Mineral explorer Many Peaks Gold (ASX:MPG) is planning follow-up diamond core drilling at its Yarrol Gold Project in Queensland after fresh sampling returned several intercepts of visible gold.
The planned drilling is slated for September this year and has been designed to confirm Many Peaks’ revised structural model and test 3 prospect areas across a 1.6km extent of the more-than-4km-long zone of gold anomalism.
The $10.97 million market capitalisation company says drilling will also test the Central Ridge prospect area after new assays returned an intercept of 40.8m at 2.80 grams per tonne (g/t) from 38m depth in drillhole YA187.
Many Peaks reports this result was returned following assaying of previously unsampled open-ended gold mineralisation in recent diamond drilling.
Key results include hole YA187 with 40.8m at 2.80g/t gold from 38m, including 6m at 2.85g/t gold from 38m and 7m at 3.17g/t from 49m (which was assayed up-hole of the previously reported 17.8m at 4.01g/t gold from 61m).
The company notes a structural review of drill core demonstrates the potential for west-dipping sheet quartz-hosted ‘high-grade’ gold mineralisation at Yarrol.
Many Peaks also notes it has highlighted a similar style of veining as seen outside of the more ‘intense’ zones of alteration previously sampled, which has triggered the undertaking of additional sampling work to define controls on gold mineralisation.
This work has ‘significantly’ extended the width of the intrusion-hosted mineralised area.
Shares in Many Peaks Gold have spiked 16.36% to $0.32 as of 10:40am AEST on Tuesday 29 August.
Speaking on the results, Many Peaks Executive Chairman Travis Schwertfeger says: “Follow-up sampling of drill core at Yarrol has significantly extended the significant gold intercept in hole YA187 up-hole, returning a result of greater than 100 gram metres [grade times thickness].
More exciting for our team is the identification of a west-dipping sheeted vein set, poorly tested by historical drilling at Yarrol. The updated structural model generates an opportunity to demonstrate continuity and significantly increase volume of the high-grade gold mineralisation at Yarrol with optimised drill orientations.
“Success in our upcoming drill campaign at Yarrol has the potential to outline a substantial Exploration Target for continued delineation drilling“
Vein density is typically a key controlling factor to the tenor of gold in IRG systems. Success in our upcoming drill campaign at Yarrol has the potential to outline a substantial Exploration Target for continued delineation drilling.”
Many Peaks Gold is a mineral explorer focused on a portfolio of assets to underpin growth and provide ‘exceptional’ opportunities for the company.
The company’s Yarrol project is located about 30km southeast of the township of Monto in the Northern Burnett Region of Queensland and covers a total landholding of 560km-square.
Many Peaks Gold had $3.13 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Many Peaks Gold