Gold, base metals explorer Peako won’t fly under the radar for much longer
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~$8m market cap explorer Peako (ASX:PKO) has just launched a 6,000m aircore drilling program at the flagship ‘East Kimberley ‘project, where some company-making targets are in the crosshairs.
The “science driven” precious and base metals explorer is led by Dr Darryl Clark, an experienced geologist with over 26 years’ experience with miners like BHP and Vale throughout Australia, Central Asia and Southeast Asia.
Clark is one of two PhD’s on the Peako team.
This team, plus more than $5m of historical exploration data, underpins Peako’s science-driven approach to exploration.
This data has allowed Peako to identify more than 80 precious and base metals targets across its tenure to date.
The 3,335sqkm East Kimberley project is near Halls Creek, a well-established mineral production region in WA.
While the project area has proven potential, Peako believes gold prospectivity was historically overlooked in favour of base metal exploration by previous explorers.
In 2019, a maiden RC drilling program at East Kimberley returned some very promising high-grade results, like 6m at 6.52% copper, 27.27g/t silver and 1.16g/t gold from 93m at the ‘Landrigan’ prospect.
Then, earlier this year, the company announced the discovery of two highly prospective outcropping epithermal vein systems named ‘Appaloosa’ and ‘Gypsy’.
The discoveries were made when the company followed up an isolated 11.7g/t gold surface sample recorded in historical data, in an area with little exploration.
The company also confirmed over 11% copper, which supports the presence of high-grade copper within the veins.
Geological mapping now suggests continuous vein systems in excess of 1000m-long at Appaloosa area and greater than 300m at Gypsy.
Peako’s aircore program will test 10 priority targets across 7 areas, including Eastman, Brumby and Blackadder.
The Hydropower Scout Mark II aircore rig on a purpose-built track mounted vehicle base gives Peako flexibility out in the field.
The rig has capabilities to be reconfigured for RC and diamond drilling at the completion of the current aircore program, accelerating the timeframe for follow-up drilling at lower cost.
This will be the first step in Peako’s multi-phase drilling campaign that will test a pipeline of target areas over the coming months.
“Having secured a multi-purpose track-mounted rig we are positioned to rapidly follow-up encouraging aircore results with scout RC and/or diamond drilling,” Peako exec director Rae Clark says.
This article was developed in collaboration with Fresh Equities, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.