Since acquisition of the May Day Mining Lease in 2009, Peel has completed 92 assorted drillholes at the prospect, consisting of 22 RAB drillholes, 54 RC drillholes and 16 diamond drillholes. Exploration drilling at the prospect totalled approximately 1197m of RAB drilling, 11161m of RC drilling, and 1988m of diamond drilling.
Other exploration activities completed by Peel during it’s tenure include soil and rock chip sampling (including lab assay as well as portable XRF), geological mapping, and a number of geophysical survey techniques.
The May Day deposit is located in the southern part of the Cobar Basin, which was developed as four deep-water troughs bordering shallow-water shelves. The southern part of the basin is covered by the Mount Hope and Rast Troughs, which were filled with sediments, volcaniclastics, and volcanics of bi-modal nature.
Mineralisation at May Day occurs as a steeply dipping zone of highly altered, sheared and partly brecciated siltstone and volcaniclastics. Primary mineralisation identified in deeper drilling (100-250m below the surface) comprises pyrite, pyrrhotite, sphalerite, galena, chalcopyrite, tetrahedrite with gold and silver considered to occur within both galena and tetrahedrite. The sulphides occur within a low grade disseminated zone up to 30m wide with local massive sulphide concentrations. Massive sulphides form steeply dipping discrete tabular bodies and are commonly associated with quartz veining and silicification. The sulphides show evidence of recrystallisation and remobilisation. Within about 70m of surface, mineralisation has been affected by weathering and secondary enrichment to produce a gold and silver-rich zone approximately 300m long and 30m wide, with significant amounts of copper, lead and zinc.