- Peako (PKO) seeks to expand its footprint in WA's East Kimberley region
- The East Kimberley project will contain seven tenements, including two that are already granted and five that are under application
- The additions capture extensions of the project's northeast structural corridor, which has been correlated with known gold occurrences
- Peako shares are down 4.6 per cent to 4.1 cents at 4:11 pm AEST
Peako (PKO) has applied for additional ground in Western Australia's East Kimberley region to expand the company's total tenement package to 3335 square kilometres.
With two tenements already granted and five under application, the explorer's aptly named East Kimberley Project will soon comprise seven tenements.
According to Peako, despite hosting WA's first payable gold discovery in 1885, until now the region has only seen cursory gold-focussed exploration.
Even so, there are reportedly close to 260 documented vein and hydrothermal gold occurrences in the East Kimberley.
Notably, the company claimed one of its tenements had an established gold signature, with widespread gold endowment demonstrated by historic exploration.
Further, the recent discovery of vein systems at Appaloosa and Gypsy highlight the prospectivity of multiple northeast (NE) trending structural corridors across the above tenement.
The newly applied for licenses cover regional extensions to NE trending structures observed in field mapping.
"We are pleased to have built a belt-scale presence in the East Kimberley. Our new application areas capture additional NE trending structures and strategically positions us in this exciting corridor," Peako Chairman Geoff Albers said.
Company shares were trading 4.6 per cent lower at 4.1 cents at 4:11 pm AEST.