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  • 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.

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