Peako Limited provided an update on its 4,500m RC drilling program at the Eastman PGE Project in the Kimberley region of Western Australia. Nineteen RC drill holes for 2,448m have been completed to date to test PGE endowment across the ultramafic stratigraphy at the Eastman PGE Project. Commencing in the east of the Eastman Intrusion, nine wide-spaced drill fences have now been drilled across four prospects: one drill fence across `The Gap'; four drill fences across `Grand Central'; one drill fence across `Louisa'; and four drill fences across `Louisa South' All of these prospects are coincident with both historically defined VTEM anomalies and soil geochemistry anomalies in Pt, Pd and Au.

Peako's 4,500m RC drill program was designed as a first-pass test of PGE endowment across the ultramafic stratigraphy along the Eastman Intrusion's 16.5km strike length where historical data and anomalous PGE intercepts indicate an extensive PGE-mineralised system. Visual observations of the RC drill chips from 19 RC drill holes confirm the occurrence of ultramafic-mafic sequence at all prospects drilled to date and together with historical intercepts support the potential for PGE mineralisation. Drill holes have intersected the targeted mafic and ultramafic horizons within the intrusive complex.

Disseminated chromite horizons together with minor disseminated sulphides up to 5% (Pyrite, Pyrrhotite, & Chalcopyrite) have been visually observed in some locations within the ultramafic rock units. The first batch of samples have been submitted to Intertek Genalysis in Perth for laboratory analysis with further samples to be dispatched shortly. First assay results are anticipated in 5 to 7 weeks.

The drilling program is continuing with the remaining drill fences across the western extensions of the Eastman Intrusion anticipated to be completed by the end of August. A tectonostratigraphic architectural study was recently completed and provides a powerful framework to direct drill testing of the PGE-endowment of the Eastman Intrusive Complex. This study has highlighted the associations between carbonate units within the Koongie Park Formation and emplacement of the PGE-bearing ultramafic complex.

In addition, the stratigraphic framework has identified the occurrence of multiple ultramafic horizons, many having open to isoclinal fold forms associated with thickness variations across the ultramafic intrusions.