- Many Peaks Gold (MPG) receives assay results from eight holes of an 11-hole program
- The drill campaign is at the company’s Mount Weary gold project in Queensland
- Initial results extend the known mineralisation, nearly double the strike extent of the gold bearing intrusion and gold mineralisation remains open in all directions
- Drilling has also identified a larger volume of favourable porphyry textured intrusions than previously mapped out
- MPG shares last traded flat at 26 cents per share at 1:18 pm AEST
Many Peaks Gold (MPG) has expanded its footprint of gold mineralisation after receiving assay results from eight holes at its Mount Weary gold project in Queensland.
The company said the assay results confirm extensions of known gold mineralisation and nearly doubled the strike extent of the gold bearing intrusion. Mineralisation remains open in all directions.
Some of the results include two metres at 3.75 grams per tonne (g/t) gold from 101 metres and seven metres at 2.04 g/t gold from 13 metres.
The drilling has also identified multiple new porphyry textured intrusions than previously mapped out, demonstrating potential for higher grade mineralisation.
The drill program was testing 600 metres of the three-kilometre gold-in-soil anomalism identified at Mount Weary.
Drilling involved 11 holes with assays expected for the remaining three holes, including a magnetite skarn intercept associated with up to 20 per cent pyrite, in two weeks time.
In addition to the Mount Weary exploration, the company is planning to commence exploration activity in the coming quarter at the Rawlins copper-gold project to better define drill targets.
Many Peaks Gold shares last traded flat at 26 cents per share at 1:18 pm AEST.