Peak Minerals (ASX:PUA) has announced the discovery of a new...

Peak Minerals (ASXUA) has announced the discovery of a new rutile province within its Minta Project in Cameroon, Central Africa, after completing its initial exploration program. Assay results from the Minta area correlate with visual estimates of heavy minerals (HM), including results such as 4.7m @ 2.9% HM and 4.2m @ 2.4% HM. The company, with a market capitalisation of $36.49 million, plans a maiden drilling program across 3,500km² to identify higher grade areas.

CEO Casper Adson emphasized this is the first time the tenements have been explored for residual rutile. The company aims to develop multiple deposits and progress them into a maiden resource estimate. Rutile, composed primarily of titanium dioxide, is a crucial pigment in industries like paints, plastics, paper, and cosmetics. The Minta Project, covering 8,800km², lies in an underexplored region of known rutile mineralisation in central Cameroon. Further heavy mineral results are expected this quarter, guiding future infill drilling targets.