Peak Minerals Limited announced the results from diamond drilling at the Lady Alma Prospect completed in 2021. The drill results, combined with the recently released rock chip samples 1 map a small mafic-ultramafic intrusion, approximately 650m x 300m (~0.2km). The intrusion is one of a cluster of mineralised intrusions including (in order of size) Copper Hills, Lady Alma, Rixon and Rinaldi. The Lady Alma intrusion consists of disseminated mineralisation and zones of brecciated mineralisation along the contact to the pyroxenite. Massive sulphide stringers up to 11cm in width are present and are classified as injections of chalcopyrite, pyrrhotite and pentlandite from a proximal magmatic source. The prospective intrusion remains untested at depth, with historical drilling focused on near surface sulphide veins and associated Cu-Au mineralisation that was previously mined. The hole was planned directly post-acquisition of the Copper Hills tenement to demonstrate the potential of the already identified Lady Alma and Copper Hills prospects and to test the stratigraphy. CHRCD004 was a diamond tail drilled off a pre-collar completed in November 2020. A second hole, CHD005A, was drilled to the north of CHRCD004 and collared from surface due to the trajectory of CHRC005 being inadequate. This hole collapsed, and CHD005B was re-drilled from surface to 525.6m. CHD005B was steepening and the trajectory indicated it would not hit the target. This hole was terminated and wedged (CHD005B- W1) and it intersected the intrusion, albeit at a very steep angle down the contact, and was continued to try and drill through the whole stratigraphy of the intrusion. At the time only historical geophysical data and modelling was available. Completion of DHEM on this hole resulted in EM plates modelled at 130m and 140m vertical depth. These are interpreted to relate to copper mineralisation along structures. No conductors were identified at depth, but this is expected, as the drilling veered away from the newly remodelled conductors by a considerable distance, not detectable by the DHEM system. Recently, the 2015 VTEM data was reprocessed using 2.5D Inversion and Peak was able to recognize how close the hole came to hitting a more significant conductive body. The conductivity model shows a limb extending towards the two drillholes; weak mineralisation is seen at the point of intersection. Though Peak cannot be confident in EM data past 200-300m, this does correlate well. Petrography work was undertaken of selected rock chips and drill core from the Lady Alma Prospect. Zones of semi-massive to massive veining indicate the presence of 3-phase intercumulus sulphides comprising of chalcopyrite, pyrrhotite and pentlandite. This is significant as, previously, the Company was targeting a copper dominant system and now there is direct evidence that the system is fertile for hosting nickel and copper mineralisation. In CHRCD004 (374.4m), a band of semi-massive pyrrhotite with coarse pentlandite on the margins was intersected grading 0.46% Ni and 0.17% Cu. Richard `Dick' England, who completed the petrography, noted that the polished section showed sulphides consisting of pyrrhotite, subordinate chalcopyrite, and significant minor pentlandite. The pentlandite is seen as coarse grains along the sharp sulphide margin. No thin section has been made of the copper stringer which grades 4.95% Cu and 0.7% Ni but pentlandite is visible with a hand lens. The Company is evaluating whether these veins are the tip of a more significant zoned Cu-Ni system. Massive sulphides are common to all Ni-Cu deposits and these veins can represent the outer footprint of large, zoned system like Sakatti. Scanning electron microscope
(SEM) work is underway in order to determine the amount of copper and nickel present within the
sulphide minerals.