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Many Peaks Gold Limited (ASX:MPG) (MPG or the Company) is pleased to announce results from rock chip, channel sampling and mapping where results continue to improve continuity of high-grade rare earth elements (REE) across the Mann 2 prospect at the Odyssey REE Project (Odyssey) in central Labrador, Canada. Recent work has extended the footprint of the high-grade results across the ‘West’ and ‘Central’ zones within the Mann 2 mineralised corridor which is host to over 2.2km strike extent of >1% TREO values at Odyssey. Results from mapping have identified additional areas of outcrop and sub-cropping mineralisation along trend from previous assay work indicating further continuity between the zones and extending the strike of >5% TREO values at surface.
Highlights
- Surface geochemistry and mapping campaigns have defined more than 800m strike of >5% total rare earth oxides (TREO) at the Odyssey REE project in Labrador, Canada. Better assays include:
- 6.3% TREO including 1.34% NdPr – Mann 2 West
- 4.1% TREO including 0.85% NdPr – Mann 2 West
- 5.8% TREO including 1.16% NdPr – Mann 2 East
- 4.3% TREO including 0.89% NdPr – Mann 2 East
- 5.5% TREO including 1.16% NdPr – Mann 2 East
- Sampling indicates up to 140m widths across the western Mann 2 mineralised corridor
- A third subparallel trend of mineralisation identified with more than 1% TREO identified along more than 700m of strike length
- Favourable non-REE group minerals including Niobium and Beryllium associated with REE’s - peak values of up 0.79% Nb2O5 in recent results
- Odyssey is host to extensive, high-grade REE occurrences with up to 9.3% total rare earth oxide (TREO) assay results at surface highlighting drill-ready targets previously defined
Results also highlight a third subparallel trend of mineralisation immediately north of the Mann 2 corridor associated with banded and/or sheared syenite generating an additional target zone.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“These new channel and surface sampling results are very exciting for not only confirming lateral extent of high-grade mineralisation style, but also outlining significant size and bulk tonnage potential at the Odyssey REE Project with multiple targets highlighted for follow-up work.”
TREO values across the project area are well endowed with light rare earth elements (LREE’s)including higher value neodymium - Nd2O3 and praseodymium - Pr6O11 (NdPr) (refer to Appendices A & B) with reported TREO values averaging 20% NdPr. NdPr are high value LREE’s and a critical commodity in the clean energy sector, required for generating low-weight permanent magnets for use in numerous applications.
These high-grade results have been collected from more than 140m width across sections of the Mann 2 trend and in total, the Mann 2 mineralised corridor now comprises 19 samples returning >4% TREO values within a 1.9km extent.
The Mann 2 prospect corridor features three clusters of historical sampling referred to as Mann 2 West, Mann 2 Central and Mann 2 East targets. Shallow cover masks the mineralised corridor between each cluster of sampling which remain open in all directions. Mapping has identified several additional ones of subcrop and outcropping mineralisation along from both the West and Central zones including multiple assays exceeding 5% TREO in recent results (Figure 1), with >5% TREO results extending over an 800m aggregate zone across the West and Central zones combined. The additional geochemistry further supports potential for continuity of mineralisation along trend and potentially extended between the clusters of high-grade sampling. Better assay results from recent sampling include:
- 6.3% TREO including 1.34% NdPr – Mann 2 West
- 4.1% TREO including 0.85% NdPr – Mann 2 West
- 5.8% TREO including 1.16% NdPr – Mann 2 East
- 4.3% TREO including 0.89% NdPr – Mann 2 East
- 5.5% TREO including 1.16% NdPr – Mann 2 East
Figure 1: Odyssey Project area with all recent and historical rock chip locations on regional geology (modified from Wardle, 1993). Rock chip assays >4% TREO highlighted only.
Recent mapping has also-extended sampling across the width of the Mann 2 corridor, with channel sampling across outcrops returning favourable results. In combination with historical sampling available exposures return several better than 1% TREO values across up to 140m widths in the Mann 2 corridor.
Odyssey REE Project - Summary
Located within the Red Wine intrusion complex (Red Wine REE District) of central Labrador and approximately 125km northeast of Churchill Falls community (Figure 4), Odyssey is host to a mineralised system containing REE’s (refer to ASX announcement 17 January 2023 and Appendix B). with associated non-REE group metals including Niobium – Nb2O5 and Beryllium – BeO (refer to Appendix A) requiring further metallurgical study work to identify beneficiation potential and economic viability. In the reported assay results peak, the peak TREO value is also associated with the peak Niobium values, returning up to values of up 0.79% Nb2O5.
Exploration has identified extensive anomalism on two mineralised trends within Odyssey, with a third mineralised trend sub-parallel to the Mann 2 prospect emerging.
- Mann 2 Prospect - a 2.6km long REE corridor host to multiple >4% TREO assay results within 1.9km extent
- Michelin Prospect -is a 1.2km long REE corridor of favourable lithology hosting multiple >1% TREO assay results across a 500m window of exposure on a sub-parallel trend 1.7km north of Mann 2
- New Prospect – is a 1km long zone with multiple exposures of >1% TREO located approximately 400m north of the 140m wide Mann 2 mineralised corridor
The Mann 2 and Michelin trends total over 3 kilometres mineralised extent supported with 143 previous surface rock samples. Compiled with the reported 35 samples from the current field season surface geochemistry to date yields 108 of 171 samples returning >1% TREO (Figure 1) with better historical results including:
- 9.3% TREO including 1.84% NdPr – Mann 2 West
- 8.4% TREO including 1.61% NdPr – Mann 2 West
- 6.4% TREO including 1.30% NdPr – Mann 2 West
- 5.2% TREO including 1.06% NdPr – Mann 2 Central
- 4.2% TREO including 0.92% NdPr – Mann 2 East
- 2.6% TREO including 0.64% NdPr – Michelin
The Red Wine REE district is host to numerous REE, Niobium and Beryllium related occurrences and mineral deposits with previous resource estimations (non-JORC) located along trend from the Odyssey Project area at the Mann #1 (5km east of Odyssey) and Two Tom (20km east of Odyssey) project areas (Figure 3).
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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.
