Confirmation of Copper Mineralisation at Kimberley Projects

ASX ANNOUNCEMENT ASX Codes: PUA, PUAOD10 November 2021

	Confirmation of Copper Mineralisation at Three Kimberley
		Projects
onlyHIGHLIGHTS
use	• Three gossans were identified at McGowan, associated with an interpreted
mafic intrusion measuring 8.0km by 3.4km in size. 115 Rock chips were
	collected across this magnetics feature and multi-element assay analyses
	were completed.
personal	• Gossan A, covering an area 70m by 35m of gabbroic origin:
o 22.10% Cu, 3.08g/t Au and 35.00 g/t Ag
o	2.58% Cu, 1.41g/t Ag, 0.03% Pb, 0.02% Zn
	o	9.37% Cu, 4.07g/t Au and 91.70g/t Ag
	o 7.87% Cu, 4.23g/t Au and 29.00g/t Ag
	o	Additional copper grades at this gossan include: 12.55% Cu 9.88% Cu
		and 5.13% Cu.
	• The two additional gossans, located approximately 1.4km NE of Gossan A,
	demonstrated further potential including:
	o 10.65% Cu, 9.13% Cu, 8.98% Cu and 6.47% Cu
	• Rock chip samples from Deadhorse Project showed encouraging anomalism
	in an underexplored area, particularly:
For	o 0.27% Cu, 24.3 g/t Ag, 1.39% Pb, 1.99% Zn

• Historic Ni-Cu soil anomaly confirmed at Lamboo over corresponding AEM and magnetics feature.

o 0.84% Ni, 0.27% Cu

• Reprocessing of AEM and magnetics as well as evaluation of geochemical anomalism on the projects will guide the confirmed July 2022 field program.

Peak Minerals Limited

Registered Office: Level 4, 100 Albert Road, South Melbourne VIC 3205

Email: [e-mail]

ACN: 072 692 365

www.peakminerals.com.au

For personal use only

Peak Minerals Limited (ASX: PUA) (Peak or the Company) is pleased to provide this update to the market on the McGowan, Deadhorse and Lamboo projects in the Kimberley (Figure 1).

Peak's CEO Jennifer Neild says of the results, "We are excited about the potential of these underexplored assets. The high copper values at McGowan are particularly encouraging and require more detailed geophysical assessment and drilling to define the source of the copper. The geochemistry at Deadhorse and Lamboo is helping us define the exploration models with more confidence and allowing us to vector in on target areas. I'm pleased that Peak now has a plan and the resources to progress these projects."

Figure 1. Kimberley project areas, stars beside the reporting values

McGowan Project

For personal use only

• 48 rock chips were collected, many of the samples were gabbro and thought to be a part of the Lamboo Intrusion, defined by historic field mapping and geophysics (Figure 3). The intrusion has been structurally deformed and this complexity is likely why it is underexplored. Figure 4 shows the detail of these rock chip assay results.
• 6 samples, define a gossan zone that is 70m by 35m over an isolated, circular magnetic feature (see Figure 2 and Figure 3).
• Samples with high Au and Ag are thought to represent a hydrothermal overprint.
• Drilling by Northern Star reported 6m at 0.6% Cu and 0.36 g/t Au from surface in the area (see ASX release Option to acquire highly prospective copper portfolio in WA and Equity Placement to raise $2,000,000 on 21 September 2020). This drilling is at the edge of the gossan and have not tested any extent below 6m.

Figure 2. Showing the McGowan gossan which showed high Cu assay values from rock chips

orF ersonalp use only

Figure 3. Magnetic RTP-TMI tilt at McGowan showing the location of the rock chip samples. The length of the tear drop shaped, intrusion is 8.0km. See Figure 4 for detail.

Figure 4. Close up of Gossans A, B and C. Magnetic RTP-TMI tilt at McGowan showing the location of the rock chip samples.

Lamboo Project

only	• A total of 14 rock chip samples were collected at the Lamboo Project (see Figure 5).
• The project is underlain by mafic-ultramafic intrusives associated with the Lamboo Intrusive
Complex, similar to McGowan Project.
• Historic exploration has identified a large coincident Ni-Cu soil anomaly that strikes over
900m and is greater than 350m wide.
use	• The potential for a nickel-copper sulphide target is supported by:
	▪	Ni-Cu soil anomalism
		▪	Mapped ultramafic lithologies,
		▪ Nickel laterite on surface (Sample with 0.83% Ni) and
		▪ Geophysical features in magnetics
	• The south-central portion of the tenement is difficult to assess and sample due to the 'black
	soils' covering much of the area. These soils impeded the effectiveness of the soil
For personal	geochemistry surveys and thus the true potential of the area that is yet to be realised.

Figure 5. Ni/Cu soil anomaly map over RTP TMI 1VD showing location of surface samples. Note KSS00126 is the red dot in the centre of the soil anomaly.