September 3, 2018

The Eastman Project

The Eastman Project is located 120 km southwest of Halls Creek, Western Australia.

Peako’s exploration program will explore and test for base metal mineralisation. The Eastman Project is located on Exploration Licence E80/4990, in which Peako is earning a 60% interest.

The Eastman Project lies within the southwest extension of the Central Zone of the East Kimberley province and close to the junction between the north-northeast trending Halls Creek Mobile Zone and the northwest trending King Leopold Mobile Zone.

Two styles of mineralisation have been the subject of discontinuous exploration during the past 50 years:

  • Disseminated, vein and stratabound copper-zinc-lead-silver and gold mineralization within metamorphosed felsic volcanics and sediments of the Koongie Park Formation; and

Nickel-copper-platinum group metals mineralization associated with multiple stacked chromite seams and chromite bearing ultramafic in the Upper and Lower ultramafic phases of the Eastman Bore (Sally Downs Gabbroic) layered intrusion

 

Mineralisation

In the past, exploration has been primarily guided by surface gossans and geochemistry and only the more significant geochemical anomalies have been tested by limited and wide-spaced drilling. Most previous exploration targeted the southeast quadrant of the tenement and numerous wide-spaced drill intercepts of strongly anomalous mineralisation have not been effectively explored. In the western part of the tenement geochemical and magnetic targets remain untested beneath extensive transported sand and gravel cover.

Notes:
Refer to the Company’s announcement dated 15 August 2018

Eastman Prospect

The Eastman prospect is defined by historic drill-hole intersections including 7m @ 50.58g/t Au, 35.2g/t Ag, 1.2% Cu, 2.3% Pb and 3.4% Zn. This oxidised copper-enriched zone of outcrop has been identified by geologists as being 25-50 metres wide and 300 metres long at the surface.  A shale horizon with inter-beds of banded iron-formation (the “southern BIF”) outcrops immediately to the north.  The Eastman prospect consists largely of layered sequences of disseminated sulphides which displays some of the characteristics of VMS base metal deposits, including distinctive patterns of metal zonation, the presence of magnesian alteration and an association with exhalative horizons (BIF, chert-carbonate rocks).  The mineralization remains open to the west. The morphology of the mineralisation is not well understood.

Landrigan Prospect

The Landrigan prospect is located where a BIF ridge is prominently displaced along an interpreted NW-SE fault. A number of locally ‘gossanous’ and malachite stained, silicified and talc-altered outcrops are present at the surface and initial interest was generated by an airborne electromagnetic anomaly.

It is defined by a single drillhole (EYD20) drilled by BHP in 1982 which was reported to intersect 9.6m at 2.7% Cu, 1.5% Zn, 0.3% Pb, 12.6 g/t Ag and 1.5 g/t Au associated with disseminated and minor semi-massive sulphides from 143.3 to 152.9m The interval from 176.7m to 177.05m returned 6.09% and 2.23% Mo and >0.5% Cu and Zn and 171 to 173.5m returned 0.81g/t Au and anomalous Cu-Zn.