Cobalt And Gold Project Acquisitions Expand Queensland Holdings

Many Peaks Gold Limited (ASX:MPG) (Many Peaks or the Company) is pleased to announce it has entered into a binding agreement with EMX NSW 1 Pty Limited, a wholly-owned subsidiary of EMX Royalty Corporation (TSX.V:EMX) (Vendor) to secure an exclusive right to acquire a 100% interest in the Yarrol and Mt Steadman projects located in central Queensland.

Highlights

• Many Peaks has secured the right to acquire a 100% interest in the Yarrol and Mt Steadman projects
  
• The acquisition expands Many Peaks’ project areas to 1,080km² (133% increase) within an established gold province located in central Queensland
  
• Multiple advanced gold targets with shallow, high-grade drill results from the Yarrol Project including:
  • 12.0m @ 20.2g/t gold
  • 17.8m @ 4.01 g/t gold
  • 25.0m @ 2.92g/t gold
  • 20.0m @ 3.19g/t gold
  • 23m @ 1.83g/t gold
  • 32m @ 1.38g/t gold
• Cobalt and manganese oxide mineralisation identified within the Yarrol Project further bolstering Many Peaks’ exposure to the burgeoning critical minerals sector
  • First 65 rock chip samples from the Co-Mn horizon average 1% cobalt and 12.8% manganese
  • Peak rock chip results of 2.24% cobalt and 1.68% cobalt both in >15% manganese
  • >1% rock chip values span a 4km extent outlining a 2km x 4km target
• Shallow drill tests completed proximal to outcropping mineralisation in historic drilling at Mt Steadman include:
  • 2m @ 110g/t gold
  • 22m @ 1.21g/t gold
  • 2m @ 12.5g/t gold
  • 25m @ 1.02g/t gold
  • 19m @ 1.25g/t gold
  • 23m @ 1.04g/t gold
• Exploration in progress, with results pending on 2023 soil survey and air core drilling campaigns, and Yarrol project awarded a QLD Collaborative Exploration Initiative grant for A$223,300
• Strong cash balance to aggressively advance exploration though the coming year at each of the
• Company’s gold and key critical mineral projects (cobalt, rare earth elements and lithium)

Many Peaks’ Executive Chairman, Travis Schwertfeger commented:

“The Yarrol and Mt Steadman projects are a key acquisition for Many Peaks; expanding the Company’s footprint in Queensland with advanced stage gold exploration targets confirmed by recent exciting drill results and ready for immediate follow-up drilling”.

“Recently discovered high grade cobalt mineralisation at surface in the Yarrol Project, further compliments the Company’s current strategies of increasing exposure to the growing critical mineral sector and establishing a pipeline of highly prospective projects. Our team considers the cobalt discovery at Yarrol an exciting exploration opportunity that has the potential to attract a premium for mineral offtake by generating mineral product sourced utilising ethical employment and the environmental best practices of a Tier 1 jurisdiction in a market increasingly aware of environmental and social impacts throughout the supply chain.”

Yarrol Project Summary

The Yarrol Project is a 560km² land holding comprising of three granted tenements and one tenement application located approximately 30km south-east of the township of Monto in the Northern Burnett Region, and 100km west of the regional city of Bundaberg.

Situated less than 3km southeast of Many Peaks existing project area (Figure 1), the Yarrol project covers a 46km extension of the prospective Yarrol Geological Province and the combined tenure forms a dominant consolidated land position over the Yarrol fault zone which is host to multiple advanced stage gold exploration targets and coincides with several early-stage cobalt exploration opportunities.

The Yarrol Province is a well-endowed mineral province hosting a number of significant historical and active gold and base metal mines and exploration projects, including the nearby Mt Rawdon gold mine operated by Evolution Mining (ASX:EVN) (located between the Mt Steadman and Yarrol Projects) and Cannindah Resources Ltd’s (ASX:CAE) Mt Cannindah copper-gold resource, located 8km south of the Company’s Mt Weary Gold project, and contiguous to the Yarrol Project to the southeast.

Figure 1: Yarrol Project Location and position relative to existing Mt Weary, Monal, and Rawlins Projects

Mineralisation Style & Geology Setting

The Yarrol Project hosts an extensive corridor of gold mineralisation featuring several shallowly drilled zones of gold mineralisation and multiple undrilled surface geochemistry anomalies requiring follow-up work (Figure 2). Locally, the basement rocks are comprised of Devonian to Lower Permian sediments and volcanic units intruded by gabbro to granite composition stocks. Gold mineralisation at Yarrol is present as quartz sulphide veins and zones of silicification developed in and around compositionaly variable suite of dioritic to granite phase intrusions. The metalliferous corridor is associated with the north-south trending regional scale Yarrol fault zone.

The mineralised corridor extending from the Mt Weary Gold Project through the Yarrol Gold Projects is masked by extensive zones of Tertiary basalt plateaus. The basalt volcanics post-date gold mineralisation events forming a geochemically barren cover to the basement rocks hosting gold in the Yarrol Province, and present potential for masked gold mineralisation along the trend.

At or near the unconformity to the basement rocks the Co-Mn horizon forms a laterally extensive, sub-horizontal replacement zone with within topographic lows and channels of the basement unconformity hosted in unconsolidated sand and gravel sediments up to 40m thickness. The unconsolidated sediments have been preserved from weathering by the basalt plateaus. The Co-Mn horizon is interpreted to be either hydrothermal replacement style mineralisation or potentially supergene enrichment of manganese, with anomalous cobalt, nickel and copper from a lateral source. The Co-Mn horizon is observed in subcrops and drainages across a 4km extent of the breakaway slope beneath the basalt plateau located 6km north of historical gold drilling within Yarrol.

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