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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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This article includes content from Many Peaks Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here
MPG:AU
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
