Peako Limited completes Saudi gold acquisition across six projects
The acquired portfolio spans 862 square kilometres in central Saudi Arabia, with historic gold intercepts at Jabal Jumaymah and Wadi Jarir.
Mara Quinlan
Peako Limited ASXPKO completed its acquisition of six Saudi Arabian gold exploration projects on Thursday, according to the ASX announcement listing. The 100 per cent purchase gives the Australian explorer an 862-square-kilometre portfolio it described in a June 10 presentation as drill ready.
The ASXPKO quote showed Peako shares up 9.09 per cent to A$0.012 at 10:20 a.m. AEST on the ASX on Thursday. It recorded 1.80 million shares traded against an average daily volume of 7.41 million at that time.
The June 10 presentation described ten exploration licences across the six projects. Thursday's ASX listing identifies the completion as a new event; it does not disclose the seller or what Peako paid in the text available on the listing page.
Peako's project summary names Sukhaybarat South, Wadi Ash Shuwayla, Jabal Jumaymah, Ad Dirabi, Wadi Jarir and Bulghah East. It lists Sukhaybarat South, Jabal Jumaymah and Wadi Jarir as targets for follow-up drilling, with mapping, magnetic surveys and soil sampling forming other parts of its 2026 exploration program.
"The portfolio combines historical high-grade intercepts, walk-up drill targets and a broader pipeline of under-tested prospects," Peako says on its project page.
Peako's project summary, accessed Sept. 24, does not date its historical drill results. At Jabal Jumaymah, it reports a historical drill intersection of seven metres at 10.12 grams per tonne gold from 18 metres depth. The same page describes more than a kilometre of outcropping mineralization, while noting that large sections of that trend have yet to be drilled.
At Wadi Jarir, prior drilling returned 26 metres at 0.70 grams per tonne gold from 13 metres, according to the project summary. The hole ended with two metres at 13.53 grams per tonne gold from 38 metres. The final metre assayed 25.88 grams per tonne, according to the same summary. Peako's project summary lists follow-up drilling along strike and down dip of that mineralization.
Those intersections are historical exploration results, rather than results from Peako's maiden campaign. The project summary says the Wadi Jarir drilling was shallow and widely spaced, and that targets identified by earlier aircore work remain untested. At Sukhaybarat South, the company also lists a gold-in-soil anomaly extending more than seven kilometres at its eastern prospect.
Peako says all six project areas lie within 65 kilometres of operating gold mines, including Sukhaybarat and Bulghah. Its June 10 presentation cautioned that proximity to known deposits does not guarantee a similar discovery on Peako's ground.
Peako's next dated step is its 2026 exploration program, which calls for testing targets at Sukhaybarat South, Jabal Jumaymah and Wadi Jarir.
