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Peako secures 60% option on polymetallic Eastman property

Peako Ltd. secured a right to earn a 60% interest in the 221.2-square-kilometer Eastman property in Western Australia from Sandrib Pty. Ltd.

The company said Nov. 22 that it will target volcanogenic massive sulfide-type copper-zinc-lead-silver-gold mineralization as well as mafic-ultramafic-type nickel-copper-platinum group metals mineralization at the project.

Peako must spend A$668,000 within four years to earn the 60% stake, including A$68,000 in the first year of the agreement. The company will act as project manager during the earn-in period, after which a joint venture will be established.

The company is planning a geophysical survey of two identified prospects — Eastman and Landrigan — in early 2018 to delineate drill targets.