Peak Minerals Limited advised that the co-funded drilling program at the Earaheedy Project, utilising the $132,000 EIS grant, is now complete. The Company completed two diamond holes under the EIS program and an additional RC hole to follow up a previous intersection of 3m of 1.5% Cu from 86m drilled by Peak in 2021. The two diamond holes were drilled to test mineralisation models, faults and stratigraphy.

Understanding the stratigraphic, mineralisation relationships and alteration at Earaheedy are pivotal to unlocking value and moving the project forward. The program was designed to provide further understanding on faults (potential fluid conduits) and the elevated Cu, Ni, Co, Zn, Pb and S values in an extensive (1.1km x 2.0km) blanket. The first diamond drill hole targeted a VTEM anomaly proximal to the previously identified copper blanket, testing the depth to basement and mineralisation potential proximal to faults.

The second diamond drill hole was designed to test the conceptual mineralisation model, targeting the interpreted footwall contact between the ferruginous siltstones and underlying dolomites. VTEM anomalies and geochemical anomalies were used to guide the second hole's position. With the drill rig on site and having successfully completed the diamond holes, the Company took the opportunity to add an RC hole to the program to follow up on the 2021 intersection of 3m of 1.5% Cu from 86m, which ended in mineralisation.

Samples are being sent for assaying, with results expected in second quarter, 2023.