, 30g/t Ag, 0.73% Zn, 0.45% Pb, 0.17% Cu from 188m within 33m @ 1.09g/t Au, 18g/t Ag, 0.46% Zn, 0.27% Pb, 0.1% Cu from 180m in MDRC026

6m @ 2.41g/t Au, 68g/t Ag, 1.70% Zn, 1.50% Pb, 0.38% Cu from 211m within 26m @ 1.05g/t Au, 24g/t Ag, 0.57% Zn, 0.47% Pb, 0.12% Cu from 191m in MDRC027

29m @ 1.71g/t Au, 33g/t Ag, 0.88% Zn, 0.66% Pb, 0.14% Cu from 84m within 54m @ 1.18g/t Au, 29g/t Ag, 0.85% Zn, 0.58% Pb, 0.11% Cu from 72m in MDRC028

26m @ 1.07g/t Au, 13g/t Ag, 0.25% Zn, 0.16% Pb, 0.05% Cu from 116m and 10m @ 0.32g/t Au, 42g/t Ag, 3.38% Zn, 2.56% Pb, 0.16% Cu from 144m in MDRC029

12m @ 1.22g/t Au, 16g/t Ag, 0.28% Zn, 0.18% Pb, 0.05% Cu from 184m and 5m @ 0.90g/t Au, 56g/t Ag, 2.66% Zn, 2.45% Pb, 0.25% Cu from 205m in MDRC031

6m @ 1.44g/t Au, 21g/t Ag, 0.98% Zn, 0.2% Pb, 0.04% Cu from 99m in MDRC039

10m @ 1.11g/t Au, 43g/t Ag, 1.68% Zn, 1.17% Pb, 0.18% Cu from 111m in MDRC040

6m @ 3.32g/t Au, 99g/t Ag, 1.43% Zn, 1.96% Pb, 0.6% Cu from 132m in MDRC041

20m @ 2.24g/t Au, 32g/t Ag, 0.97% Zn, 0.37% Pb, 0.10% Cu from 74m within 45m @ 1.27g/t Au, 25g/t Ag, 0.99% Zn, 0.48% Pb, 0.09% Cu from 74m in MDRC043

10m @ 1.90g/t Au, 35g/t Ag, 1.11% Zn, 0.78% Pb, 0.18% Cu from 127m within 25m @ 1.04g/t Au, 23g/t Ag, 0.63% Zn, 0.44% Pb, 0.1% Cu from 117m in MDRC044

23m @ 1.02g/t Au, 18g/t Ag, 0.52% Zn, 0.33% Pb, 0.08% Cu from 192m in MDRC045

4m @ 1.85g/t Au, 26g/t Ag, 1.00% Zn, 0.98% Pb, 0.14% Cu from 157m in MDRC047

6m @ 1.42g/t Au, 4g/t Ag, 0.01% Zn, 0.03% Pb, 0.01% Cu from 30m in MDRC048

15m @ 1.79g/t Au, 26g/t Ag, 0.36% Zn, 0.25% Pb, 0.06% Cu from 287 within 57m @ 1.02g/t Au, 15g/t Ag, 0.22% Zn, 0.15% Pb, 0.04% Cu from 254m in MDRC052

18m @ 1.83g/t Au, 29g/t Ag, 0.52% Zn, 0.34% Pb, 0.10% Cu from 103m within 38m @ 1.26g/t Au, 25g/t Ag, 0.75% Zn, 0.52% Pb, 0.08% Cu from 102m in MDRC054

4m @ 1.34g/t Au, 36g/t Ag, 1.04% Zn, 0.79% Pb, 0.18% Cu from 138m in MDRC056

Recent previously released RC and diamond drilling results include:

8m @ 2.88g/t Au, 43g/t Ag, 1.10% Zn, 0.65% Pb, 0.13% Cu from 106m within 27m @ 1.03g/t Au, 25g/t Ag, 1.15% Zn, 0.77% Pb, 0.13% Cu from 106m in MDRC012

32m @ 1.37g/t Au, 73g/t Ag, 4.51% Zn, 2.62% Pb, 0.53% Cu from 84m within 46m @ 0.98g/t Au, 53g/t Ag, 3.43% Zn, 1.97% Pb, 0.38% Cu from 84m in MDRC017

8m @ 1.49g/t Au, 23g/t Ag, 0.98% Zn, 0.65% Pb, 0.08% Cu from 135m in MDRC019

7m @ 2.40g/t Au, 53g/t Ag, 4.91% Zn, 2.77% Pb, 0.43% Cu from 185m within 27m @ 1.10g/t Au, 31g/t Ag, 1.88% Zn, 1.20% Pb, 0.19% Cu from 166m in MDRC025

8m @ 1.22g/t Au, 23 g/t Ag, 0.38% Zn, 0.20% Pb, 0.05% Cu from 102m and 6m @ 1.78g/t Au, 8 g/t Ag, 0.07% Zn, 0.05% Pb, 0.01% Cu from 133m in MDRC036

13m @ 1.33g/t Au, 50g/t Ag, 1.48% Zn, 0.62% Pb, 0.18% Cu from 88m within 32m @ 0.89g/t Au, 34g/t Ag, 2.21% Zn, 1.33% Pb, 0.28% Cu from 88m in MDRC013

7m @ 2.18g/t Au, 34g/t Ag, 0.43% Zn, 0.39% Pb, 0.12% Cu from 143m within 17m @ 1.00g/t Au, 18g/t Ag, 0.65%Zn, 0.38% Pb, 0.09% Cu from 143m in MDRC014

8m @ 2.20g/t Au, 42g/t Ag, 0.89% Zn, 0.59% Pb, 0.22% Cu from 171m in MDRC016

17m @ 1.62g/t Au, 29g/t Ag, 0.46% Zn, 0.29% Pb, 0.08% Cu from 82m within 42m @ 1.20g/t Au, 35g/t Ag, 1.13% Zn, 0.80% Pb, 0.16% Cu from 81m in MDRC022

19m @ 1.48g/t Au, 30 g/t Ag, 0.49% Zn, 0.36% Pb, 0.09% Cu from 103m within 38m @ 1.18g/t Au, 33 g/t Ag, 1.19% Zn, 0.94% Pb, 0.26% Cu from 100m in MDRC023

14m @ 1.89g/t Au, 28g/t Ag, 0.48% Zn, 0.32% Pb, 0.09% Cu from 98m within 31.5m @ 1.05g/t Au, 26g/t Ag, 0.89% Zn, 0.78% Pb, 0.16% Cu from 95m in MDDD001

14m @ 1.70g/t Au, 82g/t Ag, 3.75% Zn, 3.31% Pb, 1.11% Cu from 148m within 29.8m @ 0.92g/t Au, 46g/t Ag, 2.63% Zn, 2.52% Pb, 0.58% Cu from 146m in MDDD003

12.1m @ 2.08g/t Au, 69 g/t Ag, 1.68% Zn, 1.38% Pb, 0.30% Cu from 216.9m within 31.31m @ 1.15g/t Au, 39 g/t Ag, 0.98% Zn, 0.73% Pb, 0.14% Cu from 210.69m in MDDD002

For further information, please contact:

Rob Tyson

Peel Mining, Managing Director

+61 (0)420 234 020

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