Peako Limited (ASX: PKO, Peako) is pleased to advise the commencement of its 2021 field campaign at its East Kimberley gold-copper project.

Peako's team have mobilised to the project area and are undertaking final target ground validation and preparatory work for our Phase 1 aircore program which is scheduled to commence in May 2021.

Peako has defined 29 highly prospective drilling targets across nine prospect areas on its Eastman (E80/4990) tenement for final field checking before subsequent drill testing.

The prospects have been defined using our extensive data library integrated with 2020 field work and newly acquired spectral imagery data suites. Targets incorporate a range of encouraging geological features including anomalous gold geochemistry (soil, rock, drilling), geophysics (VTEM, magnetics), prospective structure, as well as encouraging satellite spectral imagery alteration indicators.

The first phase of our 2021 field campaign incorporates field checking validation, and tightening of target zones, to be followed by initial aircore drilling of the prioritised targets, scheduled to commence in May 2021. Drill testing of between 6,000m to 8,000m will be spread across priority targets with nominal line spacings between 100m to 200m.

Subsequent RC drilling is planned for later in the field season to test new and existing high priority targets where historic datasets have defined 'walk up' drill-ready targets as well as targets with encouraging aircore results from the May aircore program.

Peako's 2021 aircore and RC drilling activities are supported by two Western Australian Government Exploration Incentive Scheme (EIS) co-funded drilling grants totalling $320,000. The Round 21 EIS grant is for an amount of$150,000 for 50% of direct drilling costs incurred prior to 30 June 2021. The Round 22 grant is for a further $150,000 amount for 50% of direct drilling costs incurred prior to 31 December 2021, as well as up to $20,000 towards mobilisation costs.

Contact:

Rae Clark

Tel: +61 3 8610 4702

Email: info@peako.com.au

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