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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.
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MPG:AU
EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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