Next presenter is Peel Mining Robert Tyson, who's the Executive Director. Mr. Tyson is the Executive Director at Peel and a geologist with over 30 years of experience in the resources industry with companies such as Cyprus, Queensland Metals, Murchison Zinc, Normandy, and Equigold. During his tenure at Peel, Mr. Tyson and his team have been responsible for the discoveries of Mallee Bull, Wirlong, and the Southern Nights deposits in the Cobar Basin, delineating 23 million tons of high-grade polymetallic mineralization to date. Mr. Tyson and his team were recipients of the prestigious AMEC Prospector Award in 2019. Thanks, Robert.
Thanks, Andrew. Thanks, diggers and dealers, for the opportunity to present today. Peel's about building a copper-focused resource company, really on the Cobar Basin, but certainly looking a little further afield as well. I think we're a great value proposition. Our share price at the moment is certainly not very high, but we've established an enormous amount of resources over the journey so far. We've put together those resources through discovery, which speaks to the quality of the rocks that we're exploring. We've certainly got a dominant land position in the district. Our major shareholder, Perth Capital, has around 20% of the company, and then directors and Australian institutions speak for approximately 20% as well. Barber is on the register, having put a foot in the door, I guess, a few years back, but they've stayed the course.
A small team, but we get a lot done with very efficient use of funds. We have quality assets, and we're certainly exploring and hopefully moving to development in Tier 1 jurisdictions. The main area of interest is the South Cobar Project. That houses our resource base, around half a million tons of copper equivalent metal at about 2% copper equivalent grade. We dominate the central and southern parts of the Cobar Basin, just to the south of the main Cobar operations that a lot of people would be familiar with. That area is prospective for structurally controlled polymetallic deposits. We have a project area known as the Kernowena Joint Venture, which is actually two areas: Broken Hill and Anabama, in joint venture with Red Hill Minerals, who are earning up to 75% through spending $6.5 million.
They're active on the ground, and those prospect areas certainly have the potential to deliver Tier 1 discoveries for SEDEX, Broken Hill type mineralization, or IOCG in the Broken Hill area, and structurally controlled copper. We're heavily weighted towards exploration success. Cobar has been a hive of activity in the last couple of years, with MAC coming in and taking over CSA from Glencore a few years back, and now MAC being subject to a takeover bid by Harmony Gold. It certainly does shake things up quite a lot, but there's a lot of activity going on underway in that area with Polymetals restarting the Endeavour mine, which was in operation for around 30 years, previously by Pasminco and then CBH Resources. Really, we're investing a lot of money into both the Federation mine, but also into the Great Cobar Copper Project, and also into their processing mill at Peak.
We've got our neighbors, Manuka, restarting operations, areas of forecasting and uplift in copper production from their Tritton operations. Kingston Minerals are going underground at Mineral Hill, really getting back into that operation. On our doorstep, we've also had Mount Hope Minerals list. It's been an area that's been very active. It's producing a lot of metal each year from four main operational centers. It's certainly a mining jurisdiction of note and one of New South Wales' most significant. We've been here around 15 years, but its history is over 150 years old. It'd be remiss not to mention that there's seven mills in the district, five operating, two on care and maintenance, but all five that are in operation are underfed. They could use more mill feed, for sure. Our deposits that constitute the South Cobar Project, there's essentially five separate deposits.
Mallee Bull and Wirlong are our copper-rich deposits. There's around 11 million tons at approximately 2% copper equivalent between those two resources. We own the land on which both those resources sit. They're both advanced in terms of stage of exploration. At Wagga Tank, which is our latest resource, we did some exploration there last year that really identified strong oxide and supergene mineralization, and that's sitting within an open pit at the moment in terms of open-pittable resource. Southern Nights is an underground high-grade silver-lead-zinc system, and we also have underground resources sitting beneath the Wagga Tank resource as well. We have a little bit of gold at May Day, which has certainly got the same signatures of these other deposits, but is explored very lightly below 300 m below surface. The South Cobar Project, we have been working on a PFS for the last couple of years.
The discovery of Wagga Tank has certainly given us cause to pause and look at the implications of Wagga Tank and evaluate it. The concept was revolving around underground mines at Mallee Bull and Wirlong, supporting a new mill at Mallee Bull. The discovery of Wagga Tank essentially gives us an indication that we may have a lower capital cost path if we can pursue that. We're undertaking activity there now around that in terms of metallurgy and follow-on drilling. The benefit of an open pit is obviously significantly reduced capital, but also potentially improved cash flows and potentially a simpler operation. The image on the right-hand side is some oxide copper mineralization. A lot of that carries good precious metals as well. Going through our deposits, for those who aren't familiar, Mallee Bull is one of Australia's highest-grade undeveloped copper deposits.
It sits around 100 km to the south of Cobar. It's been well drilled, so it's a predominantly indicated resource. We own the land upon which it sits. We've done a lot of flora-fauna heritage work, so it's quite advanced in that sense. We've had it permitted for an exploration decline as well. It's essentially as far as we can take it in the near term without a milling option. Significant mine design work has also been completed, and you can see conceptual mine design sitting over the top of the mineralization there. Wirlong is quite similar. It's more modest in scale, although we see a large amount of stockwork copper mineralization away from, I guess, outside of the existing resources it is. It's about 60 kilometers by road from Mallee Bull, so the Kidman Highway essentially connects the two. They're very close, each of them, to the Kidman Way.
It's well drilled also, sitting on land we own. We've secured that footprint once again. A lot of work's gone into this, and again, a conceptual mine plan has been developed, and it's also permitted for an exploration decline. The Wagga Tank open-pittable copper gold silver resource, we went in last year to do some exploration to test for oxide and supergene mineralization, and we had some very strong results returned. That culminated in a new resource that sits within a constrained pit. Extensive flora-fauna surveys as well, where we've completed some metallurgical drilling very recently, some geotechnical drilling as well, and we have metallurgical test work underway. Next steps is really getting that process flow sheet secured and then returning to undertake infill drilling. Southern Nights sits about one kilometer to the south of Wagga Tank. This was a blind discovery by Peel in 2017.
It's got some phenomenal grade zinc lead silver within it. It's a large resource overall. It's quite well drilled, about 60% in the indicated classification. You can again see that there's been some mine design work, so once again, it's quite advanced in terms of our understanding of it. The mineralization, as with all our deposits, is wide open, and I think this deposit potentially has the greatest potential in terms of growth. It's not been included in our considerations to date, but I guess with our attention returning to Wagga Tank, it would be remiss not to include it in our considerations. May Day, which is more modest in scale, is sitting on a mining license. We own all our resources 100% with no royalties. This is the most advanced in terms of permitting, sitting on an existing mining license. It's quite modest in scale.
It's had the top taken off as a heap leach back in the 1990s, but there is a significant mineral system sitting below the pit there, and it's only been tested to 300 m below surface, which in the Cobar District is shallow. It's gold rich, and I think it's got some real similarities to some of the styles of mineralization that are seen at Peak. Drill, discover, deliver, that's been our mantra as an exploration company, and certainly exploration is heavily imprinted on our DNA. It's delivered us discoveries, and we've done it very efficiently. We've done it for around AUD 0.10 Australian per copper equivalent pound. Our exploration in recent times, we've really gone out and been getting on the ground doing widespread geochemical surveys over areas that are amenable to it.
The target areas that have come out of that, Chuchi, Nombinnie, and Beanbar are targets we want to get to in the near term. Nombinnie is a forgotten gold prospect. It was worked pre-World War I, I'm guessing. There's historic workings, fairly modest in scale, but the work we've done since getting on the ground, there's really just following up the work of others, good companies who were there in the 1980s. There's been some drilling done. Only about half the holes that were drilled were assayed for gold, but 40 m at 1.5 gm from 20 m below surface. That mineralization has been able to be mapped by chargeable geophysics. This is a target that I'm really keen to get to and essentially follow up. Approvals are in place to get in there and undertake drilling.
Beanbar is a large-scale target to the north of CSA, about 35 km to the north. It's a Tier 1-scale target, a very large bullseye magnetic anomaly. It's had some drilling in the 1980s and 1990s, but mostly shallow, and the cause of that magnetic anomalism remains to be confirmed. It's got a beautiful, coherent, strong molybdenum copper arsenic surface geochem anomaly. It ticks all the boxes in terms of what we like to see as exploration targets, and it's permitted for drilling also. The Kernowena Joint Venture with Red Hill. Red Hill, as I mentioned, earning up to 75% by spending AUD 6.5 million. We're funded over the near term on the upside in the Kernowena JV. It comprises both the Broken Hill area, which you can see on the screen there, and also the Anabama area across the border in South Australia.
It's had historic drill hits return that show that the targets we're chasing there are valid. Broken Hill type or SEDEX type lead zinc silver and IOCG type copper gold. Red Hill's hit the ground running. They've completed some Airborne MT. They're undertaking EM in the near term, and then a 4,000-meter diamond drill program kicks off there in September. Anabama, which I really like, it's an outcropping copper gold system. It's quite well drilled from the '80s through to the early 2000s or 2010 perhaps. Geophysics done historically showed that it was coincident with, so there was IP chargeable anomalism coincident with mineralization, but they'd only surveyed the area where the drilling had been done.
Red Hill successfully rolled that IP out along strike, and there's a four-kilometer long chargeable anomaly coincident with the mineralization, and the bulk of it is untested, and that's sitting on the Reed and Anabama shear zone. As an investment, I'd argue we're one of the best value here, but I'm sure I'm not alone in thinking that. We've got solid resources that have been built over a timeframe. They're well drilled, so they're predominantly indicated classification. Mallee Bull, Wirlong are permitted for exploration declines. We own a significant amount of land in the Cobar District. Wagga Tank offers us a potentially much lower capital path forward, so we need to investigate that and evaluate it for the PFS. We're a key player in the Cobar Basin. Our resources are up there with the rest of them.
We certainly offer the mills in the district a source of feedstock, and we have that exploration exposure ongoing for discovery success. Thanks for your time today.
Thanks, Robert.
Thank you.