- Peako (PKO) intersects broad platinum group element (PGE) mineralisation through drilling work at The Gap prospect in WA
- Reverse circulation drilling returned an intercept of 99 metres at 0.3 g/t 3E PGE from surface, including a higher grade result of seven metres at 1.2 g/t 3E PGE
- The company says the results confirm its belief that PGE mineralisation occurs both as high-grade “reef zones” and wide disseminated zones
- Follow-up drilling is planned for before the onset of the wet season in November
- Peako shares are down 5.26 per cent to 1.8 cents at 1:01 pm AEST
Peako (PKO) has intersected broad platinum group element (PGE) mineralisation through drilling work at The Gap prospect in Western Australia.
The company undertook a 35-hole reverse circulation (RC) drilling program across various prospects to test for PGEs along the 16.5-kilometre strike of the Eastman Intrusive Complex.
According to Peako, drilling at The Gap confirmed broad PGE mineralisation envelopes up to 99 metres thick.
Highlighted results from the prospect include 99 metres at 0.3 grams per tonne (g/t) 3E PGE from surface, including seven metres at 1.2 g/t 3E PGE from 26 metres. 3E PGE refers to the sum of palladium, platinum and gold.
Peako Technical Director Paul Kitto said the drill results confirmed the company’s belief that the PGE mineralisation occurred as high-grade “reef zones” as well as wide, disseminated zones within the ultramafic intrusion.
“Peako is encouraged by these results since The Gap prospect is untested by historical drilling and only one drill fence section currently tests the 600-metre strike length of the host ultramafic unit at The Gap,” Dr Kitto said.
Additionally, the company said there was potential to contain rarer PGE metals such as rhodium, iridium, ruthenium, and osmium. This is based on recent nickel sulphide rock chip sample results.
Assays from the other prospects within the Eastman PGE project are expected soon.
Peako plans to undertake follow-up drilling to test strike extensions at The Gap prospect. This work will begin before the wet season commences in November.
Peako shares were down 5.26 per cent to 1.8 cents at 1:01 pm AEST