Peak Minerals Initiates 3,500 km² Drilling Program After 80% Stake Acquisition
Peak Minerals has secured an 80% stake in key uranium and rutile projects in Cameroon and launched a significant drilling campaign at the Minta Rutile Project, marking a pivotal step in its exploration strategy.
- Acquisition of 80% interest in Kitongo and Lolo Uranium Projects and Minta Rutile Project
- Initiation of a low-cost, high-impact auger drilling program over 3,500 km² at Minta
- Visible rutile identified in initial grab samples supporting exploration model
- Historical uranium results at Kitongo and Lolo require confirmation through new drilling
- Ongoing exploration activities in Western Australia and Victoria alongside African projects
Strategic Acquisition Bolsters Peak Minerals’ African Portfolio
In a decisive move to expand its resource base, Peak Minerals Limited (ASX: PUA) has completed the acquisition of an 80% interest in three significant projects in Cameroon: the Kitongo and Lolo Uranium Projects and the Minta Rutile Project. This acquisition, announced in the December 2024 quarter, positions Peak as a key player in the under-explored mineral provinces of West Africa, with a combined landholding of approximately 11,200 km².
The Kitongo and Lolo projects, historically explored with promising uranium mineralisation indications dating back to the 1950s and more recently by Mega Uranium Ltd, present a compelling opportunity despite the need for verification of historical drill results. Meanwhile, the Minta Rutile Project offers exposure to heavy mineral sands (HMS) including rutile, zircon, rare earth elements, and gold, with a substantial granted permit area of around 8,800 km².
Drilling Program Underway at Minta Rutile Project
Following a site visit by Peak’s competent person, Richard Stockwell, an industry expert in HMS projects, the company has commenced a maiden auger drilling program targeting high-priority zones across 3,500 km² of the Minta Project. Early grab sampling has revealed visible rutile in both alluvial and residual soils, reinforcing the exploration model that suggests a rutile-enriched mineral province.
The drilling campaign, staged with Dormer rig teams, aims to delineate the grade and extent of rutile mineralisation, with initial samples already submitted for laboratory analysis. Results are anticipated in the first quarter of 2025, which will be critical in validating the project's economic potential.
Uranium Projects Await Confirmation Drilling
While the Kitongo and Lolo Uranium Projects have a rich exploration history, Peak Minerals acknowledges that historical data lacks the rigorous quality control standards required for definitive resource estimation. The company plans to undertake confirmation drilling and further exploration to substantiate the presence and extent of uranium mineralisation. This cautious approach underscores the company’s commitment to robust, data-driven project development.
Complementary Australian Exploration Activities
Peak Minerals is also advancing exploration in Australia, with preliminary soil sampling underway at the Green Rocks Project in Western Australia and ongoing desktop studies at the Yendon Kaolin Project in Victoria. These activities complement the company’s African ventures, diversifying its portfolio and potential revenue streams.
Corporate and Financial Position
The quarter saw the appointment of Phillip Gallagher, a seasoned West African exploration executive, to the board, enhancing Peak’s regional expertise. Financially, the company reported a cash balance of $882,000 at quarter-end, with exploration expenditure of approximately $337,000 focused on the Minta and Green Rocks projects. The board remains confident in securing additional funding as needed to sustain and expand exploration efforts.
Bottom Line?
Peak Minerals’ strategic acquisitions and active drilling programs set the stage for a potentially transformative year, with upcoming assay results poised to shape its exploration trajectory.
Questions in the middle?
- What will the initial assay results from the Minta Rutile Project reveal about rutile grades and mineralisation extent?
- How will Peak Minerals validate and build upon the historical uranium data at Kitongo and Lolo through new drilling?
- What financing strategies will Peak employ to support ongoing exploration and potential development phases?
