Exploration Defines More Than 800m Strike >5% TREO at Odyssey REE Project

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

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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