Earaheedy - Western Australia

Project Overview

The Earaheedy Project is located 28km southeast of Degrussa Copper-gold Mine. The tenure comprises the western extremity of the Earaheedy basin and consists of the Cork Tree and Merah Prospects. Rumble Resources (ASX: RTR) are currently drilling out their Chinook Pb-Zn-Ag deposit approximately 80km to the east within the same basin.

The Cork Tree Prospect was discovered by WMC (BHP) in the 1970’s. Historic diamond drilling completed by CRA, see ASX release dated 21 September 2020 - Option to acquire highly prospective copper portfolio in WA and Equity Placement to raise $2,000,000, intersected quartz-sulphide veins with anomalous copper (see Figure below).  In 2021, Peak geologists prospected the Earaheedy Project and came across a previously unidentified ironstone gossan 800m south of the original discovery 50 years ago. This reinvigorated interest and Peak is challenging the exploration strategy that had previously been defined years before.

The Model

Based on the available historic data, the secondary copper on surface is interpreted to have migrated up basin structures (growth faults) and created copper rich silica caps on surface. The lack of anomalous Pb, Zn and Ag suggests that the western part of the Earaheedy basin is closer to this interpreted heat source, where copper mineralisation will precipitate. The Pb, Zn and Ag minearlisation stays in solution for longer and travels along planes of stratigraphic weakness forming away from this heat source (see Figures below).

Mineralisation

The primary source of the widespread secondary copper mineralisation is currently unknown but is interpreted to be related to the Sweetwaters Well Member of the Yelma Formation (see interpreted geology figure above). The secondary copper mineralisation occurs in pockets associated with quartz ironstone identified as the overlying Frere Formation. This mineralisation is focused along faults interpreted from the detailed gravity acquired by the Company in February 2021.

Recent Activities

Peak completed a 1750 m air core program in June 2021, holes were designed to confirm existing mineralisation and follow up on a gossan located one kilometer to the south of Cork Tree copper blanket. Drillhole EHAC0012 intersected mineralisation from 86 to 89m depth, this extended mineralisation over 1km to the south from historic drilling (see Earaheedy Rock Chip and Drill Collar Locations Figure above). Mineralisation consists of malachite within quartz and ironstone. This drillhole terminated in mineralisation, due to the capability of the rig, and the hole will have to be extended in a future drill program.