Many Peaks Gold (ASX:MPG) has launched fresh diamond drilling to extend gold mineralisation at its Yarrol Gold Project in central Queensland.
The drilling is targeting 3 prioritised areas, covering a 1.6km extent along the mineralised corridor at the project.
This program will include step-out drilling at the Central Ridge prospect area, following up on a previously announced intercept of 40.8m @ 2.8g/t Au.
The $11.17 million market capitalisation company notes the drilling is also intended to confirm its revised structural model supporting predictive targeting generated from the reprocessing of existing geophysics datasets integrated with geochemical compilation and recent structural study work.
Open gold mineralisation is yet to be tested across multiple prospects along the 4km extent of mineralisation at Yarrol.
Commenting on exploration activities, Many Peaks Gold Executive Chairman Travis Schwertfeger says: “We are very excited to be following up the highly encouraging results from the first drilling at the Yarrol Gold Project in over 20 years.
“we believe in the strong potential to significantly increase the volume of open gold mineralisation”
Our planned work targeting open-ended mineralisation on demonstrated high-grade gold mineralisation is underpinned by reprocessed historical geophysical datasets integrated in 3D and supporting our updated structural models controlling gold mineralisation.
With the continuation of modern exploration stepping out from the previous drilling which shallowly tested part of the strike extent at areas proximal to outcropping mineralisation and historical mine workings, we believe in the strong potential to significantly increase the volume of open gold mineralisation, with multiple targets for bulk tonnage mineralisation within the 4km long corridor at Yarrol yet to be fully tested.”
Many Peaks Gold is an emerging ASX-listed 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
