Many Peaks doubles size of gold anomaly at Mt Steadman ahead of maiden drilling
Many Peaks Gold has doubled the size of its newly defined N-21 gold target at Mt Steadman ahead of highly anticipated maiden drilling in September.
Many Peaks Gold’s (ASX:MPG) N-21 prospect is a key target on the Mt Steadman project, which covers an intrusion-related gold (IRG) system near Evolution Mining’s (ASX:EVN) 2.3Moz Mt Rawdon gold operation in Queensland.
In May, MPG inked a binding deal to acquire Steadman and the nearby Yarrol projects from TSXV-listed EMX Royalty Corp.
This increased the explorer’s landholding to 1080sqkm in this established gold province, home to several intrusion related gold, porphyry and epithermal style deposits.
Previous owners including EMX had already done important early work at both projects, including sparse historical drilling which pulled up impressive shallow hits like 12.0m @ 20.2g/t (Yarrol) and 2m @ 110g/t (Mt Steadman) across multiple targets.
Many Peaks decided to conduct surface soil and rock sampling to infill and extend the newly defined N-21 gold anomaly, which has a similar ‘tenor’ of gold anomalism as the adjoining Fitzroy prospect, where previous drilling returned hits like 25m at 1.02 g/t gold from surface.
Results at N-21 – which included peak values of 2,170ppb gold — has doubled the extent of the surface gold anomalism at Mt Steadman.
This untested zone is 1.5km north of the open-ended mineralisation in previous drilling. Meanwhile, the anomaly at Fitzroy remains open to the south:
Meanwhile, sampling at the Monal project near Many Peaks’ Mt Weary project returned peak rock chip values of 25.6g/t gold,7.53g/t gold, 6.10g/t gold.
Monal is a more than 5km long corridor associated with dozens of historical occurrences and underground gold workings with limited historical drill testing.
These rock chips were collected proximal to two historical mining areas in the northeast of the Monal district located ~400m apart.
Many Peaks says further mapping and geochemistry work is required to better assess the nature of the gold mineralisation in the Monal Goldfields “and define its key structural controls”.
“The Mt Steadman project represents a significant opportunity for us to define ounces with demonstrated upside potential for growth,” Many Peaks’ exec chairman told Stockhead.
“The limited extent of historical drilling had a high success rate for intersecting gold mineralisation in the district, however previous success was not rewarded with adequate follow-up work in the discontinued exploration campaigns completed in the past.
“Only a portion of areas around extensive historical underground workings and surface gold anomalies are drill tested to date.”
“Our initial drill test will focus on assessing step-out targets from previously drilled mineralisation, with follow-up work to focus on linking multiple mineralised targets to build volume for a shallow, bulk tonnage gold opportunity located close to existing infrastructure in central Queensland.”
Follow-up work at Mt Steadman is planned to include drill testing of two targets on the Fitzroy prospect and N-21 prospect.
The two-hole program will initially focus on N-21, where outcropping gold mineralisation associated with quartz veining correlates to better gold in soils.
An additional two holes are planned on open mineralisation in a 300m step-out to drilled gold mineralisation at the Fitzroy prospect proximal to extensive gold in outcropping rock chip sampling, returning up to 2.88g/t gold at surface above the planned drilling.
Meanwhile, a licence forming a 56km2 extension to the contiguous 560km2 Yarrol project has been granted for a 5-year term effective from 21 July 2023, where diamond drilling in follow-up to a recently reported 17.8m @ 4.01g/t gold is also planned to commence immediately following Mt Steadman drilling next month.
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.