Peak Minerals (ASX:PUA) has discovered a new rutile province within its Minta Project in Cameroon, Central Africa, following completing a reconnaissance exploration program.
The first batch of assay results in the Minta area correlate with previously announced visual estimates of heavy minerals (HM). Some of the results include 4.7m @ 2.9% HM and 4.2m @ 2.4% HM.
Peak, which has a market capitalisation of $36.49 million, is planning to undertake a maiden drilling program at the Minta Project to test an initial 3,500km2 over broad drill spacing.
The program aims to identify higher grade areas for follow-up drilling.
Minta has not previously been subject to modern exploration techniques, and as such, the company is using cost-effective hand auger as the mineralisation is from surface.
CEO Casper Adson this is the first time that the tenements have been explored for residual rutile.
“These early indications are that we have rutile mineralisation over a globally significant area and we expect pending results will demonstrate this,” Adson says.
“Every drillhole reported to date has intersected heavy mineral mineralisation from the surface and extending to end of hole, demonstrating the scale and consistency of the deposit.
“Additionally, the contribution from oversize rutile nugget mineralisation which is present across the project area is yet to be fully quantified as assays are pending, which has the potential to add significantly to the overall heavy mineral grades.”
Further heavy mineral results for sand and oversize fractions are expected to be received from Scientific Services throughout the remainder of this quarter. As results are finalised, Peak will develop further targets for infill drilling and drilling to depth.
The company aims to develop numerous deposits and progress them into a maiden resource estimate.
Rutile is a mineral composed primarily of titanium dioxide and is usually found as part of mineral sand deposits. The mineral is primarily used as a pigment in various industries, including paints, plastics, paper, and cosmetics.
The Minta Project, covering 8,800km2, sits in an under-explored area of known rutile mineralisation in central Cameroon.
Write to Aaliyah Rogan at Mining.com.au
Images: Peak Minerals
