East Kimberley Western Australia platinum group element (PGE) focused explorer, Peako Limited (ASX: PKO) has received Nickel Sulphide (NiS) fire assay results from a selection of 2022 drilling intervals at the Eastman PGE Project.
These results confirm the presence of the six rare PGE elements including both high-value Rhodium and Iridium, increasing the total PGE grade for those drilling intervals that were analyzed by NiS fire assay.
“I am delighted to confirm that NiS assays of the significant intercepts identified across three prospects in our 2022 drill programme at the Eastman PGE Project continue to highlight the significant value-add of minor platinum-group elements, particularly the high-value elements Rhodium and Iridium,” Executive Director, Rae Clark, said.
“These drill results, in conjunction with the ongoing mineralogical studies at ANU, are assisting our understanding of the specific metal distributions and sulphide associations within these high-grade PGE areas.”
NiS Fire Assay Analysis from Phase 2 RC drill samples
A total of 69 samples were selected from significant intercepts from three prospects (Brumby, Louisa, The Gap) and submitted for further analysis using the NiS fire assay method that allows for the analysis of all PGEs (Platinum, Palladium, Rhodium, Iridium, Ruthenium and Osmium), as well as gold.
NiS assay results confirmed the presence of all six PGE elements, including high-value Rhodium and Iridium.
Rhodium and Iridium are both rare and valuable metals. As of 24 March 2023, the price of Rhodium is US$8,500/oz, whilst the price for Iridium is approximately US$4,600/oz.
Rhodium and Iridium add approximately 4% to the PGE grade. However, due to their high prices they increase the indicative 5E2 economic value of mineralization, or ‘5E basket price’, by approximately 17% (5% Iridium and 12% Rhodium).
The NiS fire assays also confirm that the PGE metals at the Eastman PGE Project are dominated by the higher valued palladium relative to platinum, with palladium making up approximately 60% of the total PGEs + Au whereas platinum only makes up slightly less than 25% of total PGEs + Au
Significant intercepts from the Phase 2 drilling, updated for NiS results, are: 30m @1.45g/t PdEq (1.01g/t 5E) from 48m; 14m @1.50g/t PdEq (1.1g/t 5E) from 70m; 8.0m @1.35g/t PdEq (0.75g/t 5E) from 46m 9.0m @1.23g/t PdEq (0.76g/t 5E) from 66m
Eastman PGE Mineral Resource Potential
Peako’s 2022 drill program comprised two campaigns. Phase 1 drilling provided first pass wide- spaced testing across the ultramafic stratigraphy along the complete 16.5km strike of the Eastman Intrusive Complex.
Peako’s Phase 2 step-out drilling programme aimed at testing PGE mineralization along strike from encouraging PGE intercepts at three prospects (The Gap, Brumby and Louisa). Phase 2 results provided further confidence in the potential of the Eastman Project, in particular highlighting the potential of the Brumby Prospect and surrounds to host a significant PGE mineral resource.
The Brumby Prospect and surrounding area will be the primary focus for Peako in the coming field season due to the consistently high-grade results, which remain open in all directions. Peako has planned a step-out Reverse Circulation (RC) drill programme at Brumby.
In conjunction with the RC programme, a diamond drilling programme has been designed to provide important geological and structural data to help the company better understand the Eastman Intrusive.
The diamond drilling programme will be co-funded by the WA government via a grant from the Exploration Incentive Scheme (EIS), which will contribute up to 50% of direct costs incurred for drilling.
For further information please visit: https://www.peako.com.au/
