Drilling Program Commences at Green Rocks

Peak Minerals Ltd (ASX: PUA) (Peak or the Company) is pleased to announce the commencement of our RC and diamond drill program as outlined by our staged exploration strategy at our Green Rocks Project (Figure 2). The program will commence with approximately 2,100m of RC drilling (Figure 1) to intercept shallow targets between a depth of 300 - 375m, particularly at Target B. The holes are also targeting prospective geology and geochemical anomalies found during air core drilling and EM surveys at Rixon and Lady Alma. The holes will be surveyed using DHEM to further resolve conductors, particularly those picked up by Moving Loop Electromagnetics (MLEM).

Highlights

• Peak Minerals Ltd has commenced its RC and diamond drill program at its Greens Rocks Project at Rixon, Lady Alma and Target B prospects
• The first phase commences with 2,100m of reverse circulation (RC) drilling to:
  • Drill test shallow targets <350m depth; and
  • To collar deeper holes which will be completed with diamond tails
• Downhole Electromagnetic (DHEM) data will also be acquired in RC holes during this time
• The second phase includes 2,600m of diamond drilling
• The two phase exploration program should be completed by August 2022

Figure 1. Picture of RC rig at Target B drilling first hole.

Peak’s CEO, Jennifer Neild commented:

“We’re excited to move the Green Rocks story forward with drilling. The theory that there are mafic- ultramafic intrusions proved to be right. We know there is associated sulphides from the Lady Alma core. There is a sulphur enriched magmatic source that fed the Rixon, Lady Alma and Copper Hills area based on drilling completed in 2021. We also know that traditional sulphide systems can be quite narrow such as those at Eagle’s Nest (Noront) and the Copper Cliff Offset Dike (Vale). It is this reason that we have been working through the mounting evidence that we are in a highly prospective area. It is time to drill, to get more information and the ultimate goal to hit mineralisation.”

Figure 2. Explanation of stage exploration plan. Currently in Q2 in drill test phase.

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