Many Peaks Gold Limited advised that a 1,806m drilling campaign at its Mt Weary Gold Project in Queensland has successfully completed with all samples now delivered for assay analyses. The eleven hole RC programme covered a 600m x 600m area within a larger 3km long geochemistry anomaly. The initial drilling focuses on a segment of the anomalous corridor that is covered with induced polarity ground geophysics (IP), where historical drilling confirms wide zones of gold mineralisation from surface, corresponding to IP anomalism. Drilling: The Company has drilled several extensional targets to previously drilled gold mineralisation, focusing on higher tenor chargeability responses in the updated 3D geophysical modelling. The initial drill program by MPG is designed to confirm conceptual targeting criteria, to assess not only an expanded footprint of gold mineralisation, but also the potential for increasing gold grades associated with higher tenor IP anomalies. Assay results, anticipated over the next six to eight weeks will provide a measure of success for predictive targeting based on geophysical modelling. Successful results will be a catalyst to define expansion of IP geophysical coverage across the larger surface geochemistry gold anomaly at Mt Weary Gold Project. The recent exploration activity undertaken tests four (4) subparallel IP anomalies, including two (2) IP anomalies not previously drill tested, and extensions along two (2) IP anomalies to identify higher tenor gold anomalism within IP anomalies already confirmed to be associated with gold mineralisation, including a 160m step-out along strike away from the 250m long corridor of drilled gold mineralisation where better results include: 94m @ 0.49g/t gold (from surface to end of hole) - RC93CH3 - 66m @ 0.47g/t gold from 59m (drill depth) including 20m @ 0.8g/t gold from 84m - DD93CH10 - 12m @ 1.54g/t gold from 40m - RC93CH4 - 21m @ 0.46g/t gold from surface and 2m @ 6.24g/t gold from 32m - RC94CH13. Proposed Work: Based on work undertaken to date, MPG has revised its exploration strategy, and now plans to accelerate its proposed follow-up diamond drilling for the project, which was originally planned for Fourth Quarter this year. The Company is currently seeking diamond drill rigs with appropriate capability and availability for follow-up drilling at the Mt Weary Gold Project. The Company's exploration programme for 2022 also considered the potential to expand the footprint of IP geophysical coverage for the Mt Weary Gold Project ahead of follow-up drilling work. At this time MPG will maintain its proposed exploration strategy for geophysical survey work and will still contemplate further geophysical campaigns in context of drilling and surface
geochemistry assay results, both currently in progress.