Peak Minerals (ASX:PUA) said all drill holes in its reconnaissance exploration drilling at its Minta rutile project in Cameroon hit heavy-mineral mineralization from the surface, according to a Wednesday Australian bourse filing.
"Significant" intercepts encountered during the drilling included 3.1 meters at 8.4% grade of heavy minerals, 6.8 meters at 2.8% grade of heavy minerals, and 3.5 meters at 5% grade of heavy minerals.
The firm will develop further targets for infill drilling and drilling-to-depth as it seeks to develop a number of deposits and progress them into a maiden mineral resource estimate, the filing said.
Peak Minerals' shares rose nearly 13% in recent trading on Wednesday, earlier hitting a 52-week high.
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