Peak Minerals Limited undertook a reverse circulation (RC) drilling program at the Lady Alma, Rixon and Target B prospects on the Company's 100% owned Green Rocks Project, Western Australia. The program was designed to follow up on geophysical anomalies and test favorable geology. At Rixon, GRRC004 tested a weakly conductive modelled EM plate.

The hole intersected 1m of elevated Pt, Pd and Au totaling 0.82g/t 3E1 with 0.54% Cu and 0.10% Co. This is the first occurrence of Pt-Pd-Co in the Lady Alma Igneous Complex (LAIC). GRRC006, which was drilled west from Rixon towards Lady Alma and ended in 15m at 0.29 g/t 3E, including 4m at 0.52g/t 3E, will be extended with a diamond tail.

This second intersection of Pt-Pd-Au further highlights the Cu-Ni-PGE potential of the LAIC. At Lady Alma, a moderate conductor was tested to the north-west of the 2021 diamond drilling program (which includes high-grade intersections of 0.13m at 4.95% Cu and 0.70% Ni and 0.20m at 4.18% Cu and 0.16% Ni2). Disseminated copper mineralisation was seen throughout the hole with intersections from 35m of 3m at 0.68% Cu, including 1m at 1.14% Cu, and from 214m of 1m at 1.06% Cu.

Anomalous copper values over 150m confirmed the logging of disseminated mineralisation, which could be mapping the top of more massive mineralisation. GRRC002 intersected 8m at 0.75g/t Au, including 4m at 1.09g/t Au. This intersection occurred within a gabbroic intrusion and was associated with unusually high sulphur.

The Company is also pleased to announce that is a successful applicant in the Western Australian Government's Exploration Incentive Scheme (EIS) and has been awarded a $180,000 grant which will be used to: follow up the link between Rixon and Copper Hills; test magmatic sulphides seen in historic Copper Hills core; and test deeper anomalies picked up in VTEM and Heli-EM surveys. Between October 2021 and June 2022, a staged exploration program commenced at the Green Rocks Project, 35km south-east of Meekatharra, to investigate the prospectivity of the LAIC. With positive chemistry and geophysical results, the Company continued with a detailed Moving Loop Electromagnetic (MLEM) survey in May 2022.

The survey was completed over the Target B, Rixon and Lady Alma prospects based on anomalies identified from Heli-EM and VTEM data. At Rixon and Target B, the MLEM identified several weakly conductive bodies and, at Lady Alma, a moderately conductive (1200 Siemen) plate was modelled. It is not unusual for a magmatic sulphide target to have a limited or low EM response because of depth to more massive targets, but weak conductors may indicate alteration or disseminated mineralisation proximal to or associated with massive mineralisation.

When the geology and chemistry is right, weak and moderately conductive anomalies should be followed up. In June 2022, the RC drill program was completed with the holes designed to test shallow targets identified from the EM surveys completed. The RC drilling is the precursor to a planned diamond drilling program as part of the staged exploration strategy at its Green Rocks Project.

Three of the holes were surveyed using Downhole Electromagnetics (DHEM) to further resolve conductors and help guide planned diamond drilling (one hole at Target B, one hole at Lady Alma and one hole at Rixon). The surveyed holes didn't show clear off hole conductors. The holes also targeted prospective geology and geochemical anomalies delineated from mapping, air core drilling and EM surveys.

Weak, disseminated mineralisation was identified in all holes. At Rixon, MLEM identified several weakly conductive plates. Disseminated copper mineralisation was intersected in GRRC004 above the expected depth with the assays results showing impressive platinum, palladium and gold (1m of elevated Pt, Pd and Au totaling 0.82g/t 3E, 0.54% Cu and 0.10% Co).

These values have not been encountered in the LAIC before. The hole was drilled entirely within the Rixon ultramafic intrusion which averaged 35% MgO with zones up to 45% MgO and Cr up to 1.67%. GRRC006 was planned to test the geology interpretation along the prospective mantle tapping structure between Rixon and Lady Alma.

The hole intersected an even wider zone of elevated values, 15m at 0.29 g/t 3E, including 4m at 0.52g/t 3E within gabbroic rocks accompanied by anomalous Cu, Co and Ag. The plan is to deepen this hole with diamond drilling. At Lady Alma, a moderate conductor was tested to the north-west of historical copper intersections.

This includes the high-grade veining in CHRD005B-W1, 0.13m at 4.95% Cu and 0.70% Ni, thought to be exogenic veining. Disseminated copper mineralisation was seen throughout the hole with an intercept from 35m of 3m at 0.68% Cu, including 1m at 1.14% Cu. Low grade Cu assays were seen through much of the hole and could indicate the top part of a mineralized system.

Follow up testing will test towards the north into the prospective fluid tapping structure. To follow up the 2D inversion of the Heli-EM data and positive air core drilling results, a MLEM was commissioned over the area. During the survey, the crew picked up an additional line to the north with the suggestion that the conductive body might be plunging to the north.

The processing results of the MLEM, showed two weakly conductive plates dipping towards the east and provided suitable targets for RC drilling. Drilling at Target B confirmed similar lithologies to Rixon, extending the footprint of the LAIC. The overall geology at Target B is peridotite to pyroxenite with thinner, mineralised apophyses of gabbro within the ultramafic observed.

The drilled EM plates correlate to increases of sulphur and nickel. The gabbro intrusives show higher sulphur values than the ultramafics; these increases in sulphur could be the cause of the disseminated mineralisation (logged as pyrrhotite) seen in rock chips. All disseminated mineralisation intersected at Target B is related to the gabbro/pyroxenitic contact zones.

Gold was intersected over 8m from 364m to 372m at 0.70g/t Au, including 4m at 1.10g/t Au. During December 2020, Peak completed a RC drill program on the Copper Hills area with the goals of investigating historical copper and nickel grades along the footwall shear zone and determining whether some was of magmatic origin, which was identified in historical diamond core. Previous exploration had defined a 3km prospective corridor from a combination of drilling, geochemistry, EM geophysics and historical mine workings.

Significant historical drilling results include: 101.72m at 0.46% Cu and 0.25g/t Au from 62m; 63m at 0.74% Cu from surface, including: 13.7m at 0.95% Cu; and 12.5m at 1.45% Cu.