Join our daily newsletter At The Bell to receive exclusive market insights
- Peak Minerals (PUA) observes copper in 49 out of 183 rock chip samples from the Green Rocks target area in WA
- Mapping and geophysical work have also indicated a prospective intrusion which hosts the Rixon, Rinaldi, Lady Alma, Copper Hills and The Horn prospects
- This work is aimed at better understanding the mineral system and to help confirm whether there are multiple intrusions within the Lady Alma Intrusive Complex
- Company shares are up 13.3 per cent to trade at 1.7 cents at market close
Peak Minerals (PUA) has received results from rock chip sampling at the Green Rocks target area in Western Australia.
Of the 183 rock chips collected, 49 showed copper mineralisation in the form of malachite, azurite and pyrite. The copper was observed across the Rixon and Rinaldi prospects, which haven’t been drill tested.
Additionally, mapping of outcrop reportedly showed a ‘true progression’ through a polymetallic mineralised magmatic system.
The intrusion of mineralised ultramafic rock into the Lady Alma Intrusive Complex (LAIC) showed that more than one intrusive event may have occurred. It is believed the LAIC, which is defined as a large and distinct magnetic high, hosts copper, nickel, platinum group elements (PGEs), vanadium, titanium, magnetite and gold.
CEO Jennifer Neild commented on the findings.
“These findings are significant; we are getting that much closer to understanding this system. The initial readings from the Vanta XRF have been very promising and we’re expecting the assay results to tell the same story,” she said.
Essentially, the geochemistry and geophysical work is helping to confirm there are multiple intrusions within the larger LAIC.
Company shares were up 13.3 per cent to trade at 1.7 cents at market close.
