Join our daily newsletter At The Bell to receive exclusive market insights
- Peako (PKO) has completed its 2021 field program at the East Kimberley project in WA
- The program included drilling which tested six prospects for gold and base metals, and aircore geochemistry work which tested multiple anomalies
- Additional work included relogging historical drill core which has so far returned valuable information
- Peako is using the data to refine and develop its exploration models to prioritise targets for testing next year
- Peako has ended the day 11.1 per cent in the red to close at 2.4 cents
Peako (PKO) has completed its 2021 field program at the East Kimberley project which is located in Western Australia.
The six-month program began in April this year as soon as the company could access the project after the wet season.
Exploration activities included target ground validation, rock chip sampling and mapping, relogging historical diamond core, reconnaissance geochemical sampling and a scout reverse circulation (RC) drilling program.
The aircore geochemistry program aimed to test anomalies across multiple areas defined to have a mix of prospective geological features and other positive indications. All holes were sampled and are being analysed for gold and multi-elements.
As part of the scout RC program, Peako drilled around 1250 metres to test six prospects. While the company mainly tested gold-bearing vein systems, all targets are associated with polymetallic sulphide halo zones with potential for copper, lead, silver and zinc. Samples have been submitted and assays are pending.
Pleasingly for PKO, the aircore and scout programs were supported by two WA government drilling grants under the Exploration Incentive Scheme (EIS). The EIS grants totalled up to $320,000.
The company relogged drill core from the 1980s which has returned valuable information on lithology, alteration and architecture at the Landrigan prospect within the project. Ongoing work is continuing to better understand the mineralised systems.
Executive Director Rae Clark was pleased to have completed the program.
“Compilation, interpretation and integration of results is underway and further laboratory assay results are anticipated over the coming months,” he said. “The significant volume of new data generated from this year’s activities will be used to refine and develop our exploration models to prioritise targets for testing in the next field season.”
Peako ended the day 11.1 per cent in the red to close at 2.4 cents.
