Elmore Limited announced that the Company has received the revised JORC compliant model for the Peko stockpile based on volumetric surveys undertaken prior to the commencement of processing by Elmore. The mineralisation is not a natural deposit but is represented by the tailings of the Au-Cu-Fe processing plant. In total, there are 6 tailings dams at the Peko mine site.

The tailings were formed by slowly and evenly infilling the natural depressions by the rejects (tailings) of the processing plant. This has created horizontal layering of the mineralisation infilling tailings . The tailings consist of mainly magnetite (approximately 80%) with smaller amounts of silicate gangue mineral and minor amounts of sulphides and quartz.

The sulphide minerology consists of mainly gold bearing pyrite with small amounts of chalcopyrite, marcasite, arsenopyrite and pyrrhotite. The primary copper bearing mineral is chalcopyrite. Main cobalt bearing mineral is pyrite.

Cobalt also present in arsenopyrite, which is rare and occurs only as the traces in the tailings samples.