Peak Minerals Limited shared assay results from Phase 2 air core drill program. The program confirmed the presence of intrusions at Tal Val, Target C and Target B. At Target B, broad zones of highly encouraging nickel intercepts were identified below the regolith/fresh rock interface. One hole intersected a stringer of pyrrhotite and chalcopyrite mineralisation in fresh rock.

A previously unidentified, highly conductive body has been modelled from the Helicopter-Borne Electromagnetics (Heli-EM) 250m below surface. Logged ultramafic lithologies are associated with nickel anomalism and occur above the EM anomaly. Identifying conductors in electromagnetics is a key step in the detection of Ni-Cu mineralisation.

At Target C, a step out hole was completed to confirm highly anomalous Ni values from the Phase 1 program udertaken, such as 6m @ 0.56% Ni. The Phase 2 follow up hole intersected similar lithologies and nickel anomalism of 4m @ 0.52% Ni. Drilling at Tal Val confirms a complex system with peridotite, pyroxenite and gabbro present with zones of minor copper anomalism and elevated nickel values associated with pyroxenite.

1,810m of air core drilling was completed at Tal Val, Target B and Target C at the end of March. The program confirmed prospective geology and geochemistry at Target B, a magnetics anomaly completely covered by transported material. Two holes, GRAC0037 and GRAC0038, intersected broad zones of nickel anomalism from the saprolite through into fresh rock.

Sulphide mineralisation was not intersected, and the nickel anomalism is related to a greenish clay, likely nontronite in the saprolite which extends along fractures into fresh rock. Nickel bearing clays are often found as part of the alteration of high magnesium ultramafic lithologies in regolith or can also be found in the saprolite zone as part of a nickel laterite system. In GRAC0042, a small stringer of chalcopyrite and pyrrhotite mineralisation was intersected.