Peako Ltd Acquires Gold Projects in Saudi Arabia
Key points
- Acquired six gold exploration projects in Saudi Arabia covering 862km²
- Projects located near major gold mines with high-grade intercepts
- Commenced mapping and rock-chip sampling programs
- Raised $5.17 million through a capital raising
- Appointed Strategic Adviser with Saudi Arabia experience
Full summary
Peako Limited, an ASX-listed mineral exploration company, has announced the acquisition of a portfolio of gold exploration projects in the Kingdom of Saudi Arabia (KSA). The projects cover approximately 862km² in the Central Arabian Gold Region, with all projects located within 65km of major gold mines. The acquisition includes three priority prospects with significant high-grade intercepts. Geological mapping and rock-chip sampling programs have been initiated, with assays pending. A capital raising of up to $5.17 million was completed to fund the acquisition and exploration activities. Johan van Vuuren has been appointed as Strategic Adviser, bringing extensive experience in Saudi Arabia's mining sector.
Guidance
None
Outlook
Peako expects to commence RC drilling in September to test high-priority targets, generating a robust pipeline of catalyst events.
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