Many Peaks Gold (ASX:MPG) has confirmed extensions to mineralisation from the first 4 diamond holes targeting cobalt mineralisation hosted in manganese oxide replacement at the recently acquired Yarrol Project area.
Drilling results confirm the mineralisation, identified at surface, forming several stacked sub-horizontal horizons of replacement style mineralisation hosted in unconsolidated fluvial sand and gravels defined as the Plateau Cobalt Project.
Many Peaks reports heavy mineral separation tests are required to quantify the heavy mineral sand potential of the sediments hosting the cobalt mineralisation at Plateau. Initial assay work on the diamond drilling was completed on the full sedimentary profile, and TiO2 results have been used as a guideline to define mineralogical testwork in the heavy mineral sand profile.
Analysis work comprised of geochemical assays and heavy mineral separation tests are ongoing for previous air core drilling and additional surface geochemistry work is currently advancing for the Plateau Cobalt Project.
Further air core drilling is anticipated to start in June to expand the footprint of reconnaissance drilling.
Significant intercepts for TiO2 have returned 19.55m @ 1.54% TiO2 from surface at CODD01; 13.7m @ 1.92% TiO2 from 1m depth at CODD02; 2.55m @ 2.44% TiO2 from 5.3m depth at CODD03; and 20.65m @ 1.61% TiO2 from surface depth at CODD04.
The Plateau Project has also been awarded a Queensland Government Collaborative Exploration Initiative (CEI) grant for $223,300 for the Yarrol critical minerals study.
The CEI round 7 funding will support a passive seismic geophysics survey over the 2km by 4km basalt plateau capping the manganese-cobalt mineralisation. The objective will be mapping the topographic lows in basement rocks and potentially directly mapping the higher density manganese replacement horizons targeted.
The results of these planned work programs are anticipated to provide Many Peaks with the technical information to support a decision to proceed with an acquisition of 100% of the Yarrol landholdings.
“Adding to our team’s excitement, drilling has also highlighted the sediments hosting the cobalt mineralisation has substantial heavy mineral sands content, providing potential value in the overburden”
Addressing the results, Many Peaks Executive Chairman Travis Schwertfeger says: “The initial drilling into cobalt targets at the Plateau Project confirms potential for a significant discovery of cobalt mineralisation. Adding to our team’s excitement, drilling has also highlighted the sediments hosting the cobalt mineralisation has substantial heavy mineral sands content, providing potential value in the overburden.
The cobalt is a horizontal body of mineralisation that overprints the lower layers of the mineral sands units and the free digging profile presents an opportunity to generate a high value mineral product in a geologic setting that allows for low cost mining and low-cost beneficiation opportunities.”
The company reports previously reported mapping and geochemistry programs across the larger 560km-square Yarrol Project landholding have recently discovered outcropping manganese oxide mineralisation returning over 1% cobalt located 6km north of Yarrol gold drilling and 40km south of the company’s Mt Weary Gold Project.
Many Peaks says cobalt hosted in manganese oxides is accompanied by enrichments in both nickel and copper in the replacement zone. Of the 65 rock chips collected from the target horizon to date, results average 1.07% cobalt and 12.8% manganese and peak rock chips ranging up to 2.24% cobalt and 1.68% cobalt.
The Yarrol Project comprises 3 granted tenements and a tenement application located some 30km south-east of the township of Monto in the Northern Burnett Region, and 100km west of the regional city of Bundaberg. The project area is host to the Plateau Cobalt Project, located 6km north of the Yarrol Gold Project, along with a number of other early stage gold prospects in the Yarrol Province.
The Yarrol Province is a well-endowed mineral province hosting a number of significant historical and active gold and base metal mines and exploration projects.