Peako Limited (ASX: PKO) is pleased to advise that it has been awarded a $131,000 Western Australian Government Exploration Incentive Scheme ('EIS') grant to co-fund further exploration drilling at its Landrigan Copper-Gold Project in the East Kimberley.

The EIS grant is for an amount of $131,931, structured as a contribution towards 50% of direct drilling costs. This grant follows an earlier EIS grant of $150,000 announced on 23 May 2019, which supported the 2,398m RC drilling program Peako completed last month at its Eastman and Landrigan prospects.

As reported on 8 October 2019, Peako drilled a total of 15 holes across its Eastman and Landrigan prospects. Each drill hole was sampled along the entire hole length at 1m intervals with a nominally 4m composite generated for assay. Based on visual geological logging, zones of interest are to be assayed at 1m intervals. Assay samples are at ALS Laboratory in Perth and results are pending.

Peako's work to date suggests that the distribution of sulphides and alteration at Landrigan potentially occur within a structural corridor. Peako proposes to use diamond drill core to increase its understanding of these structural controls to the development of sulphide and alteration at Landrigan.

Peako has designed a diamond drill program to identify structural and lithological constraints on the occurrence of base metal sulphide and gold mineralisation at Landrigan.

Peako Chairman Mr Geoff Albers commented 'We are excited to have been awarded a further EIS grant to progress exploration drilling at Landrigan prospect. We thank the Western Australian government and DMIRS for their continued investment in exploration in the State generally and in our East Kimberly exploration project, in particular.'

Contact:

Rae Clark

Tel: +61 3 8610 4702

Email: info@peako.com.au

(C) 2019 Electronic News Publishing, source ENP Newswire