Peak Minerals Shares Rise On Uranium, Rutile Acquisitions In Cameroon

Peak Minerals Ltd (ASX:PUA) shares surged after signing deals to acquire 80% of the Kitongo and Lolo Uranium Projects and the Minta Rutile Project in Cameroon, West Africa.

The move was welcomed by investors, with Peak shares rising 33% higher intra-day to A$0.004.

Kitongo and Lolo

Kitongo and Lolo Uranium Projects are comprised of six exploration permits covering an area of ~2,400 square kilometres.

These include the areas previously held by Mega Uranium Ltd (TSX:MGA) and actively explored until 2011.

Minta Rutile Project

The Minta Rutile Project comprises 8,800 square kilometres on which reconnaissance drilling and grab samples have identified high-grade rutile and zircon results, including:

  • Rutile grades up to 64.02% from auger drilling undertaken in 2023; and
  • Zircon grades up to 30.62% from grab samples taken in 2022.

A$1.7 million capital raise

In connection with the acquisition, Peak will raise up to A$1.7 million by way of a placement to strategic investors together with a rights issue to existing eligible shareholders.

Peak Non-Executive Chairman Robert Boston said: “The proposed acquisitions are an exciting step for the company, bringing the highly prospective Kitongo and Lolo Uranium Projects, along with the multi-commodity exploration potential of the Minta Rutile Project, to Peak.

 “At a time where minerals such as uranium and titanium are shown to be in a long-term structural deficit, these projects position Peak to potentially make substantial discoveries, leveraging historical exploration work and data already available on the projects.”

Next Steps

Following the completion of the acquisition, Peak will undertake further due diligence on the Kitongo and Lolo Projects.

This will include compilation and analysis of all available historical data and preliminary exploration work at the project sites.

Based on the results of the due diligence, an initial exploration program will be prepared.

Emphasis of the first phase of exploration will be made on the detailed geological mapping of the defined exploration targets, which will be coupled with ground radiometric survey and geochemical exploration, including rock chip and soil sampling, forming a basis for defining potential drill targets.

  

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