Peak Minerals Ltd. announced the commencement of RC and diamond drill program as outlined by staged exploration strategy at Green Rocks Project. The program will commence with approximately 2,100m of RC drilling to intercept shallow targets between a depth of 300 - 375m, particularly at Target B. The holes are also targeting prospective geology and geochemical anomalies found during air core drilling and EM surveys at Rixon and Lady Alma. The holes will be surveyed using DHEM to further resolve conductors, particularly those picked up by Moving Loop Electromagnetics (MLEM).

The second phase of the program is planned to drill 2,600m of diamond holes. The program should be completed in late August 2022 to allow time in between the RC and diamond program for further DHEM surveying and assessment of shallow drilling. Rixon: Rixon is a key target area for Peak where high-grade Cu mineralisation has been sampled over the last year and previous rock chip programs returned1: 49 samples > 1% Cu of which 17 samples were >5% Cu and 6 samples were >10% Cu; 4 rock chip samples identified Ni in sulphide (0.81%, 0.51%, 0.39% and 0.34%).

These mineralised samples sit over VTEM and Heli-EM anomalies, MLEM has since followed up these anomalies and processing of this data is nearly complete. Lady Alma: Drilling in 2021 competed at Lady Alma resulted in the intersection of magmatic sulphides throughout both holes drilled there. Drill intercepts showed a pentlandite-chalcopyrite-pyrrhotite magmatic system with intersections returning2: 0.13m at 4.95% Cu, 0.70% Ni; 0.2m at 4.18% Cu, 0.15% Ni; 0.2m at 1.86% Cu, 0.12% Ni; 0.3m at 0.17% Cu, 0.46% Ni.

This current program will further test Lady Alma, following up newly defined targets from MLEM and geological mapping. Target B: Target B is part of an earn-in agreement with Taruga Minerals Limited where Peak has the option to acquire up to 80% of tenement E51/1832. Target B was initially interpreted by Peak geologists as an intrusion from magnetics, potentially part of the Lady Alma Igneous Complex.

The Heli-EM survey has identified an isolated conductive feature of similar size to this interpreted intrusion. Geophysical inversion provided a target approximately 500m x 300m at a depth of 250m. The RC program will target the shallow conductive volume along plunge with further refinement of targets planned based on the MLEM survey results3.

Geology: The current Rixon/Lady Alma model developed by Peak suggests that shortly after deposition of the greenstone belt, a series of nearly contemporaneous pulses of magma shot along faults from a larger magmatic source. The Company believes this to be the primary source of mineralisation. Lithogeochemistry clearly defines prospective gabbro-peridotite intrusives from the surrounding greenstone belt.

Higher (>5% Cu) values showed circular or grouped patterns possibly associated with individual intrusions. This evidence, with reprocessed legacy VTEM data and recent Heli-EM data supports the conceptual model where mineralised intrusives exploit existing structures as apophyses from a magmatic sourcegeo. Additionally, mapping and lithogeochemistry have highlighted the significance of a magnetite-rich zone which often surrounds prospective intrusions.