PUA: Drilling Program Commences at Green Rocks

only	ASX ANNOUNCEMENT	ASX Codes: PUA, PUAOD	9 June 2022
	Drilling Program Commences at Green Rocks

Highlights

• Peak Minerals Ltd has commenced its RC and diamond drill program at its Greens Rocks

	Project at Rixon, Lady Alma and Target B prospects
	• The first phase commences with 2,100m of reverse circulation (RC) drilling to:
use	o Drill test shallow targets <350m depth; and
o To collar deeper holes which will be completed with diamond tails
• Downhole Electromagnetic (DHEM) data will also be acquired in RC holes during this time
	• The second phase includes 2,600m of diamond drilling
	• The two phase exploration program should be completed by August 2022
personalbe completed in late August 2022 to allow time in between the RC and diamond program for

Peak Minerals Ltd (ASX: PUA) (Peak or the Company) is pleased to announce the commencement f our RC and diamond drill program as outlined by our staged exploration strategy at our Green Rocks Project (Figure 2). The program will commence with approximately 2,100m of RC drilling (Figure 1) 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

further DHEM surveying and assessment of shallow drilling. For

Peak Minerals Limited

Registered Office: Level 1, Suite 23, 513 Hay St, Subiaco WA 6008

Email: [e-mail]

ACN: 072 692 365

www.peakminerals.com.au

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personalFigure 1. Picture of RC rig at Target B drilling first hole.

Peak's CEO, Jennifer Neild commented:

"We're excited to move the Green Rocks story forward with drilling. The theory that there are mafic- ultramafic intrusions proved to be right. We know there is associated sulphides from the Lady Alma core. There is a sulphur enriched magmatic source that fed the Rixon, Lady Alma and Copper Hills area based on drilling completed in 2021. We also know that traditional sulphide systems can be quite narrow such

Foras those at Eagle's Nest (Noront) and the Copper Cliff Offset Dike (Vale). It is this reason that we have been working through the mounting evidence that we are in a highly prospective area. It is time to drill, to get more information and the ultimate goal to hit mineralisation."

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onlyuseFigure 2. Explanation of stage exploration plan. Currently in Q2 in drill test phase.

Targets

Rixon

Rixon is a key target area for Peak where high-grade Cu mineralisation has been sampled over the last year (Figure 3) and previous rock chip programs returned1:

1. 49 samples > 1% Cu of which 17 samples were >5% Cu and 6 samples were >10% Cu o 4 rock chip samples identified Ni in sulphide (0.81%, 0.51%, 0.39% and 0.34%)

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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 returning :

For	o 0.13m at 4.95% Cu, 0.70% Ni
o 0.2m at 4.18% Cu, 0.15% Ni
o	0.2m at 1.86% Cu, 0.12% Ni
o	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.

1. Refer ASX announcements dated 30 November 2021 and 2 March 2022 for further information.
2. Refer ASX announcement dated 18 March 2022 for further information.

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Figure 3. Interpreted Intrusions outlined in red dash lines. Mineralisation above 5% Cu show clustering of data at Rixon, Rinaldi and Lady Alma. Previous diamond and RC drilling completed by Peak in 2021.

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Target B

onlyTarget B is part of an earn-in agreement with Taruga Minerals Limited (ASX: TAR) 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 (Figure 4 and 5). The Heli-EMsurvey 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.

useThe RC program will target the shallow conductive volume along plunge with further refinement of targets planned based on the MLEM survey results3.

personalForFigure 4. Target B in the white box (left image) shows Peak Tenure; the right image shows the Heli-EM conductor and drilling recently c mpleted.

3 Refer ASX announcement dated 20 May 2022 for further information.

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