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Many Peaks Gold Limited (ASX:MPG) (Many Peaks or the Company) is pleased to announce assay results for soil sampling extensions at the Mt Steadman Gold Project (Mt Steadman) and surface geochemistry results comprised of both soil and rock chip assays for the Monal Gold Project (Monal). Mt Steadman is located 19km south of Evolution Mining Ltd’s (ASX:EVN) Mt Rawdon gold operation and 70km south-east of Many Peaks’ Yarrol project. Drilling is planned to commence in September at both Mt Steadman and Yarrol.
HIGHLIGHTS
- 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
- Yarrol Project – Additional mineral licence granted, comprising 56km2 area
- Drilling at both Mt Steadman and Yarrol to commence September 2023
- Monal Project returns peak rock chip results of 25.6g/t gold and 7.53g/t gold from surface sampling
Mt Steadman Surface Geochemistry Results
Mt Steadman soil results are a continuation of surface geochemistry work initiated by EMX Royalty Corp (TSX.V:EMX) last year prior to Many Peaks securing the right to acquire a 100% interest in the Mt Steadman and Yarrol projects (refer to ASX release dated 2 May 2023).
Figure 1: Many Peaks Project Locations – Central Queensland
The most recent results of extension and infill geochemistry comprising the N-21 prospect double the extent of the surface gold anomalism at Mt Steadman. The N-21 anomaly outlines a similar tenor of anomalism as the adjoining Fitzroy prospect, where previous drill results included 22m @ 1.21g/t gold from surface and 19m @ 1.25g/t gold from 9m depth.
Assay results in soils at N-21 include up to peak values of 2,170ppm gold, supported by peak values in recent results including 747ppb gold and 413ppb gold bolstering a mapped zone of gold anomalism associated with outcropping quartz veining and alteration situated 1.5km north of the open-ended mineralisation in previous drilling.
Soil anomalism remains open and untested to the south and southeast of the Fitzroy prospect, with outcropping gold mineralisation identified at the southeast margin of the current extent of soil sampling, with greater than 1g/t gold at surfaced from 8 of 17 rock chips collected following clearing of drill sites including peak rock chip values of 2.88g/t gold and 2.46g/t gold results collected from proposed drilling sites at the Fitzroy Prospect.
Mt Steadman Planned Drilling
Follow-up work at Mt Steadman is planned to include drill testing of two targets on the Fitzroy prospect and N-21 prospect. Proposed work to include an initial two-hole drill test central to the newly defined N-21 prospect, where outcropping gold mineralisation associated with quartz veining correlates to better gold in soils. An additional two holes are planned on open mineralisation in a 300m step-out to drilled gold mineralisation at the Fitzroy Prospect.
Figure 2: Mt Steadman Project prospect locations on 1st derivative airborne magnetic dataset with surface soil geochemistry and drill collar locations
Mt Steadman Project Summary
Located 19km south of Evolution Mining Ltd’s Mt Rawdon gold operation and less than 70km southeast of the Company’s Yarrol Gold Project, Mt Steadman is situated in the New England Orogenic Province 30km northwest of Biggenden, Queensland (Figure 1).
The province is host to several intrusion related gold, porphyry and epithermal style deposits, including the Mt Rawdon deposit with a 2.3Moz gold endowment (Evolution Mining, 2023) with both Mt Rawon and Mt Steadman situated on the same Perry Fault system, a major structural feature in the area (Figure 2).
At the project’s Fitzroy Prospect, gold mineralisation is reported to be associated with a moderately east dipping zones of sheeted quartz veining. The auriferous zone of sheeted veining varies from an estimated 4m to 33m in true thickness from surface. Mineralisation is drilled on limited strike extent to only shallow depths and remains very much open in all directions.
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MPG:AU
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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