ASX-listed mineral exploration company Peako (ASX:PKO) has delivered ‘high-grade’ platinum group element (PGE) results at the Eastman PGE Project in the Kimberley region of Western Australia.
The company says new assay results from phase two reverse circulation (RC) drilling provide further confidence in the potential of the project, and notes the results highlight the potential of the Brumby prospect.
Significant results recorded include PRC0074 with 30m @ 1.45g/t palladium equivalent (PdEq) (1g/t 3E) from 48m, including 6m @ 2.93g/t PdEq (2.37g/t 3E) from 63m; PRC0073 with 14m @ 1.45g/t PdEq (1.06g/t 3E) from 70m, including 4m @ 2.44g/t PdEq (1.91g/t 3E) from 78m; and PRC0081 with 9m @ 1.23g/t PdEq (0.72g/t 3E) from 66m, including 3m @ 1.85g/t PdEq (1.51g/t 3E) from 70m.
Commenting on the drill results, Peako Executive Director Rae Clark says: “We are pleased that the results from this phase two drill program have further supported our interpretations, and the location, of key higher-grade PGE zones within the intrusion complex.
The intercepts at the Brumby prospect are particularly encouraging, indicating a higher-grade ore shoot that we plan to evaluate as soon as feasible, as well as testing of other high-grade target areas across the intrusion system.
“The intercepts at the Brumby prospect are particularly encouraging, indicating a higher-grade ore shoot that we plan to evaluate as soon as feasible”
These results provide us with a clear path forward for Peako’s exploration in 2023 and, in conjunction with the WA Government’s EIS (Exploration Incentive Scheme) grant for diamond drilling at Brumby, enable a clear plan for our next phase of exploration to test the extent of PGE mineralisation at Brumby and to move forward towards resource definition drilling, thereby further unlocking the potential of our Eastman Project.”
Peako reports the phase two program consisted of 15 RC holes for a total of 2,118m, and focused on the Brumby, Louisa, and The Gap prospects located within the project. These prospects were identified as ‘high-priority’ target areas following phase one drilling in 2022.
The company says phase two was designed as a step-out program to test continuity, and identify ‘higher-grade’ PGE mineralisation along strike from previous encouraging PGE intercepts. New drill fences stepped out between 100m and 300m from previous anomalous drillholes.
At the Brumby prospect, 6 holes were drilled with results extending the strike of the tested PGE mineralisation to 300m. The company says this prospect is located centrally within the 9.4km eastern zone of the Eastman PGE Intrusion, and has an overall strike potential of at least 1.4km, as well as 2 additional parallel ultramafic units to the north.
Phase two drill results from Brumby define PGE mineralisation continuously across the tested 300m strike, with a ‘high-grade’ zone that is also continuous over a strike length of at least 180m. Peako also notes all mineralisation at Brumby remains open along strike to the east and west.
Peako reports ‘high-grade’ PGE mineralisation at Brumby was consistently intersected at vertical depths around 65m with the zone extending from near surface, and are currently open both up and down-dip, and along strike in both directions.
Priority follow-up and step-out drilling across the 1.4km strike at Brumby is planned for the first part of the 2023 field season, and will be undertaken in conjunction with an Exploration Incentive Scheme (EIS) co-funded diamond drill program to further assess and define the PGE mineral potential of the prospect.
An additional 9 RC drill holes were also completed at The Gap, and Louisa prospects at Eastman with all holes intercepting PGE mineralisation. The company says these prospects are geologically complex, and require further interpretation and evaluation prior to additional drilling work programs.
Peako is an ASX-listed mineral exploration company focused on exploring its flagship Eastman PGE Project in the East Kimberley region of Western Australia. This project is located within the Central Zone of the Halls Creek Orogen, and features a layered mafic to ultramafic intrusive complex interpreted to extend along strike for about 16.5km.
The company also holds the Broadhurst Project located in the Paterson province of Western Australia, and is considered prospective for copper or copper-cobalt style mineralisation.
