Many Peaks Gold (ASX:MPG) has begun drilling to define the extent of cobalt and heavy mineral sands (HMS) mineralisation at the Plateau Cobalt Project in central Queensland, Australia.
The 5,000m aircore (AC) drilling program will cover a 40km-square target area and extend a further 5km to the north of previously reported results. Drilling is expected to be completed by the end of June 2023.
Additionally, the current drilling includes extending several lines of AC sampling across the southern plateau, where HMS and ‘overprinting’ manganese and cobalt mineralisation have already been identified in a 1km-by-4km footprint.
Many Peaks says this news follows the receipt of initial HM separation test results for the project, which confirms dense media separation has concentrated cobalt mineralisation hosted in manganese oxides.
Samples from the first 4 diamond holes each intersected cobalt (Co) mineralisation, returning grades of up to 0.252% Co over 1.05m. Additionally, HM separation results averaged 0.65% Co and 0.21% Ni in the cobalt horizon from 4 previously-reported diamond holes.
Commenting on the results and ongoing exploration activities, Many Peaks Gold Executive Chairman Travis Schwertfeger says: “Preliminary mineral separation results underpin the potential for low-cost beneficiation of cobalt mineralisation at the Plateau Project.
“The company is now focused on assessing the tonnage and value potential of the Plateau Project through more advanced mineralogical assessment”
The company is now focused on assessing the tonnage and value potential of the Plateau Project through more advanced mineralogical assessment. The current drilling program is designed to explore a significant portion of a larger 8km by 18km target area where the shallow, bulk tonnage potential for mineralisation remains significant.”
Many Peaks says further assessment work is planned to define the mineralogy and mineral chemistry of valuable heavy minerals and critical minerals within the HM concentrate. Additionally, separation of the cobalt in manganese oxide is also proposed.
The Plateau Project has been awarded a Queensland Government Collaborative Exploration Incentive (CEI) grant for $223,000 for the Yarrol critical minerals study. The CEI Round 7 funding will support a passive seismic survey over the 2km-by-4km basalt plateau capping the manganese-cobalt mineralisation.
The company says the seismic survey work is expected to begin in July 2023.
Many Peaks is a mineral exploration company advancing key critical mineral sector assets with gold and copper potential in tier-one jurisdictions.
Write to Aaliyah Rogan at Mining.com.au
Images: Many Peaks Gold Ltd
