(MENAFN- ProactiveInvestors)
() has been granted exploration rights over the Osu 23 tenement area in South Korea that has potential for precious and base metal discoveries.
The Exploring Rights cover the core central area of the intense magnetic high centred below Mount Pal Gong and encompasses the historic Baegun and Pal Gong deposits.
This magnetic high is an indicator that mineralisation may be related to a deeper buried porphyry system.
Peninsula has made additional applications to the Mines Registry Office for the adjacent tenement blocks Osu 13 14 and 24 located immediately south and to the east of Osu 23 tenement.
Osu Project
The Osu Project is located approximately 11km to the southeast of the company's Jinan Project in the Central West of South Korea.
It includes four tenement blocks centred over an aeromagnetic high and includes the historic Pal Gong and Baegun Mines.
Osu has associated high grade polymetallic veins that were discovered prior to World War 2 and exploited intermittently until the early 1970s.
All work to date has examined the near surface potential and the historic drilling has targeted proximal down dip extensions to the known workings.
Limited drill results suggest that many of these holes may have missed the distinct ore shoots developed within the polymetallic veins present at Pal Gong and Baegun.
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