Many Peaks Gold (ASX:MPG)

Surface Gold Anomalism At Mt Steadman Doubles In Extent

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.


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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