MPG Acquires Canadian Ree Project With Up To 9.3% Treo At Surface

Many Peaks Gold Limited (MPG or the Company) is pleased to announce it has entered into a binding agreement to secure an exclusive right to acquire a 100% interest in the Odyssey REE Project in central Labrador, Canada.

Highlights

• MPG has secured the right to acquire a 100% interest in the Odyssey Rare Earth Element (REE) Project (Odyssey) in Labrador, Canada
• Odyssey is host to extensive, un-tested high-grade REE occurrences with up to 9.3% total rare earth oxide (TREO) assay results at surface highlighting drill-ready targets defined
• Presents MPG with an exciting opportunity to gain exposure to the burgeoning critical minerals sector
• MPG has a strong cash balance of over $4M to aggressively work towards advancing key critical mineral projects complimentary to existing copper-gold assets in QLD.

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 a mineralised system containing REE group compounds including neodymium - Nd2O3, praseodymium - Pr6O11 (NdPr) among others (Appendix B) and also hosts associated non-REE group metals including Niobium – Nb2O5 and Beryllium – BeO (Appendix A). Previous exploration identifies extensive anomalism on two mineralised trends within Odyssey:

• 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

The Mann 2 and Michelin trends total over 3 kilometres mineralised extent and has drill ready targets supported with 143 previous surface rock and channel samples compiled to date with 93 of 143 samples returning >1% TREO (Figure 1). Better assay results from previous work includes:

• 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 prospect

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). The Two Tom resource is estimated at 40.6Mt @ 1.18% TREO and 0.26% Nb2O5, (2012,Daigle - Canadian NI 43-101) MPG’s Executive Chairman commented, “The Odyssey REE Project provides a highly prospective position with several walk-up drill targets defined within a district host to known high-grade TREO mineralisation and demonstrating scale for bulk tonnage potential. The opportunity identified by MPG to diversify into the critical minerals sector has been secured as part of the Company’s ongoing business development activity, focused on delivering future growth by generating a pipeline of projects.”

Mr Schwertfeger continued, “Our board and management team has significant North American operational and technical experience providing strong synergies for advancing projects in the Tier 1 jurisdictions of both Queensland and Labrador. Our team will continue working towards generating depth and diversity for a portfolio of mineral exploration assets to underpin growth and value add to the Company through cost effective mineral exploration and discovery.”

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