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Peninsula Mines secures 3 new tenements covering Chilbo target at Ubeong

South Korea's Ministry of Industry, Trade and Energy granted Peninsula Mines Ltd. three tenements covering the Chilbo target on the company's Ubeong zinc property.

The company said March 28 that initial exploration plans include geophysical work and rock chip and soil sampling to define drill targets to test for massive sulfide zinc-silver mineralization as soon as possible.

Rock chip and channel sampling is underway, targeting more than 70 additional workings that have been identified from surface mapping, and soil sampling is planned to continue to test the core area of the Chilbo target.

An induced polarization geophysical survey is set to start by mid-April to test the area of structural dislocation associated with the main area of workings in the Chilbo area.

The three newly granted tenements span 828 hectares and cover the majority of the Chilbo target, while the remainder of the target area is still under a pending tenement application that requires a mineral deposit survey before being granted.

Peninsula Mines also holds a number of tenement applications over the eastern part of Ubeong and is in the process of completing additional mineral deposit surveys to have other tenement applications granted.