Peak Resources stock flutters on new discovery

Shares in Perth-based gold, base metals and uranium explorer Peak Resources Ltd jumped by up to 50 per cent in trade today on news of an iron mineralisation discovery at its Three Rivers Project, near Meekatharra.

Peak shares opened at 10 cents, and traded as high as 15 cents before easing back to close at 12 cents.

Peak said recent exploration had resulted in the discovery of three separate iron mineralisation zones over a strike length of 3.5 kilometres.

Three Rivers is part of the larger 100 per cent held Peak Hill East Project along with Doolgunna, Mt Leake and a joint venture at Ruby Well.

Peak launched its initial public offer in September which raised $4 million for a scoping study on its Menzies gold projects, 140km north of Kalgoorlie.