Many Peaks Gold has spun the drill bits at its newly-acquired Yarrol Gold project in QLD looking for – and finding promising cobalt mineralisation.

The explorer snapped up both the Yarrol and Mt Steadman cobalt-gold projects from strategic acquisitor EMX Royalty Corp (TSX.V:EMX) earlier this month for a mix of cash and options to buy.

Exploration work performed by previous operator EMX presented 65 rock chip samples with multiple >1% cobalt results across a 4km extent at Yarrol and was the catalyst for further investigation.

Many Peaks Gold’s (ASX:MPG) first act was to concentrate on building out the cobalt and manganese oxide discoveries at Yarrol, and assay results from the first four diamond drill holes are showing significant potential.

The assays returned:

1.05m @ 2,520ppm (0.252%) cobalt from 18.5m depth
1.35m @ 380ppm (0.038%) cobalt from 13.35m depth
0.50m @ 210ppm (0.021%) cobalt from 6.25m depth
and 2.00m @ 380ppm (0.038%) cobalt from 19m depth

The company also discovered a broader heavy mineral sands (HMS) profile with initial assays for titanium oxide that correlates with a suite of valuable heavy minerals.

Several stacked mineralised zones of manganese replacement have been observed across the heavy mineral sands deposit profile.

Many Peaks — The Plateau cobalt project lies just north of the Yarrol Gold project area. Pic: Supplied (MPG)

Because of the finds, MPG has dubbed the cobalt and HMS-rich area of Yarrol the Plateau cobalt project.

To date, 1,673m of AC drilling has been completed targeting the cobalt mineralisation, with geochemical assays pending on the manganese replacement horizon from 30 air core holes, and mineral separation test work on the heavy mineral sands currently under review.

MPG chairman Travis Schwertfeger said initial drilling into cobalt targets at the Plateau project confirms the potential for a significant discovery of cobalt mineralisation.

“Adding to our team’s excitement, drilling has also highlighted the sediments hosting the cobalt mineralisation has substantial heavy mineral sands content, providing potential value in the overburden.

“The cobalt is a horizontal body of mineralisation that overprints the lower layers of the mineral sands units and the free digging profile presents an opportunity to generate a high value mineral product in a geologic setting that allows for potential low cost mining and low cost beneficiation opportunities.”

Moving ahead

MPG said it plans to extend AC drilling to expand the footprint of manganese mineralisation to cover a 6km x 7km area, expanding with 2km to 2.2km spaced lines of drilling across the northern plateau with drilling to commence in June.

Analysis work is of geochemical assays and heavy mineral separation tests are ongoing for previous AC drilling and more geochemistry work is afoot at the Plateau project.

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.