Peak Minerals Limited announced the results of its Phase 1 Air Core Program at its Green Rocks Project, Western Australia. The Phase 1 geochemical analysis confirmed that the southern position of the Rixon intrusion is the most prospective and has the potential to host significant mineralisation. The conductors identified from geophysical modelling carried out in first quarter of 2022, independently align with the target area defined by the geochemical work.

The holes were designed to confirm the prospectivity of the intrusion autonomously and do not intersect conductors. Moving Loop Electromagnetics (MLEM) is scheduled for May 2022, which will be followed by RC/Diamond drilling. Testing of an undercover, magnetic anomaly at Target C was extremely encouraging, yielding anomalous nickel and ending in ultramafic rock.

In November 2021, Phase 1 of a 5,000m air core program commenced at the Green Rocks Project. Drilling was aimed at testing high priority targets, the interpreted magmatic intrusions delineated from geophysics and geochemistry. Phase 1 focused on Rixon, West Copper Hills and Target C. A total of 2,743m was drilled in Phase 1, samples were sent to ALS laboratories in early December 2021.

At Rixon, Peak has defined a small intrusion (600m by 325m) that is outlined by high-grade copper (1% - 22% Cu) on surface as rock chips reported 30 November 20211. High-grade intersections at Rixon are within the regolith and near the contact of the prospective host unit with the surrounding country rock. Initial lithogeochemical analysis indicates that the southern portion of Rixon is the most prospective zone.

The host rocks show significant increases in sulphur associated with anomalous copper values (but < 0.2%Cu). The increase in this anomalous copper occurs where conductive bodies are in slightly shallower positions. As part of the earn-in agreement executed with Technology Metals Australia Limited, Peak has defined a number of targets which may be intrusions related to the LAIC.

Target C, which is 5.5km NNE of the Gabininthia Gold Mine beneath a broad palaeochannel, is interpreted to represent a regional NE trending shear. One of the holes intersected anomalous oxide nickel at the top of fresh rock. The intercept, 20m at 0.39% Ni including 4m at 0.63% Ni, terminated in anomalism.

Based on these results, an additional hole was drilled to the east of the first hole in the Phase 2 air core program, to determine if any sulphur, associated with the nickel, was present below this zone. Preliminary modelling of the recent Heli- EM data suggests conductivity below cover coincident with magnetic anomaly.