Peak Minerals sets course for expansion with major uranium and rutile acquisitions in Cameroon

Peak Minerals (ASX: PUA) is set to undertake a major global expansion with the signing of binding agreements to acquire an 80% interest in three separate entities with uranium and rutile projects in the West African nation of Cameroon.

The agreements cover the acquisition of majority interests in the prospective Kitongo and Lolo uranium projects and the Minta rutile project.

The company is undertaking a $1.7 million capital raising to support its acquisition of Minta Resources, African Future Minerals and Rafia Mining—the holders of the Cameroon exploration permits.

Major new development

Non-executive chair Robert Boston said the proposed acquisitions are an exciting development for the company.

“At a time when 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,” Mr Boston said.

The Kitongo and Lolo uranium projects include six exploration permits covering an area of around 2,400 square kilometres including the areas previously held by Mega Uranium and actively explored until 2011.

Significant historical exploration in the project areas, initially in the 1970s and more recently from 2007 to 2011, has produced highly encouraging results from drilling programs undertaken in 2008 and 2010.

The Minta rutile project comprises 8,800 sq km of granted exploration permits and applications on which reconnaissance drilling and grab samples have identified high-grade zones across broad areas with very high-grade rutile and zircon results.

Recently completed data and prospectivity analysis, mapping, grab and auger sampling have identified broad areas of high-grade alluvial and eluvial rutile, with zones of high-grade zircon and monazite.

Exploration plans

Following the completion of the acquisition, Peak is planning to undertake further due diligence on the Kitongo and Lolo Projects, including the compilation and analysis of all available historical data and preliminary exploration work at the project sites.

It also has plans for an initial exploration program with an emphasis on detailed geological mapping of the defined exploration targets.

This will be coupled with ground radiometric survey and geochemical exploration including rock chip and soil sampling to form a basis for defining potential drill targets.

As part of the proposed Minta acquisition, the company has acquired a comprehensive geological dataset that it will use to design a systematic and targeted exploration plan for the most prospective areas of the tenement package by commodity type.

Following the completion of due diligence, and commencement of the field season, Peak will embark on an auger drilling program over high-priority areas.

New directorship

Peak has agreed to appoint one representative of the vendors, Phillip Gallagher, as a non-executive director of the company.

Mr Gallagher has extensive experience in mineral exploration in West Africa, having been the co-founder and managing director of Canyon Resources (ASX: CAY) for 12 years and the managing director of African Gold (ASX: A1G) since August 2022.

“With the addition of Mr Gallagher to the board, the company also acquires significant knowledge and experience operating within Cameroon,” Mr Boston said.

“We look forward to working closely with the government of Cameroon, regional stakeholders, and the local communities as we explore and develop the Kitongo, Lolo and Minta projects.”