Many Peaks Gold (ASX:MPG)

Quarterly Activities & Cash Flow Report – June 2023

Many Peaks Gold Limited (ASX:MPG) (Many Peaks or the Company) is pleased to provide the Quarterly Activities Report for the period ending 30 June 2023. During the quarter, Many Peaks expanded its footprint in Queensland with the key acquisitions of the Yarrol and Mt. Steadman projects followed immediately by commencing our initial reconnaissance air core drilling program into the recently discovered cobalt mineralisation within the Yarrol land holding.


HIGHLIGHTS

Queensland Projects

Many Peaks secured the right to acquire a 100% interest in the Yarrol and Mt Steadman gold projects expanding its project areas to 1,080km2 within an established gold province in central Queensland. The acquisition includes multiple advanced stage exploration gold targets and the recent Plateau cobalt discovery.

Yarrol Gold Project

  • 2023 reported diamond drilling results include;
    • 17.8m @ 4.01 g/t gold from 61m • 12.0m @ 0.91 g/t gold from 92m
  • Significant gold results in predominantly shallow historical drilling include;
    • 12.0m @ 20.2g/t gold from 100m
    • 44.0m @ 2.34g/t gold from 6m
    • 20.0m @ 3.19g/t gold from 26m
    • 8m @ 3.70g/t gold from 13m and 9m @ 3,33g/t gold from 48m
    • 6.0m @ 8.54g/t gold from 24m
    • 12.0m @ 1.91g/t gold from 18m and 25.0m @ 2.92g/t gold from 42m and
    • 2.4m @ 3.19g/t gold at end of hole (99.4m)
    • 8.0m @ 3.28g/t gold from 90m
  • Follow-up diamond core drilling planned to commence in September quarter at Yarrol Gold Project

Plateau Cobalt Prospect

  • Air core drilling completed in June quarter covering a 40km2 target area – results pending
  • Preliminary heavy mineral (HM) separation results significantly upgrade cobalt values, with gravity concentrate results from 4 diamond holes averaging 0.69% cobalt and 0.21% nickel

Mt Steadman Gold Project

  • Multiple advanced gold targets, including several high-grade gold targets remain open in all directions at Mt Steadman:
    • 2m @ 110g/t gold from 20m
    • 2m @ 12.5g/t gold from 8m
    • 22m @ 1.21g/t gold from surface
    • 21m @ 1.10g/t gold from surface
    • 25m @ 1.02g/t gold from surface
    • 19m @ 1.25g/t gold from 9m

Canadian Projects

Aska Lithium Project

  • Field reconnaissance programmes focused on confirmation and mapping of multiple pegmatites targeted from satellite processing and desktop studies progressed in the June quarter

Odyssey Rare Earth Element (REE) Project

  • Follow-up mapping and channel sampling programs on a 2.6km long REE corridor hosting multiple >4%
    Total Rare Earth Oxide (TREO) assay results are planned to commence in the September quarter
Corporate
  • Strong cash balance to aggressively advance exploration through the coming year at each of the Company’s gold and key critical mineral projects
  • Cash balance of $3.13 million as at 30 June 2023

These acquisitions fit into the Company’s existing exploration strategy of expanding its exposure to the gold and critical minerals sector in tier one jurisdictions, establishing a pipeline of projects for the Company to cost effectively advance towards discovery and mineral resource estimation.

The Yarrol Gold Project in particular provides a compelling opportunity, with diamond drilling results received in early 2023 including 17.8m @ 4.01 g/t gold highlighting both the near-surface high-grade potential of the Yarrol Gold Project along with providing structural insights for optimized drill orientations ahead of further planned drilling, with a revised structural model for the mineralisation indicating potential for volume increases in mineralisation at Yarrol. September quarter drilling is planned on open ended gold mineralisation at advanced gold target within the recent acquisition.

Also, within the Yarrol project land holding, surface geochemistry and mapping programmes located 6km north of drilled gold mineralisation has returned newly identified cobalt mineralisation including up to to 2.24% cobalt and 1.68% cobalt from rock chips at the Plateau Project (Figure 2). Initial drilling confirms the potential for a sub-horizontal horizon of cobalt mineralisation in manganese oxides hosted at the base of unconsolidated sands also hosting heavy mineral sands content with minerals identified including zircon, rutile, ilmenite, leucoxene, and titanite.

Queensland Projects

The Company announced in early May 2023 that it had 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. (refer to ASX announcement dated 2 May 2023)


Click here for the full ASX Release

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

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