Just released assays from pre-Christmas drilling include 31m at 7.62% copper, 78 grams per tonne silver, and 0.24gpt gold from 589m, within 58m at 4.96% copper, 59gpt silver, and 0.20gpt gold from 585m.
Also reported were 48m at 3.6% copper, 36gpt silver, and 0.22gpt gold from 484m, including two higher grade zones such as 15.9m at 6.25% copper and 57gpt silver; and 5m at 10.6% copper, 68gpt silver, and 0.39gpt gold, within 31m at 3.2% copper, 32gpt silver and 0.22gpt gold from 398m.
Peel described the holes as highlighting the "exceptional" stature of the core.
Managing director Rob Tyson said there was an "incredible tenor" to the chalcopyrite present in the heart of the mineral system.
One further hole, drilled at the northern end of Mallee Bull, returned 14.3m at 2.14% copper, 21gpt silver and, 0.21gpt gold from 484m, which the explorer said indicates the resource remains open at depth towards the sparsely drilled Mallee Bull North area 200m away.
The intercept is described as the best to date in the north, with visible mineralisation noted.
Results for a further 19 holes is pending.
Infill drilling has resumed after the year-end break, and should to improve confidence in the 119,000t copper, 6.6 million ounces silver, 83,000oz gold, 38,000t lead and 38,000t zinc resource that was delivered in 2017.
A revised resource estimate is due later this quarter.
The company also has assays from its nearby Wirlong copper deposit, elsewhere in the Cobar Basin, with partial results from a deep resource hole delivering 4m at 2.04% copper and 3gpt silver from 526m, over 4m at 6.75% copper and 11gpt silver from 544m.
An update to the current 57,900t copper and 686,000oz resource announced in November is expected in mid-year.
The company completed a review of the resource last December and believes there are further opportunities to grow the deposit through targeted drilling.
Peel is examining the potential for a single processing hub, to be located about 100km south of Cobar, which would take ore from its deposits, with an initial focus on copper.
Metallurgical tests have been encouraging, and scoping studies are expected for both deposits this year.
Peel entered the Cobar Basin in 2010, initially attracted by the historical Gilgunnia and 4-Mile gold fields, but quickly defined the Mallee Bull anomaly, and secured a joint venture with CBH Resources, which lasted almost a decade.
Peel now owns 100% of all its deposits, including May Day and Wagga Tank-Southern Nights.
The company had A$5.6 million cash at the end of 2021.
Peel shares have traded between 18c and 36c over the past year, and its shares were up 8% ion early trade to 20.5c, valuing the explorer at $80 million.
