Peel Mining Limited reported further assays from resource upgrade drilling at its 100%-owned Mallee Bull copper deposit, centred approximately 100km south of Cobar, NSW, which have confirmed additional high-grade copper and very high-grade zinc-lead mineralised intercepts in recent infill drillholes. Peel is establishing critical mass via the definition of high-quality mineral resources at each of its deposits. Drilling at the Mallee Bull and Wirlong copper deposits is part of the Company's copper first strategy, focusing on advancing the Mallee Bull and Wirlong copper assets as a priority. MALLEE BULL: Mallee Bull is amongst Australia's higher grade undeveloped copper deposits, and resource upgrade drilling is part of Peel's strategy to advance each of its deposits to mineable resources, to support the Company's ambition to become Cobar's next copper developer and miner. The 2017 resource estimate for Mallee Bull comprises 6.76 Mt at 1.8% Cu, 31g/t Ag, 0.4g/t Au, 0.6% Pb, 0.6% Zn (2.6% CuEq) containing approximately 119,000t Cu, 6.6 Moz Ag, 83,000 oz Au, 38,000t Pb, 38,000t Zn). As previously reported, Peel identified significant copper and zinc-lead mineralization in multiple drillholes recently completed as part of resource definition drilling, with recently returned assays confirming these observations. Better results include: MBDD033: 1.8m @ 1.44% Cu, 27g/t Ag from 281.2m. MBDD034: 21m @ 2.03% Cu, 38g/t Ag, 1.25g/t Au from 319m including: 14m @ 2.76% Cu, 46g/t Ag, 1.26g/t Au from 326m. MBDD046: 7.85m @ 17.72% Zn, 18.13% Pb, 127g/t Ag, 0.34% Cu, 0.58g/t Au from 371.2m; 6m @ 3.87% Cu, 82g/t Ag from 459m; 6m @ 1.25% Cu, 44g/t Ag from 485m; 20m @ 1.26% Cu, 6g/t Ag from 541m; Recent drilling continues to return visibly significant zones of strong copper and zinc-lead mineralization. Processing and sampling of core remains ongoing, with further assays pending for a number of drillholes as noted in Table 3. Table 5 shows visual estimates of mineralization for unreported drillholes MBDD035 to 055. Table 4 shows all significant resource upgrade drilling intercepts returned to date of which better intersections include: MBDD037: 62m @ 2.14% Cu, 15g/t Ag from 324m; MBDD038: 36m @ 3.55% Cu, 72g/t Ag from 345m; MBDD043: 9.67m @ 1.08% Cu, 11g/t Ag from 267.33m. Although mineralisation at Mallee Bull commences at ~60m below surface and has been defined to at least 800m below surface (and remains open along strike and at depth), the bulk of Mallee Bull's contained copper is located from ~350m below surface where resources are predominantly of an Inferred nature. The resource upgrade drilling program, comprising ~20,000m of diamond drilling, is primarily designed to convert Inferred classified resources to Indicated classification. Resource upgrade drilling at Mallee Bull is progressing well and at the time of reporting was approximately 55% (>11,000m) complete. Two double-shifting multi-purpose drill rigs are completing the program, with initial focus on the zone between 300m and 500m below surface. Peel also currently has two double-shifting multi-purpose drill rigs completing a maiden resource drillout at its nearby Wirlong high-grade copper deposit as it forges ahead with its copper first strategy. MALLEE BULL BACKGROUND: The Mallee Bull copper deposit is located approximately 100km south of Cobar in western NSW and is situated on a 20,000-acre pastoral lease owned by Peel Mining. In 2010, Peel was granted exploration lease EL7461 which encompassed the historic Gilgunnia and 4- Mile goldfields. Exploration initially focused on the known polymetallic potential of the May Day deposit located within ML1361 (wholly contained within EL7461) until a 2010 airborne electromagnetic geophysical survey resulted in the recognition of a coincident late time conducting anomaly and magnetic high proximal to the historic 4-Mile goldfields. A subsequent ground-based geophysical survey confirmed the anomaly in early 2011, and follow-up RC and diamond drilling resulted in the discovery of strongly anomalous polymetallic (Cu-Pb-Zn-Ag-Au) mineralization. In 2012, CBH Resources entered a farm-in agreement to acquire 50% of the Mallee Bull and May Day projects for $8.3m expenditure. During the JV partnership, seven drill programs were completed at Mallee Bull, providing the basis for the reporting of a maiden mineral resource in 2014 and an updated mineral resource in 2017. In 2020, Peel regained 100% control of the Mallee Bull and May Day deposits. Since discovery in 2011, drilling activities at Mallee Bull and proximal targets have comprised 125 RAB holes, 153 RC holes (including 42 with diamond tails), and 51 diamond holes (including 11 wedge holes) for a total of ~9,500m of RAB drilling, ~28,400m of RC drilling, and ~30,500m of diamond drilling at end 2020. Mineralisation at Mallee Bull commences at ~60m below surface and has been defined to at least 800m below surface and remains open along strike and at depth. Other exploration activities completed at Mallee Bull and surrounds include extensive surface geochemical sampling, geological mapping, and numerous airborne, surface and downhole geophysical surveys. Mallee Bull is interpreted to be in a favorable geological and structural position; it is situated in an interpreted high-stress environment of the "nose" of an anticline and occurs in a geological sequence of turbidite and volcaniclastic sediments which are thought to be age equivalent to the Chesney and Great Cobar Slate Formations found in the immediate Cobar region. Mineralization occurs either as massive sulphide or hydrothermal breccia styles within a package of brecciated volcaniclastic and turbidite sediments comprising siltstones and mudstones and is interpreted to occur as a shoot/lens-like structure dipping moderately to the west. The deposit is currently subdivided into three lenses: Silver Ray, Union, and Mallee Bull.