Prepare the rub. Stir together all of the rub ingredients in a small bowl.
To prepare the ribs, remove the membrane from the back of the slab. Rinse ribs under water and pat dry.
Apply the dry rub all of the front and back of ribs. Press rub into ribs to help it stick.
Place charcoal on one side of grill and drip pan with water on the other side.
Light charcoal and heat to 250 degrees F. Place ribs, meat side up, on unlit side. Grill, covered for 2 hours and 15 minutes. Keep temperature between 225-250 degrees.
Remove ribs from grill and place ribs, meat side down on aluminum foil. Tightly wrap with foil.
Add the foil wrapped ribs back to the unlit side of the grill. Grill covered for 1 hour.
Stir together bottle of BBQ sauce, honey, cayenne and peach preserves.
Remove ribs from foil and brush both sides with barbecue sauce. Grill covered on unlit side for 15 minutes.