Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Peako Resources has expanded its holding in WA’s East Kimberley region to 1,200km2. The area has been identified as hosting prospective VHMS copper deposits.
  • The company hope to develop exploration in what it labels as an under-explored and under-producing area. It hopes to combat the global shortage in copper supply.
  • Peako has received $150,000 in funding from the WA government to assist with drilling projects on site.

Mining and Exploration company Peako has expanded its holding in the Kimberley region to 1,200km2. The land expansion encompasses part of Halls Creek, which has been identified as containing prospective volcanic-hosted massive sulphide (VHMS) copper deposits.

The company said it is targeting VHMS deposits in hope of combat the growing global shortage of copper supply. VHMS deposits are known to result in fast and frequent discoveries. Global statistics place the media grades of deposits at 1.75 per cent and the median tonnage at 2.5Mt.

Previous testing and exploration of the tenements Peako now hold in the east Kimberly region has been underdone and had limited success. The company said this has lead to the region falling behind in potential exploration and production.

Peako said they will use VTEM surveys on site now to identify mineralisation and hence drill targets. This is a shift from relying solely on identification of surface gossans and geochemical anomalies, followed only by shallow drilling tests.

The company will remain focused on its Eastman and Landrigan prospects, which also make up part of the east Kimberley landholding. Testing at Eastman has shown results of copper-zinc mineralisation. While testing and Landrigan has shown results including 9.6m at 2.7 per cent copper, 1.5 per cent zinc, 0.3 per cent lead, 12.6 g/t silver and 1.5 g/t gold.

Induced polarisation (IP) has been a successful surveying method used by Peako at Eastman and Landrigan. The company plan to use the IP program to assist in identifying targets at its VHMS sites.

Peako has received $150,000 in funding from the Western Australian government’s Environment Incentive Scheme, which will be used at the east Kimberley projects. Company Chairman, Geoff Albers said, “we are pleased to have built a commanding presence in the emerging East Kimberley copper province.”

PKO by the numbers
More From The Market Herald
Amaero International (ASX:3DA) - CEO, Barrie Finnin

" Amaero International (ASX:3DA) to make rocket motor parts for Gilmour Space

Amaero International (3DA) has secured a heads of agreement (HoA) with Gilmour Space Technologies.

" DGL Group (ASX:DGL) to buy Shackell for $8.9m

Specialist chemicals business DGL Group (DGL) has agreed to purchase Shackell Transport for $8.9 million.

" CIM propose $840M 2019 profits with digital shift

CIMIC Group Executive Chairman expects a 2019 performance of $790m  million $840 million.

" Scheme order issues $400M in annual income

Doray Minerals Limited has announced orders made by the Supreme Court of Western Australia on 28 March 2019, which approved a share and