- Peako (PKO) has discovered two vein systems northeast of the Eastman tenement which is part of its East Kimberley Gold-Copper Project in WA
- These base and precious metal-rich quartz vein systems have been named "Appaloosa" and "Gypsy" and extend for over 600 metres and 300 metres, respectively
- Peako analysed samples from both systems which found copper values of up to 42.4 per cent copper at Appaloosa
- Values at Gypsy were fairly lower with an average of 0.4 per cent copper and peaking at 3.8 per cent copper
- Nevertheless, Peako considers this discovery a testament to the potential of its East Kimberley licences to host an economic ore deposit
- Company shares are up 13.9 per cent and are trading at 4.1 cents
Peako (PKO) has discovered two vein systems northeast of the Eastman tenement which is part of its East Kimberley Gold-Copper Project in WA.
Peako made the discovery during reconnaissance groundwork which aimed to follow up on an 11.7g/t gold surface sample in an underexplored area.
The outcropping base and precious metal-rich quartz vein systems have been named "Appaloosa" and "Gypsy".
Geological mapping has suggested the Appaloosa system continues for over 600 metres and is open to the northeast and southwest.
Thirty-seven samples have been collected from this vein system which generated portable x-ray fluorescence (pXRF) analysis results. These results indicate the Appaloosa veins are typically copper-rich with grades averaging at 2.5 per cent and peaking at 42.4 per cent copper.
The analysis also observed silver values ranging from below detection to
up to 43 parts per million silver.
Overall, these results suggest a copper-silver signature that's consistent with copper-silver-gold associations defined by historical data.
Sampling across the Gypsy vein system has shown it extends for over 300 metres and is open to the northeast and southwest.
So far, 19 rock samples have been collected which have been analysed by pXRF methods. Copper pXRF results have proved to be relatively lower compared to Appaloosa, with values averaging 0.4 per cent and peaking at 3.8 per cent copper.
"Our recognition of an extensive new epithermal vein system strengthens the potential of Peako’s East Kimberley’s licences to host an economic ore deposit and deliver value to shareholders," Technical Director Dr Darryl Clark said.
Peako has dispatched 84 rock chip samples, including vein samples and rock chip samples from Eastman, Eastman-2 and the Louisa target areas, for assaying.
Looking ahead, the company plans to carry out more mapping and sampling of outcropping vein systems. It will also soon begin an aircore drilling program at the East Kimberley Gold-Copper Project as part of its 2021 field program.
Company shares are up 13.9 per cent and are trading at 4.1 cents at 11:39 am AEST.