MPG believes in the strong potential to increase the volume of open gold mineralisation with multiple targets at Yarrol. Pic via Getty Images
Mining
Many Peaks Gold is back drilling the exciting Yarrol project in Queensland, where the first drilling campaign in over 20 years recently pulled up a highlight 40.8m at 2.80 g/t gold from 38m.
In May, Many Peaks Gold (ASX:MPG) secured the right to acquire both the Yarrol and Mt Steadman projects, expanding its footprint in an established gold province up to 1,080km2 with several advanced stage gold exploration targets.
The 560km2 Yarrol project is 100km west of Bundaberg within in a proven gold province in central Queensland, with Evolution Mining’s (ASX:EVN) 2.6Moz Mt Rawdon gold mine located just 50km to the southeast and the 7.6Moz Mt Morgan gold deposit to the northwest.
Also nearby is multiple explorers returning exploration success and expanding historical resources through renewed exploration of the province such as Cannindah Resources’ (ASX:CAE) Mt Cannindah copper-gold resource where recently drilling returned 104m at 1.46 g/t gold, with bonanza grades up to 96.2 g/t over 1m from 259m.
Cannindah’s project is contiguous with MPG’s Yarrol holding and shows just how prospective the region is for gold.
Many Peaks’ program is focused on extending high-grade gold mineralisation, including the recently announced result of 40.8m at 2.8 g/t gold, as well as drilling three prioritised areas covering 1.6km along the mineralised corridor.
Using modern exploration, the company plans to step out from the previous drilling – which shallowly tested part of the strike extent close to outcropping mineralisation and historical mine workings – to amass ounces for a future resource.
It will also include single hole tests into two previously un-drilled targets located north and south of the Central Ridge prospect, including a target historically known as True Blue, where a 700m long corridor of rock chip sampling returns better than 1g/t gold results.
MPG executive chairman Travis Schwertfeger says the planned work program on demonstrated high-grade gold mineralisation is underpinned by reprocessed historical geophysical datasets.
“We are very excited to be following up multiple high grade gold intercepts at Yarrol, with several historical intercepts highlighting open mineralisation for follow-up.”
The first drilling at the Yarrol Gold Project in over 20 years returned several significant intercepts including 40.8m at 2.80g/t gold and demonstrated key structural controls to the gold mineralisation may not have been optimally tested in previous drilling, generating multiple opportunities to add volume to the gold mineralisation in and around historical drilling” he says.
“[We will be] stepping out from the previous drilling which shallowly tested part of the strike extent at areas proximal to outcropping mineralisation and historical mine workings where our reprocessed geophysics highlights extension targets along with several previously un-drilled targets at Yarrol.
“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.”
This article was developed in collaboration with Many Peaks Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
