- Peak Minerals (PUA) has opted to purchase all of the shares in Greenrock Metals after completing successful due diligence
- In September, Peak raised $2 million to fund the Greenrock buy, which includes four projects within the Kimberely and Meekatharra regions in Western Australia
- These projects have the potential for world-scale copper mineralisation
- Peak says the key focus now is to continue to review and understand the geology and plan an exploration campaign
- On market close, Peak is steady and trading for 3.5 cents per share
Peak Minerals (PUA) has opted to purchase all of the shares in Greenrock Metals, after completing successful due diligence.
In September, Peak raised $2 million to fund the Greenrock buy, which includes four projects within the Kimberely and Meekatharra regions in Western Australia. The projects cover 1289 square kilometres.
The two Kimberley projects are called the Carson and McGowan, while its Meekatharra projects include Copper Hill and Cork Tree.
Positively, these projects have the potential for world-scale copper mineralisation.
“The due diligence process has gone very smoothly with no material adverse issues highlighted,” Peak told the market.
For the option, Peak will pay $80,000 in fees, issue $2 million shares and grant the Greenrock owners a one per cent net smelter royalty for any future production.
Peak says the key focus is to continue to review and understand the geology and plan an exploration campaign.
Priorities include work at the Copper Hills and Cork Tree projects. Access to Carsons is limited over the wet season, so desk top work is planned and will be conducted to prepare for fieldwork in March and April next year.
The company will seek shareholder approvals in relation to this acquisition at the next annual general meeting (AGM). The AGM was supposed to take place on October 6, however, has been delayed.
On market close, Peak is steady and trading for 3.5 cents per share.