Peako Limited (ASX:PKO) is on the rise with its share price rising during trade after releasing its Quarterly Activities Report for 30 June 2022.
The company’s share price was up 6.25% as of 11.30am AWST on the back of the report’s release.
Peako notes in the report that during the quarter it launched a 4,500m reverse circulation (RC) drill program to test the PGE endowment of ultramafic targets at the Eastman Intrusion.
Also during the quarter, the field component of a tectono-stratigraphic architectural study on the Eastman Intrusion Complex was completed and has defined a new framework and model for PGE mineralisation.
Peako reports that the primary focus for the 2022 work programs is on the Eastman Intrusive Complex
Peako reports that the primary focus for the 2022 work programs is on the Eastman Intrusive Complex, where it is targeting a potentially major PGE resource discovery.
Peako’s exploration focus is its large ground-holding in the East Kimberley region of Western Australia totaling 4,029km-square.
Despite sporadic campaigns over the past 50 years, historical exploration within the area of Peako’s tenements, primarily guided by occurrences of surface gossan and geochemical anomalies, has provided consistent encouragement for the area’s economic potential.
At the same time, discovery efforts have been consistently hindered by a mix of cover, subcrop, poorly understood regolith, deep weathering and complex stratigraphy/structure, despite ‘highly favourable’ host rocks, structure and known mineralisation across the area.
Peako’s exploration strategy is underpinned by the application of data-driven science to define and prioritise targets for efficient field testing programs necessary for economic discovery.
Peako’s Eastman Intrusion is a large underexplored intrusive complex that Peako considers prospective for a major PGE resource.
It is located within the Central Zone of the Halls Creek Oregon, where an array of mineralised layered mafic-ultramafic intrusive complexes is defined with an established mineral endowment.
Known endowment from layered intrusions in the Halls Creek Oregon includes:
- Savannah – 15Mt 1.40% Ni, 0.62% Cu
- Copernicus – 0.825 Mt @1.24% Ni, 0.81% Cu
- Panton – 6.9 Moz 3E PGE resource
Recent drilling by Pantoro at the Lamboo Intrusion has also defined wide PGE intercepts, with resource drilling currently in progress.
The Eastman Intrusion is interpreted to extend along strike for about 16.5km, divided into an Eastern and Western zone by a granite intrusion. The Eastern Zone extends for 9.4km with 2.5km under cover, and the Western zone for 7.1km, mostly under cover.
Recent drilling by Future Metals NL at Panton, and Pantoro Limited at Lamboo, have defined stratabound PGEs across mafic-ultramafic rocks at both complexes.
Images: Peako Ltd
