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NewPeak Metals (ASX:NPM) - Chairman, Nick Mather
Chairman, Nick Mather
Source: Carla Gottgens/AFR
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  • NewPeak Metals (NPM) says it has made encouraging observations in early drilling at its Cachi Gold Project in Argentina’s Santa Cruz province
  • Drilling recommenced last week following a hiatus due to drill rig availability, with a focus on six out of 15 high-priority targets
  • Contractor Foraco Drilling has completed 1744 metres of drilling across 14 holes at the Vetas Cachi, Vetas North West and Morena targets
  • Cores from the Morena target have yielded an “abundance” of gold visible to the naked eye
  • NewPeak Metals is up 50 per cent to 0.3 cents per share

NewPeak Metals (NPM) says it has made encouraging observations in early drilling at its Cachi Gold Project in Argentina’s Santa Cruz province.

The maiden drill program was resumed last week after a hiatus due to rig availability, focusing on six out of 15 high-priority, previously undrilled targets identified through earlier exploration work.

Contractor Foraco Drilling has completed 1744 metres of drilling across 14 holes at the Vetas Cachi, Vetas North West and Morena targets with work at the Sofia target currently underway.

Notably, NewPeak said it has found an “abundance” of gold visible to the naked eye in drill cores from Morena.

This gold is thought to be associated with “hematitic veinlets within a halo of argillic alteration,” which the company noted could be due to the mixing of meteoric ground water with mineralised magmatic fluids, which implies a direct link to the epithermal system rather than an effect of weathering.

“These observations of visible gold and alteration at depth in Cachi indicate we are getting closer to realising a strongly mineralised system and could be on the verge of ‘discovery’,” said Nick Mather, Chairman of NewPeak Metals.

“Neighbouring large defined gold resources have shown that it can take a fair amount of drilling to achieve discovery and we are confident with the progress to date,” he added.

NewPeak said the Cachi Project has the potential to deliver discoveries similar to others in the regions, such as Yamana’s Cerro Moro, Newmont’s Cerro Negro and AngloGold Ashanti’s Cerro Vanguardia properties.

NewPeak Metals is up 50 per cent to 0.3 cents per share at 10:46am AEDT.

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