Peak Minerals (ASX:PUA) has finalised the acquisition of 80% interest in the Kitongo and Lolo Uranium Projects and the Minta Rutile Project located in Cameroon, West Africa.
The acquisition was completed following shareholder approval received on Sept. 16, and subsequent due diligence, including field visits.
In conjunction with the acquisition, Peak Minerals has welcomed Phillip Gallagher as a non-executive director.
Gallagher brings extensive experience in West African mineral exploration, having been a co-founder and managing director at Canyon Resources (ASX:CAY) for 12 years.
Additionally, he has served as managing director for African Gold (ASX:A1G) since August 2022.
For his new role, Gallagher expressed readiness, stating, "I am thrilled to join Peak Minerals and contribute to its ambitious exploration programs, particularly in West Africa."
Moreover, the company raised approximately $1.7 million in capital through placements and offers.
The funds, net of costs, are earmarked for initiating exploration activities in the newly acquired projects in Cameroon and existing projects in Australia.
Peak Minerals now holds exploration permits across more than 11,200km2, targeting high-grade uranium and rutile ores, alongside zircon, gold, and rare earth potentials.
Peak Minerals is a mineral exploration and development company that has a diversified multi-commodity portfolio of under-explored Australian copper and nickel assets. Its Western Australian copper projects consist of three assets: the Green Rocks Project, Earaheedy Project and Kimberley Projects.
