Peel Mining has announced completion of a $6 million share placement to fund work on its zinc-lead project while Triton Minerals has launched an entitlement offer for the same amount.

West Perth-based Peel raised its money at 40 cents per share, a 5 per cent discount to its five-day average share price.

The proceeds will be used to fund exploration work at its wholly owned Wagga Tank zinc-lead project in NSW, along with pre-development activities at its half-owned Mallee Bull polymetallic project, also in NSW.

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