NewPeak Metals (ASX:NPM) is conducting a $250,000 capital raise to cover expenses of its share purchases deed with privately held Goldstrike Mining for the acquisition of the Tansey Gold Project.
The company will pay $200,000 for shares from privately-held holders, Mining Projects Accelerator and Gold Exploration Australia, with an additional $50,000 cash payable.
NewPeak intends to prioritise the South Burnett Mine with induced polarisation surveying, followed by a future drilling program to test the prospectivity of known mineralisation.
Managing Director Mark Purcell says the project is located in an under-explored area, with several historical mines that would benefit from modern exploration techniques.
“This is a low cost, high potential acquisition,” Purcell says.
“The South Burnett Mine has not been comprehensively explored, notwithstanding attractive historical mining grades and the fact known mineralisation is open along strike and at depth.”
The prospect previously intersected gold mineralisation in quartz and quartz-calcite veins in historical operations, with results including 3,152 tonnes ore at 12.9 grams per tonne gold, and 11.7g/t silver for 1,311 ounces gold and 1,188 ounces silver to a depth of 87m between 1934-1942.
The Queensland Department of Mines commenced operations at the mine in 1967-1968, with non-JORC compliant intersections including 2.79m @ 6.43g/t gold and 5.73g/t silver from 141.2m from hole NS12.
Meanwhile, through its wholly owned subsidiary Dorado Metals, NewPeak has applied for two additional tenements, which will connect the company’s landholdings to Goldstrike’s Tanjan and Grongah tenements.
Global gold demand increased by 16% year-on-year in the March quarter 2025 to 1,310 tonnes. The rise in demand was driven by increased investment across bars and coins and exchange traded funds (ETFs), partly offset by falls in jewellery consumption.
The heightened demand for gold in the last two quarters can be largely attributed to the uncertainty created in markets by broad-based trade actions imposed by the US. Gold demand is forecast to fall from 4,606 tonnes in 2024 – the second highest demand in the last decade – to 4,199 tonnes in 2025.
Write to Maddison Elliott at Mining.com.au
Images: NewPeak Metals
