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Many Peaks Gold Limited (ASX:MPG) (Many Peaks or the Company) is pleased to announce additional assay results from diamond drill core sampling completed concurrent with follow-up structural study work on diamond drilling reported earlier this year for the Yarrol Gold Project (Yarrol). Yarrol is located 50km northwest of Evolution Mining Ltd’s (ASX:EVN) Mt Rawdon gold operation and 70km northwest of Many Peaks’ Mt Steadman Gold Project. Drilling is planned to commence in September at both Yarrol and Mt Steadman.
HIGHLIGHTS
- Assaying of previously unsampled open-ended gold mineralisation in recent diamond drilling at the Yarrol Gold Project returns:
- 40.8m @ 2.80 g/t gold from 38m depth, including:
- 6m @ 2.85g/t gold from 38m,
- 7m @ 3.17g/t gold from 49m in new results, assayed up-hole of the previously reported,
- 17.8m @ 4.01g/t gold from 61m depth
- 40.8m @ 2.80 g/t gold from 38m depth, including:
- Several intercepts of visible gold
- Structural review of drill core demonstrates the potential for west dipping sheeted quartz hosted high- grade gold mineralisation at Yarrol which were inadequately tested by historical drilling
- Open gold mineralisation yet to be tested at multiple prospects
- Follow up diamond core drilling at the Yarrol Gold Project to commence in September
Additional sampling completed up-hole of previously announced gold intercepts in diamond drilling at Yarrol have extended significant gold intercepts returning 40.8m @ 2.80g/t gold from 38m in hole YA187 (including the previously reported 17.8m @ 4.01g/t gold – refer to ASX release dated 2 May 2023). Follow-up sampling results also returned an intercept of 11.15m @ 1.17g/t gold from 32.35m depth in hole YA188 located 1.1km north of hole YA187 (Figure 1).
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Follow-up sampling of drill core at Yarrol has significantly extended the significant gold intercept in hole YA187 up-hole, returning a result of greater than 100 gram metres [grade times thickness]. More exciting for our team is the identification of a west dipping sheeted vein set, poorly tested by historical drilling at Yarrol. The updated structural model generates an opportunity to demonstrate continuity and significantly increase volume of the high-grade gold mineralisation at Yarrol with optimised drill orientations.”
“Vein density is typically a key controlling factor to the tenor of gold in IRG systems. Success in our upcoming drill campaign at Yarrol has the potential to outline a substantial Exploration Target for continued delineation drilling.”
Diamond Drilling Results, Yarrol Project
Significant intercepts for gold mineralised zones in Yarrol drill results reported earlier this year have been extended up-hole from additional sampling in diamond holes YA187 and YA188.
Drill hole YA187 was partially assayed in first pass sampling that focused on a broad zone of mineralised intrusion returning 17.8m @ 4.01g/t gold from 61m where an array of sheeted quartz veining (including several intercepts of visible gold) is associated with strong alteration around each vein in the intrusion related gold (IRG) system.
Additional sampling has extended the mineralised zone by a further 23m up-hole, upgrading the significant intercept to 40.8m @ 2.80g/t gold from 38m depth in YA187.
The additional results in the 23m interval reported include 6m @ 2.85g/t gold from 38m drill depth and 7m @ 3.17g/t gold from 49m depth in combined intercept averaging 2.80g/t gold over a 40.8m interval from 38m depth.
Figure 1: Yarrol Gold Project drill hole location map with current interpretation of favourable diorite host outlined and better drill intercepts annotated.
Veining outside of the more intense zones of alteration previously sampled were recognised during the structural review of core. A similar style of veining associated with different alteration styles was highlighted and triggered additional sampling work to define controls on gold mineralisation. This has significantly extended the width of the intrusion hosted mineralised zone.
Drill hole YA188, located 1.1km north of YA187, targets the northern extent of 500m long zone of drilled gold mineralisation that remains open for follow-up. Follow- up sampling of YA187 in its entirety has returned multiple additional significant intercepts up-hole from the previously reported 12m @ 0.91g/t gold including 11.15m @ 1.17g/t gold from 32.35m.
Structural Study, Yarrol Project
Recent diamond core drilling has undergone a structural review, focused on defining controls of gold mineralisation in the IRG system at the Yarrol Gold Project. Significant gold intercepts at Yarrol are associated with an array of gold bearing quartz veinlets formed on several groupings of orientations within the intrusion host. The vein array includes a significant density of veins (including several veins hosting visible gold) on an interpreted west dipping orientation associated with higher grade gold intervals across a broad zone of the mineralised corridor.
Importantly, the historical drilling at Yarrol predominantly targeted east dipping mineralisation with holes drilled west to northwest, sub-parallel and sub-optimally oriented to assess vein density of west to northwest dipping vein sets highlighted in the recent diamond drilling. Additional sampling of the mineralised corridor with drilling better exposed to intersect the west dipping vein array has potential to increase volume of mineralised material for the project through both extensions of open- ended mineralisation and demonstrating continuity of the current shallowly drilled gold mineralisation.
Follow-up drilling on optimised drill orientations is planned to commence in September to confirm the structural model and assess the impact of multiple vein sets on the overall grade, volume and continuity of gold mineralisation at Yarrol.
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MPG:AU
EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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