Many Peaks Gold (ASX:MPG) has defined more than 800m of strike of greater than 5% total rare earth oxides (TREO) at its Odyssey Rare Earth Elements (REE) Project in Canada.
The $10.37 million market capitalisation company reports that rock chip, channel sampling, and mapping work has improved the continuity of ‘high-grade’ REE across the Mann 2 prospect within Odyssey.
Results from the Mann 2 prospect’s West zone include 6.3% TREO including 1.34% neodymium and praseodymium (NdPr) and 4.1% TREO including 0.85% NdPr.
Meanwhile, results from the Mann 2 East zone include 5.8% TREO including 1.16% NdPr and 5.5% TREO including 1.16% NdPr.
These ‘high-grade’ results have been collected from more than 140m width across sections of the Mann 2 trend. The Mann 2 mineralised corridor comprises 19 samples returning more than 4% TREO values within a 1.9km extent.
Many Peaks Gold Executive Chairman Travis Schwertfeger says: “These new channel and surface sampling results are very exciting for not only confirming lateral extent of high-grade mineralisation style but also outlining significant size and bulk tonnage potential at the Odyssey REE Project, with multiple targets highlighted for follow-up work.”
“These new channel and surface sampling results are very exciting … with multiple targets highlighted for follow-up work”
The company notes a third subparallel trend of mineralisation has been uncovered, with more than 1% TREO identified along more than 700m of strike length, north of the Mann 2 corridor.
The Odyssey project lies in Labrador and Newfoundland province in eastern Canada — within the Red Wine REE district, which hosts numerous REE, niobium, and beryllium-related occurrences and mineral deposits.
Many Peaks Gold is a gold and copper-focused exploration company with projects across Queensland. The company also has assets in Canada prospective for lithium and rare earths.
As of 30 September 2023, the company had $2.4 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Many Peaks Gold
