PEK - Peak Resources

Anyone following this stock? Spread shareholding. How smart are the directors? Good strategies, strong and experienced operational management, and understanding of optimal funding mix are critical ingredients of successful mining juniors (cf Oxiana)- does Peak have these?

Couple of good recent announcements for PEK. Share price has not reacted and is down 20% today.

Ann 29/11 - large base metal footprint at Mt Vernon prospect including with anomalous rock chip samples including 6.5% pb.

Ann 27/11 shallow gold intercepts at Jenny Venn prospect, inc:
2m @ 11.52 g/t
2m @ 11.05 g/t
1m @ 15.31 g/t
1m @ 8.08 g/t

Further drilling will be undertaken to establish JORC to supplement Granny Venn open pit. Open pit mined 2000 when gold price $US 280 per ounce. Mining will be open pit and at low strip ratio. JORC to be delivered mid 2008.

They also have the Doolgunna prospect where SRF have found CIF iron ore mineralisation (see recent announcement). No mention of this in PEK announcement so this could only be seen as an excercise in 'nearology'.

Also have uranium and nickel tenements.

Background:

Shares 43,950,002
Options 25,925,001

Diluted market cap at 10.5 cps = $7.3.

Cash per Sep Quarterly less drilling activity is 2m. Gives an EV of approx $5.3m

So low cap explorer with good land holding in WA. 2008 will be a key drilling year for PEK with drill targets identified and 400k committed to drilling program in Dec07 alone. Listed Dec 2006 so results will be expected of mgt. Top 20 own 51%. Worth a look even though announcement action looks like it will be end of Q1 2008. Hard to see it dropping much below a market cap of $5m!

Today I used my part profits on CYS options to buy into Peak Resources.
I bought 350,000 Peak Resources options. They expire at the end of next year with only 5c to pay.

PEK's market cap is only $10 million, the cheapest exposure in the Doolgunna area followed by CYS with a market cap of around $23 million.

Peak Resources has today announced its agreed to place 10.6 million shares at an issue price of 8 cents per share to raise gross funds of approximately $850,000.

Shares are to be placed to a small number of qualified investors who are clients of Southern Cross Equities and Shaw Stockbroking.

Funds raised from the placement will be used to meet costs associated with upcoming exploration on the Company ¡ ¯s Three Rivers Project which is situated approximately 130km NNE of Meekatharra in Western Australia and adjacent to Sandfire Resources NL ¡ ¯s recent De Grussa and Conductor
1 discoveries. Funds will also be applied to meet costs associated with the Company's ongoing Tanzanian exploration programmes and working capital requirements
DYOR

greggy said:

Today I used my part profits on CYS options to buy into Peak Resources.
I bought 350,000 Peak Resources options. They expire at the end of next year with only 5c to pay.

PEK's market cap is only $10 million, the cheapest exposure in the Doolgunna area followed by CYS with a market cap of around $23 million.

Peak Resources has today announced its agreed to place 10.6 million shares at an issue price of 8 cents per share to raise gross funds of approximately $850,000.

Shares are to be placed to a small number of qualified investors who are clients of Southern Cross Equities and Shaw Stockbroking.

Funds raised from the placement will be used to meet costs associated with upcoming exploration on the Company ¡ ¯s Three Rivers Project which is situated approximately 130km NNE of Meekatharra in Western Australia and adjacent to Sandfire Resources NL ¡ ¯s recent De Grussa and Conductor
1 discoveries. Funds will also be applied to meet costs associated with the Company's ongoing Tanzanian exploration programmes and working capital requirements
DYOR

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How did you buy the options?

They don't come up as a listing... actually there is PEKO but states that it cannot be found

swm79 said:

How did you buy the options?

They don't come up as a listing... actually there is PEKO but states that it cannot be found

Click to expand...

Hi swm79,

Peak Resources (PEK) options do exist. Please try PEKOA. I bought them earlier this afternoon.
DYOR

rang Mark Maine, MD of PEK, after 6pm on Wednesday night to speak to him about the company.
I informed him that the company had maintained a low profile compared to other companies in the Doolgunna area. Mark told me that they initially had a very cautious view of the SFR discovery and that Tanzania had been a higher priority.
With the funds from the placement, this is about to change. He said that there will be an update given very soon, as early as next week, in relation to a ramp up of its exploration program at its Doolgunna prospect. Over the coming weeks there will also be news on its African projects.
There has been strong interest in its Doolgunna prospect from a number of brokers including Southern Cross, Shaw and Patersons and he's also noted both CYS's and ALY's strong rise of late in particular.
Mark says the company is cashed up and will not need a further injection of funds for quite a while.
Mark says the board will be increasing its PR work in order to make the market aware of its various interests, the 3 Rivers Project in particular. There has also been talk of both PEK and CYS exchanging information in relation to their Doolgunna prospects. May I speculate here by saying, Could it lead to a JV down the track?
Even though PEK has had a strong run of late, PEK still has a market cap of only around the $10 million mark and is the cheapest entry point to the Doolgunna area and is adjacent to SFR's tenements in the region.
DYOR

In my last post on this forum, I would like to highlight PEK's potential in one overall summary.
Here it goes.

The Three Rivers Project is located approximately 130km NNE of Meekatharra in Western Australia.
Peak Resources Three Rivers Project lies between the project of the same name held by Alchemy Resources and to the west of Sandfire Resources NL’s tenements which contain the recently De Grussa and Conductor 1
copper gold discoveries. ALY and SFR have both had amazing runs. It might not be much longer until PEK joins the party.

At the Ngualla Project in Tanzania, geochemical survey, detailed geological mapping and extensive rock chip sampling is being undertaken. A Landsat survey has been undertaken. While phosphate is the primary focus for the Company, work programmes have illustrated that Ngualla has potential for other commodities such as copper, molybdenum and rare earths.
Analysis for phosphate utilizing the handheld XRF machine is at an early stage and it must be emphasized this program is designed to delineate lower level phosphate zones for more detailed work however, preliminary results are encouraging with values of +10% phosphate being obtained from soils. PEK is earning 80% at this project. Further results are imminent. It is considered encouraging that the Ngualla carbonatite has developed from a phosphate only project to one which has started to show potential for multiple commodities.

The West Geita Project (PEK to earn 75%), also in Tanzania, comprises licences under offer or application totalling approximately 210sq km within the archaean greenstone belt that hosts the world class Geita Gold Mine (Anglogold Ashanti) The Geita Mine has a total size of 23.8Moz @ 3.3 g/t (production plus reserves and resources) and has produced in excess of 3.3Moz since modern mining commenced in 2000.
At the Imweru Prospect, data review outlined high grade historic gold assay results including:
7.09g/t over 3m from 16m down hole including 20.1 g/t over 1m (RAB ¡XIRB0016);
33.5 g/t gold over 1m from 34m down hole (IRB003);
9.39 g/t over 4m from 54m down hole including 31.5 g/t over 1m (IRC 004);
7.91 g/t over 5m from 52m down hole including 10.1 g/t over
1m (RAB-IRB027).
Amazing, once approval is given, that PEK will be near the world class Geita Gold Mine. Not too many traders would know that.
Thanks for all your support.
DYOR

GOD!!
Greggy how come PEK's sp goes down after the latest announcement. I thought it was a positive announcement...

Chaka1988 said:

GOD!!
Greggy how come PEK's sp goes down after the latest announcement. I thought it was a positive announcement...

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I'm all-in on PEK - great assets ready to explode but management need to finalise the Three River(EL52/1663) lease extension as per the last paragraph on the announcement today. I believe this was perceived negative!
Tanzania (x 2) + Three river = $0.50-1.50.

PEK does not seem to have run with the general hype surrounding SFR, TLM, CYS and the THX halt re red bore prospect drilling (which is close to SFR’s de grussa deposit).

Does anyone have a view as to whether this stock going to run with the enthusiasm that is engulfing SFR and its neighbours. I hold a small number of PEK shares as a speculative buy.

RARE EARTHS

A new player in the rare earths story which has been fascinating the market recently. See ALK, LYC, ARU, GGG
A bit of upside already since announcement (see below), but actual sample results are yet to be released.
This should be imminent and then we could really see some action on PEK.
Watch this space perhaps?


Peak Resources confirms rare earth anomalies at Ngualla project
company news image

Peak Resources (ASX: PEK) has provided an update on its potentially large scale Ngualla Carbonatite project in south western Tanzania - 120km from the inland port city of Mbeya.

Executive director of Peak, Mark Maine said today a preliminary assessment of analytical data from geochemical soil sampling confirms extensive anomalism in Rare Earth Elements plus Niobium, Tantalum and Titanium.

Work in 2009 had indentified phosphate material from the surface. The Project has a surface expression of 3.5km to 4km in diameter, making it one of the largest mineralised carbonatites in the world.

The Company’s initial focus was on the phosphate potential of the carbonatite with the programme developed with a heavy weighting on potential phosphate mineralisation.

However, as field work has progressed the potential of the Project to host a range of mineralization targets was shown to be far greater than first anticipated.

Results to date confirmed wide spread coherent phosphate in soil anomalous zones of +5% phosphate with maximum soil values of +20% phosphate. With confirmation the Ngualla Carbonatite project to be highly mineralised with extensive phosphate, lanthanum and base metal mineralisation being identified.

Several base metal anomalous trends have been partially defined. Maximum element concentrations in soils are; copper 380ppm, lead 1320ppm, zinc 1540ppm, lanthanum 5435ppm and molybdenum 83ppm. This anomalous trend is still open to both north and south and has been subject to the recently completed infill sampling.

Results from the initial batch of 278 samples have now been received from the Perth assay laboratory.

The results are currently being compiled and will be reported in detail when data assessment is complete. However, from a preliminary assessment of the data the results confirm extensive anomalism in REE’s plus Niobium, Tantalum and Titanium.

The company said that this it is still early stage exploration, however the results have further highlighted the Ngualla Project’s prospectivity for phosphate and rare earths. The data for both rare earths and phosphate have been "extremely encouraging" with the initial Niobium results now also providing a major addition to the potential of the Ngualla Project.

Re: RARE EARTHS

BraceFace said:

A new player in the rare earths story which has been fascinating the market recently. See ALK, LYC, ARU, GGG
A bit of upside already since announcement (see below), but actual sample results are yet to be released.
This should be imminent and then we could really see some action on PEK.
Watch this space perhaps?

Click to expand...

TRADING HALT!!!
Watch this space - this could get interesting.
Could see some action when trading re-opens next Monday (or maybe sooner)

Apparently its all good news, dont know why they're waiting to release it though

Should see a cracker of an open!

skyQuake said:

Apparently its all good news, dont know why they're waiting to release it though

Should see a cracker of an open!

Click to expand...

Certainly was a cracker! Trading halt has been lifted and Ngualla Project RC Drilling Results were released. Market obviously liked the results - looks like a major discovery.

Opened at 0.290, got to high of 0.440, previous close was 0.225.

Re: RARE EARTHS

BraceFace said:

TRADING HALT!!!
Watch this space - this could get interesting.
Could see some action when trading re-opens next Monday (or maybe sooner)

Click to expand...

Well that was worth waiting for.
Bang Bang Bang!
Up 77% on the day on some outstanding drilling results.
Everyone loves the Rare Earths sector right now.
Be interesting to see if this has more legs.

This is where PEK is a few days post announcement. Hopefully some support will develop in the high forties.

Scratch that. PEK hit a all time high of 0.63 this morning. It's up 30% for the day.

There is a VERY good reason that PEK is running so hard - they have several company making projects, and all for a current market cap of about $90m.

Ngualla - tremendous scale of economical REE and phospates starting at surface and going down to >40m.

Imweru and other gold prospects - In Tanzania and neighbouring Barrick Gold.

3 Rivers - W.A - Neighbouring Sandfire's Doolgunna and along the Jenkins fault.

Hey
Are there any price targets out for PEK, or does anyone
know where PEK is headed in terms of SP.
looks like a very nice one IMO
Thanks.

I'm quite surprised that no one has posted this yet, but ...

PEK came out of a trading halt today and is up 0.280 or 54.369% to 0.795 on Rare Earth RC Drill Results for its Ngualla projects. On massive volume too. Further results expected in the next 3 weeks.