Peak Minerals (ASX:PUA) said assays from samples collected from the Minta project in Cameroon resulted in total valuable heavy minerals as high as 93% of total heavy minerals, according to a Tuesday Australian bourse filing.

The initial systematic, residual soil, rutile exploration program is currently at 65% completion, the filing said.

Rutile, a mineral of titanium dioxide, is the predominant component of the valuable heavy minerals, assaying up to 69.8% of the total heavy minerals.

The firm reported visual estimates of up to 5% total heavy minerals in residual soils from selected drill samples.

Further, the mining firm appointed Casper Adson as its chief executive officer. It proposed raising AU$2 million, before costs, via a non-renounceable entitlement offer to existing eligible shareholders.

The firm's shares fell 13% in recent trading on Tuesday.