Peak Minerals Unlocks a Globally Significant Rutile Discovery in Cameroon
- Noel Ong
- May 14
- 8 min read
Updated: 5 days ago
Announcement:
Declaration:
I am a shareholder of Peak Minerals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options).
The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions.
Peak Minerals Limited (ASX: PUA) has just released a pivotal update that could reshape its future trajectory—and possibly that of the titanium feedstock market. Their latest announcement from the Minta Rutile Project in Cameroon signals the early definition of a rutile province of potentially global significance.
This is the kind of exploration result that market participants and long-term investors dream about—broad mineralisation, high-value mineral content, and untouched geological terrain ripe for development.
Figure 1: Minta Rutile Project confirms 12km strike of HM in initial results, 25km distant from discovery holes. (source: PUA ASX Announcement 12 May 2025)
What’s the Big Deal?
Peak’s maiden greenfields drilling program at the Minta Rutile Project has returned significant heavy mineral (HM) intercepts across a 12km strike, results that are 25km away from the original discovery holes (Figures 1 & 2).
Highlights:
4.7m at 2.9% HM
4m @ 1.05% Rutile - Discovery Hole
4.25m at 2.4% HM
Every one of the 12 drill holes hit mineralisation from surface, with an average depth of just 4.7m.
Figure 2: Inset from Figure 1 showing detail of significant HM intercepts across 12km strike. (source: PUA ASX Announcement 12 May 2025)
For those who follow mineral sands projects, these are compelling numbers. Importantly, these intercepts exclude the potential contribution from oversized rutile nuggets, some measuring up to 30mm. That’s an extra layer of upside still in the pipeline, with assays pending for 304 additional holes.
Casper Adson, Peak’s CEO, commented:
“These early indications are that we have rutile mineralization over a globally significant area and we expect pending results will demonstrate this.”
This is no small claim—and given the early-stage data, it's one that carries serious weight. Adson's comment underscores the significance of Peak's 7,000km² landholding and the methodical approach being taken to unlock its value.
Exploration That Makes Sense
What makes this announcement stand out is the grade of the project and the low cost drill techniques. This is a tried and tested form of exploration in Africa for mineral sands.
The reconnaissance program covers 3,500km², roughly 50% of the entire project area (Figure 4).
The second drilling is now underway, including an additional 134 holes designed to test the east-west extent and locate basement sources feeding the surface enrichment (Figure 4).
Oversize Rutile – A Hidden Prize?
Peak notes the existence of rutile nuggets in the +1mm category, currently excluded from the HM grade calculations. Once factored in, they could significantly enhance the project's overall grade profile (Figure 3).
Work is being undertaken with laboratories and specialists to quantify this “bonus” material, and it's something investors should watch closely.
Figure 3: Representation of mineral sand particles versus oversize particles. Images of sand and oversize particles are not from Minta area – only shown to demonstrate difference in particle size. (source: PUA ASX Announcement 12 May 2025)
Strategic Potential: More Than Just Rutile
While rutile remains the headline, Peak’s exploration team has also identified
High-grade zircon zones
Alluvial and hard rock gold potential
Monazite occurrences
Figure 4: Minta Rutile Project Phase 2 planned residual drilling (source: PUA ASX Announcement 12 May 2025)
These minerals open the door to a multi-commodity play, particularly with gold samples undergoing fire assay testing from areas where artisanal mining has been observed.
Samso’s Concluding Comments
The Minta Rutile Project is shaping up to be something quite special. In a landscape where resource companies are hunting for scale, simplicity, and margin, Peak Minerals has ticked all three boxes.
The fact that every drill hole intersected HM mineralisation from surface suggests a level of consistency not often seen in early-stage exploration. Combine that with the significant landholding, low-cost drilling, and the potential bonus of oversized rutile, and this project is beginning to look like more than just a good story.
The Complexity of the Rutile/Titanium Story
For me, as a shareholder and from the perspective of Samso, where I am trying to seek an acceptable level of understanding, the rutile and titanium story is fairly complex. I had a conversation with Casper Adson, the CEO of Peak Minerals, and I think he has given me a good understanding (Please feel free to correct me if I am mistaken).
As far as I understand, the critical number to take note of is the "in-situ" rutile value. The HM (Heavy Mineral) number is a basket of minerals, and the principal participants include Rutile, Ilmenite, Leucoxene, and Zircon. A good description of the properties is listed below as described by Energy Mining of South Australia,
Rutile (TiO2) is a red to black, naturally occurring titanium dioxide with a theoretical TiO2 content of 100%, but impurities such as Fe2O3 and Cr2O2 reduce this to 93–95%. World production, in 2013 was 0.77 Mt with the main producers being Australia (58%) and South Africa (16%).
Ilmenite (FeTiO3) is black and opaque when fresh, but has typically undergone some weathering and iron removal, so TiO2 contents are between 45 and 65%. World production, in 2013 was 6.79 Mt with the main producers being Australia (14%), China (14%) and South Africa (15%).
Leucoxene is the name given to highly altered ilmenite. Grains are brown or grey with a waxy lustre and TiO2 content of 68%.
Zircon (ZrSiO4), a colourless to off-white mineral, is the world’s major source of zirconium products. World production, in 2013 was 1.44 Mt with the main producers being Australia (42%) and South Africa (25%).
So, if you imagine a sample (1m interval), the 1.04% "in-situ" rutile number released by the company is really the target number. If you look at the Sovereign Metals Limited grade, >1% rutile, that number is where PUA wants to be. Sovereign Metals quotes their Kasiya Ore Reserve at 538MT at 1.03% Rutile, so when you do all the calculations, the number from PUA will theoretically be equivalent.
The table in Appendix 2 (Figure 5) gives the potential breakdown of the Heavy Minerals, and you can see that the majority of HM minerals in the samples are Rutile, especially the 45 micron to 1mm sized "nuggets" referred to by PUA in the release. This is why when you add that into the sample result, there is going to be a major uplift in the number.
Figure 5: Previous results from ASX announcement of 4 February 2025 which gives a view of the potential Heavy Mineral assemblages. (source: Peak Minerals Limited).
Readers must remember that the numbers in Figure 5 are one that was released on the 4th February 2025 and is really a look at the potential mineral assemblages and should be viewed as guidance. However, if this were to be true, it would undoubtedly uplift the grade of the project.
The Potential Size
In terms of the scale of the project, when you look at Figure 1 and Figure 4, readers need to appreciate the potential scale. Peak Minerals quotes that "All holes have hit significant Heavy Mineral mineralisation from surface, at an average depth of 4.7m, 12 km across strike", which would mean that there is a potential for a scale that may dwarf what Sovereign Metals have posted. The geology for Sovereign and what looks like the style of geology for Peak Minerals. It is in some way akin to a bauxite style of mineralisation and deposition
Bauxite is created from a weathering profile that is "in-situ" and not a placer style scenario. That means that the consistency of grade and mineralisation is observed, and the scale is typically extensive. My thinking is that the process is an enrichment process, and that will explain the natural beneficiating process to create that high-grade upper layer. It's kind of a supergene process commonly described in gold deposits.
A particular paragneiss unit rich in rutile and graphite is the primary source of both minerals. The high-grade rutile deposit at Kasiya is best described as a residual placer. It is formed by weathering of the primary paragneiss host rock and concentration in place of the heavy minerals such as rutile, as opposed to the high-energy transport and concentration of heavy minerals in a traditional placer.
Rutile mineralisation lies in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. Kasiya shows widespread, high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the top 3-5m from surface. Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to the base of the soft saprolite unit to generally 20-25m depth where it terminates on the hard saprock basement.
After talking to Casper Adson, I am happy to consider a similar geological formation for the Peak Minerals deposition. What that will mean is that the potential size for Peak Minerals could be multiples of what is at the Kasiya deposit. Only time and continued exploration from drilling and sampling will prove or disprove this concept.
It goes without saying that this theory is still too early to put any authority to the statement and therefore, it will make good reason for readers to DYOR. I strongly encourage readers to contact Casper Adson and get your understanding from him.
Interesting Times Ahead
From where I sit, as a shareholder, this could well be the start of something transformational for Peak Minerals. As the rest of the assays roll in, we’ll see if this early momentum solidifies into a globally significant development. But for now, Peak has done exactly what every junior dreams of—discover something big, near surface, and underexplored.
The other aspect to consider for those who are more diligent, you may want to take a good look at the Top 20 shareholders, as this is one of those companies that has an all-star cast in terms of influential and capable shareholders to make this potentially the star of 2025.
As I have said, do your research and speak to those who are more qualified to seek a real understanding of the story. No matter how influential or capable shareholders are, the capital appreciation of any project still requires legitimate stories that are Tier 1 assets. No amount of hot air will sustain true quality growth.
I am a shareholder, and I will be perceived as biased, and my opinions may be incorrect, so please DYOR.
Stay tuned, because this one is just getting started.
Happy Investing.
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