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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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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
MPG:AU
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources Limited, 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, 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.
