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Peako (ASX:PKO) begins drilling six targets at East Kimberley Project

Mining
ASX:PKO      MCAP $2.635M
12 August 2021 14:00 (AEST)

Source: Peako

Peako (PKO) has begun a scout reverse circulation (RC) drilling program at its East Kimberley Project in Western Australia.

This program will include 1400 metres to test six ‘hard rock’ targets which were defined through recent geological mapping, rock assaying, and historical data.

The targets include: Appaloosa, Gypsy, Louisa, Eastman, Eastman East and Landrigan and are believed to be associated with polymetallic sulphide halo zones with potential for copper, lead, silver and zinc.

Specifically, drilling at Appaloosa will test a newly-identified gold-lead bearing vein system over a 400-metre strike. This vein system has returned rock chip results with grades of up to 9.66 grams of gold per tonne (g/t) and 12.7g/t gold.

Drilling at Gypsy, Louisa and Eastman East will test outcropping to sub-cropping gold-bearing quartz copper veins and shear systems.

Further, drilling at the historical Eastman and Landrigan prospects will test new, shallow vein systems.

Executive Director, Rae Clark, commented on the drilling program.

“We’re excited to commence our scout RC drill program to test a number of new and existing gold and polymetallic targets across the Eastman tenement.”

Positively for the company, its drilling program has been partially funded by the Western Australian Government’s Exploration Incentive Scheme.

Peako will receive up to $170,000 with $150,000 to cover 50 per cent of the direct drilling costs and the other $20,000 will support mobilisation costs.

In addition, the company is waiting to receive assays from a 3000-metre aircore drilling program which tested seven target areas. Once it receives the results, Peako will define targets for follow-up RC drilling.

Company shares were up 11.5 per cent to trade at 2.9 cents at 12:57 pm AEST.

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