Peak Minerals (ASX: PUA) has announced that it has been awarded up to $132,000 via the Western Australian Government’s Exploration Incentive Scheme.
The grant will act as a 50% contribution towards two diamond drill holes at the Cork Tree Prospect, as part of the company’s Earaheedy Project located in Western Australia, as well as additional drill holes that will test a VTEM anomaly at a new prospect area.
Commenting on the grant, Peak Minerals CEO Jennifer Neild said: “This is a fantastic result for our Earaheedy exploration plan. We’re straddling the western nose of the Earaheedy Basin, but we need to get a better handle on the stratigraphy and which units are associated with mineralisation.
“This is a fantastic result for our Earaheedy exploration plan…We’re excited to put this EIS funding to the test”
There are indications in the geochemical data that we’re looking for a VMS source rather than SEDEX. In addition, we’ve obtained historical VTEM data and have completed reprocessing and defined a conductive zone 200m below surface that hasn’t been assessed. We’re excited to put this EIS funding to the test.”
The company notes that the scheduled drilling will take place at an area defined by a large 1.1km x 2.0km blanket of secondary copper mineralisation at surface.
Interestingly, an untested, newly-defined VTEM conductor has been discovered below the copper blanket at Cork Tree, as well as additional prominent untested conductors located to the south-east.
In addition, surface sampling and aircore drilling have returned a potential VMS mineralisation style that is associated with the Sandfire Resources’ (ASX:SFR) DeGrussa Copper-Gold Mine, approximately 28km north-west of Cork Tree.
Map of the Earaheedy Project displaying magnetic and VTEM dataThe Earaheedy Project is situated in Western Australia on the western extremity of the Earaheedy Basin and includes the Cork Tree and Merah prospects.
Cork Tree was discovered in the 1970’s by WMC (BHP), and was the subject of diamond drilling by CRA which intersected quartz-sulphide veins with anomalous copper.
Following Peak’s acquisition of the project in 2020, it undertook an aircore geochemical program and drilling of an untested gossan 800m south of known mineralisation.
Moving forward, the company reports that it will use information from the grant-funded diamond holes to help understand structural controls on mineralisation and define the source of the secondary mineralisation.
Images: Peak Minerals Limited
