Many Peaks Gold (ASX:MPG) has ‘significantly’ expanded the newly defined N-21 gold target at the Mt Steadman Gold Project in Queensland, Australia.
The $11.17 million market capitalisation company says the results of a soil sampling program in the area that expanded the gold anomalism at Mt Steadman are a continuation of surface geochemistry work initiated by EMX Royalty Corp (TSX.V:EMX) last year.
Many Peaks says assay results in soils at N-21 include peak values of 2,170 parts per billion (ppb) gold (Au), supported by peak values in recent results including 747 ppb Au and 413 ppb Au.
According to the company, these most recent geochemistry results double the extent of the surface gold anomalism at Mount Steadman.
The N-21 anomaly at Mt Steadman outlines a similar tenor of anomalism as the adjoining Fitzroy prospect, where previous drilling returned results such as 22m @ 1.21 g/t gold from surface and 19m @ 1.25 g/t gold from 9m.
Many Peaks says the mapped zone of gold anomalism associated with outcropping quartz veining and alteration in the area is 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 Au at surface from 8 of 17 rock chips collected.
Many Peaks says these results include peak rock chip values of 2.88 g/t Au and 2.46 g/t Au from proposed drilling sites at the Fitzroy prospect.
Following this announcement, the company plans to conduct follow-up work at Mt Steadman, including drill testing 2 targets on the Fitzroy and N-21 prospects. This is expected to begin in September 2023.
The proposed work will include an initial 2-hole drill test central to the N-21 prospect, where outcropping gold mineralisation associated with quartz veining correlates to better gold in soils.
In addition, 2 holes are planned on open mineralisation in a 300m step-out to drilled gold mineralisation at the Fitzroy prospect.
Many Peaks Gold is an emerging mineral exploration company focused on its portfolio of assets in Australia and Canada. As of 30 June 2023, the company had $3.13 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Many Peaks Gold