Total
0
Shares
Coat of Arms of the State of Western Australia
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Peako Limited has been awarded a $131,000 Exploration Incentive Scheme from the Western Australian Government
  • The money will be used to co-fund further exploration drilling at its Landrigan Copper-Gold Project in the East Kimberly
  • This grant follows a $150,000 one granted in May
  • Peako’s share price is currently steady with shares trading for 1.9 cents apiece

Peako Limited has been awarded a $131,000 Exploration Incentive Scheme (EIS) from the Western Australian Government.

The money will be used to co-fund exploration drilling at its Landrigan Copper-Gold Project in the East Kimberly.

The EIS is for approximately $131,931 and structured as a contribution towards 50 per cent of drilling costs.

This grant follows an earlier one of $150,000 that was announced on May 23, 2019, and used to support the 2398 metre reverse circulation (RC) drilling program Peako completed at its Eastman and Landrigan prospects.

“We are excited to have been awarded a further EIS grant to progress exploration drilling at Landrigan prospect,” Chairman Geoff Albers said.

“We thank the Western Australian government and DMIRS for their continued investment in exploration in the State generally and in our East Kimberly exploration project in particular,” he added.

Reported in early October, Peako drilled a total of 15 holes at both Eastman and Landrigan.

Each hole was sampled along the entire hole length at 1 metre intervals with 4 metres composite generated for assay.

Based on visual geological logging, zones of interest are to be further assayed at 1 metre intervals. The assay samples are currently at ALS Laboratory in Perth and results are pending.

Peako’s work to date suggests that the distribution of sulphides and alteration at Landrigan potentially occur within a structural corridor.

The company proposes to use diamond drill core to increase its understanding of these structural corridors to the development of sulphide and alteration at Landrigan.

It is hoped this program will identify structural and lithological constraints on the occurrence of base metal sulphide and gold mineralisation.

Peako’s share price is currently steady with shares trading for 1.9 cents apiece at 2 pm AEDT.

PKO by the numbers
More From The Market Herald
Cirralto (ASX:CRO) - Managing Director, Adrian Floate

" Cirralto (ASX:CRO) brings in $400k worth of receipts over Q1

Cirralto (CRO) has released its latest quarterly financial update, revealing it ended September with just under $400,000 in customer receipts.
Wisr (ASX:WZR) - CEO, Anthony Nantes

" Wisr (ASX:WZR) adds $123m in originations to loan book

Wisr (WZR) has added another $123 million in originations to its loan book during the recently completed September quarter.
Humm Group (ASX:HUM) - CEO, Rebecca James

" hummgroup (ASX:HUM) 1Q22 business update

hummgroup (HUM) is trading in the green following the company’s business update for the first quarter of the 2022 financial year.
Laybuy (ASX:LBY) - Managing Director, Gary Rohloff

" Laybuy Group (ASX:LBY) signs new £30 million loan

Laybuy Group (LBY) has signed a new £30 million (A$55.3 million) debt facility with US specialist lenders Partners for Growth.