Many Peaks has every reason to be pleased with assaying returning a thick zone of gold from previously unsampled mineralisation at a diamond hole within its Yarrol project. Pic: via Getty Images
Mining
Assaying of previously unsampled open-ended mineralisation in recent diamond drilling at Many Peaks’ Yarrol project in Queensland has returned a welcome intersection of thick, shallow gold.
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.
Hole YA187, which was drilled by the vendor, had previously returned an intercept of 17.8m grading 4.01 grams per tonne (g/t) gold from a down-hole depth of 61m at Yarrol.
Additional sampling of this hole has extended the mineralised zone by a further 23m up-hole, upgrading the significant intercept to 40.8m @ 2.80g/t gold from 38m depth.
This includes several intercepts of visible gold.
This is encouraging for Many Peaks Gold (ASX:MPG) as the same type of open-ended mineralisation has yet to be tested at multiple prospects along a 4km long corridor at Yarrol.
Adding further interest, a structural review of the drill core has also highlighted that the potential for the west-dipping sheeted quartz to host high-grade gold mineralisation has not been adequately tested by historical drilling, presenting the company with another avenue to find more gold.
“Follow-up sampling of drill core at Yarrol has significantly extended the significant gold intercept in hole YA187 up-hole, returning a result of greater than 100 gram metres (grade times thickness),” executive chairman Travis Schwertfeger said.
“More exciting for our team is the identification of a west dipping sheeted vein set, poorly tested by historical drilling at Yarrol.
“The updated structural model generates an opportunity to demonstrate continuity and significantly increase volume of the high-grade gold mineralisation at Yarrol with optimised drill orientations.”
He added that vein density is typically a key controlling factor to the tenor of gold in intrusion-related gold deposits and that successful drilling had the potential to outline a substantial Exploration Target for continued delineation drilling.
The 560km2 Yarrol project is located 100km west of Bundaberg within the Yarrol Province, which hosts several significant mines and exploration projects including Evolution Mining’s (ASX:EVN) Mt Rawdon Mine 50km southeast of Yarrol.
Cannindah Resources’ (ASX:CAE) Mt Cannindah copper-gold resource that is contiguous with both of Many Peaks’ Mt Weary and Yarrol Project holding, located 38km northwest of Yarrol, and just 8km south from the Companyss Mt Weary gold project. .
With its proximity to Many Peaks’ projects, Cannindah Resources’ drill successes at Mt Cannindah – including a recent 104m at 1.46g/t gold intercept with bonanza grades of up to 96.2g/t gold over 1m from 359m – provides a sense of just how prospective the ground.
Yarrol itself remains lightly explored.
While there are 150 historical RC and diamond holes within a 4km corridor hosting multiple drilled significant gold intercepts, there has been very little follow-up outside of two 500m long mineralised zones drilled, which also remain open within the 4km corridor of mapped diorite intrusion preferentially hosting gold mineralisation.
As such, the project is shallowly drilled with open mineralisation and multiple drill-ready targets to follow-up on previous historical drill assay results.
Some notable historical hits for follow-up are:
Many Peaks plans to drill five diamond holes totalling about 1,100m to confirm its revised structural model and test predictive targeting from the reprocessing of existing ground magnetic and induced polarity (IP) geophysics datasets.
This will test three prospect areas across a 1.6km extent of the more than 4km long zone of gold anomalism hosting favourable intrusion host rocks.
Three of holes will be drilled at the Central Ridge prospect to follow-up on the YA187 intercept of 40.8m at 2.80 g/t gold while the other two holes will be drilled to the north and south of the prospect to test two new targets defined from integrating surface geochemistry, mapping and geophysical datasets.
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.
