Peako Limited announced the completion of the Company's Phase 2 drilling campaign at its Eastman PGE Project, rounding out its fieldwork activities for 2022. The drilling campaign commenced in late October, focusing on three highly encouraging prospects within the Eastman PGE Intrusion; Brumby, Louisa and The Gap, which were highlighted as priority targets in Peako's Phase 1 campaign earlier this year. The drill program consisted of 15 reverse circulation (RC) drill holes for a total of 2,118m.

Drilling was designed as a step-out program aimed at testing continuity and defining higher- grade PGE mineralisation along strike from previous encouraging PGE intercepts. New drill fences stepped out between 100m and 300m from previous anomalous drill holes. Assay results from this Phase 2 program are expected in early 2023, ensuring the Company continues to be active in its off-field activities during the Kimberley wet season.

Step-out drilling at Brumby totalled 870m from six holes on four drill fences, testing approximately 300m of strike. The program was designed to test high-grade `reef zones' and wider PGE envelopes along this section of the ultramafic intrusives. Louisa is a central prospect in the eastern zone of the Eastman Intrusion Complex, with an approximate strike length of 1.3km.

The second phase of step-out drilling tested approximately 300m strike length of the target ultramafic unit and consisted of four RC holes for 582m. The target ultramafic unit at The Gap has a strike length of approximately 750m and is located at the eastern end of the Eastman PGE Project. Peako's Phase 2 program comprised of five holes at this prospect for 666m.