Quarterly Activities & Cash Flow Report – December 2023

Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to provide the Quarterly Activities Report for the period ending 31 December 2023. During the quarter, the Company completed drilling activities at the Yarrol and Mt Steadman projects in Queensland and completed surface sampling and mapping campaigns at the Odyssey rare earth element project.

HIGHLIGHTS

Yarrol Gold Project, Queensland

• Diamond drilling confirms additional gold targets at Yarrol associated with geophysical anomalies on margins of 4km long mineralised diorite body
• 2023 drill results cover 2.2km extent of mineralised corridor in initial drill tests by Many Peaks to confirm and extend gold mineralisation in historical drilling, with better results returning;
  • 40.8m @ 2.80 g/t gold from 38m depth – YA187 Including 17.8m @ 4.01g/t gold from 61m depth
  • 11.15m @ 1.15 g/t gold from 32.25m depth - YA188
  • 16m @ 0.75g/t gold from
• First oriented diamond drilling completed, informing on key structural controls to mineralisation and optimal drill orientations

Mt Steadman Gold Project, Queensland

• Drilling at Mt Steadman identifies significant extension to shallow gold mineralisation returning 8m @ 2.63gt gold from 8m depth
• Continued mapping and surface sampling on the recently identified N-21 target at Mt Steadman outlines an intrusive breccia target associated with recent extensions to surface gold anomalism

The Yarrol Gold Project is a 560km2 land holding located approximately 30km south-east of the township of Monto in the Northern Burnett Region, and 100km west of the regional city of Bundaberg. The greater Yarrol Province hosts a number of significant mines and exploration projects, including the nearby Mt Rawdon gold mine operated by Evolution Mining (ASX:EVN) and 70km northwest of Many Peaks’ Mt Steadman Gold Project (refer to Figure 2).

Diamond Drilling Results

Many Peaks has completed a further 6 diamond holes comprising a total 1,210m drilled targeting multiple extension targets across more than 1.6km strike extent of the 4km long diorite hosted intrusion related gold system at Yarrol.

Drill holes YAD189 and YAD194 (refer to Figure 1) are each an initial drill test on targets generated from reprocessing and inversion modelling of aerial magnetic data and historical IP ground geophysics.

YAD194, drilled into the historical True Blue prospect area at Yarrol, host to a 700m long corridor of better than 1 g/t gold in rock chips at surface located one kilometre south of the recently reported 40.8m @ 2.80g/t gold from drill hole YA187. Surface rock chip results across the 700m surface anomaly at True Blue includes peak historical rock chip results of 33.1g/t gold, 8.57g/t gold & 7.74g/t gold (refer to ASX Announcement dated 23 August 2023).

Figure 1 | Yarrol Gold Project drill collar location map with outline of mapped diorite intrusion hosting gold mineralisation

Drill hole YAD189 at True Blue successfully intersected gold mineralisation in the same diorite intrusion hosting gold at YA187 and returned 16m @ 0.75g/t gold associated with sheeted quartz veining from 42m drill depth before extending into intensely altered and veined sedimentary wallrock from 95m drill depth.

In addition to the success in hole YAD189 at True Blue, the Company also drilled a similar style of geophysical target 1.6km north of YAD189 (600m south of the recently reported 11.15m @ 1.15 g/t gold from 32.25m depth in drill hole YA188) where drill hole YAD194 intersected narrow zones of sulphide mineralisation (pyrite and chalcopyrite) associated with visible gold hosted in sediments immediately downhole of the sheared diorite contact zone highlighting a structural corridor for follow-up work at Yarrol.

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