Many Peaks Gold

Quarterly Activities & Cash Flow Report – September 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 September 2023. During the quarter, the Company focused its activities on its Queensland Gold Projects, in particular completion of a structural review and extended sampling of recent diamond drilling at the Yarrol Gold Project returning 40.8m @ 2.80g/t gold intercept in hole YA187 (refer to ASX release dated 29 August 2023).


HIGHLIGHTS

Queensland Projects

Yarrol Gold Project

  • Diamond drilling at the Yarrol Gold Project returned;
    • 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
  • Several intercepts of visible gold
  • Structural review of drill core demonstrates the potential for west dipping sheeted quartz veins hosting high- grade gold mineralisation at Yarrol – vein orientations inadequately tested in historical drilling
  • Drilling in progress targeting extensions to mineralisation covering 1.6km extent of gold corridor at Yarrol
  • Additional mineral licence granted, comprising 56km2 area, increasing Yarrol to 560km2 land holding

Mt. Steadman Project

  • Mt Steadman Project surface geochemistry results significantly expand the newly defined N-21 gold target
    • 100% increase to the historical gold in soil anomalism at Mt Steadman
    • peak soil value of 2,170ppb gold result, supported by up to 747ppb gold and 413ppb gold
    • extensions similar in tenor to gold anomalies associated with drilled gold mineralisation

Monal Gold Project

  • Monal Project returns peak rock chip results of 25.6g/t gold and 7.53g/t gold from surface sampling

A Diamond drilling campaign is in progress at the Yarrol Project along with initial RC drill tests on anomalism at Mt Steadman following the highly encouraging results from each of the projects in the September quarter (Refer to ASX release dated 18 September 2023).

Queensland Projects

Yarrol Gold Project

In August, the Company announced additional assay results from diamond drill core sampling completed concurrent with follow- up structural study work on diamond drilling reported earlier this year for the Yarrol Gold Project (Yarrol) (refer to ASX release dated 29 August 2023). Yarrol is located 50km northwest of Evolution Mining Ltd’s (ASX:EVN) Mt Rawdon gold operation and 70km northwest of Many Peaks’ Mt Steadman Gold Project.

Additional sampling completed up-hole of previously announced gold intercepts in diamond drilling at Yarrol have extended significant gold intercepts returning 40.8m @ 2.4g/t gold from 38m in hole YA187 (including the previously reported 17.8m @ 4.01g/t gold (refer to ASX release dated 2 May 2023). Follow-up sampling results also returned an intercept of 11.15m @ 1.17g/t gold from 32.35m depth in hole YA188 located 1.1km north of hole YA187 (Figure 2).

Drilling Underway, Yarrol Project

In September, the Company confirmed diamond drilling was in progress at the Yarrol Gold Project (refer to ASX release dated 18 September 2023). Oriented diamond core drilling is planned to test for both extensions of gold mineralisation and to confirm the Company’s revised structural model generated from the reprocessing of existing geophysics datasets, integrated with geochemical compilation and recent structural study work generated from the first diamond drilling on the project in over 20 year reported earlier this year (refer to ASX release dated 2 May 2023).

Planned drilling covers a 1.6km extent of the more than 4km long zone of gold anomalism at Yarrol (Figure 2). The programme will include step-out drilling at the Central Ridge prospect area following-up the recent intercept of 40.8m @ 2.80g/t gold in hole YA187 announced in August. The program will also include single hole tests into two previously un-drilled targets located north and south of the Central Ridge Prospect, including a target historically known as True Blue, where a 700m long corridor of rock chip sampling returns better than 1g/t gold results including peak historical rock chip results of 33.1g/t gold, 8.57g/t gold & 7.74g/t gold from an outcropping zone of gossanous material not targeted in previously drilling.

Figure 1: Diamond drilling in progress at the Yarrol Project’s Central Ridge target

Diamond Drilling Results, Yarrol Project

Significant intercepts of gold mineralisation in Yarrol drill results reported earlier this year have been extended up-hole from additional sampling in diamond holes YA187 and YA188.


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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