Many Peaks Gold : Mt Weary Drilling Expands Footprint of Gold Mineralisation

Drilling Expands Footprint of Gold Mineralisation at

Mt Weary Gold Project, Queensland

ASX Announcement

7 June 2022

Highlights

• Assays received for the first 8 holes of an 11-hole program at Mt Weary Gold Project with results including:

only		o 2m @ 3.75g/t gold from 101m - RC Hole BCRC001
	o 7m @ 2.04g/t gold from 13m and
use		34m @ 0.37g/t gold from 53m - RC Hole BCRC003
	o 17m @ 0.75g/t gold from 10m, including 7m @ 1.28g/t gold
	and 17m @ 0.37g/t gold from 61m
	and 21m @ 0.48g/t gold from 109m to end of hole - BCRC005
		o 11m @ 0.53g/t gold from 73m to 84m - RC hole BCRC007
personal		with 84m to 244m interval in BCRC007 pending assay
•	copper in-soil anomalies identified by MPG
	Initial results have successfully extended known mineralisation, nearly double the strike extent of gold

bearing intrusion and gold mineralisation remains open in all directions

• Multiple new porphyry textured diorite intrusions identified, including diorite body in hole BCRC001 demonstrating potential for higher grade mineralisation at the intrusion contacts

• Assays pending for remaining 3 holes including a magnetite skarn intercept associated with up to 20% pyritein strongly altered sedimentary units - 400m west of gold corridor in historical drilling

• Geochemistry to be initiated at the Company's Rawlin's Copper Gold project to better define drill targets within the untested 3km x 5km zone of porphyry style alteration hosting multiple gold and

Many Peaks Gold Limited (MPG or the Company) announces assay results for the first 8 of 11 holes from its initial drill campaign at the Mt Weary Gold Project (Mt Weary), with the final batch of assays for the remaining 3 holes anticipated in 2 weeks' time. Assay results received to date confirm extensions of known gold mineralisation and identify several zones of higher tenor gold mineralisation. The drilling has identified a substantially larger volume of favourable porphyry textured intrusions (diorite) in step-out drilling than recognised in previous mapping and drilling and the diorite bodies are consistently associated with strong hydrothermal alteration and pyrite (+/- arsenopyrite) mineralisation. This drill program was testing 600 metres extent of the

3km gold-in-soil anomalism identified at Mt Weary. Mineralisation remains open in all directions.

For (refer to Figure 4)

Drilling also discovered a skarn body at Boggy Creek (BCRC011) not recognised in previous work. Assays are still pending on the skarn package. With multiple skarn type occurrences exploited in historical mining throughout the district, the discovery

f skarn mineralisation at Boggy Creek is significant. Assays are expected to be received in the next 2 weeks.

In addition to exploration at the Mt Weary Project, the Company is planning to commence exploration activity at the Rawlins Copper-Gold Project (Rawlins Project) in the coming quarter. Follow-up mapping and rock sampling is planned for the Rough Gully prospect, where rock chips have returned up to 31.1g/t gold. 100g/t silver and 0.6% copper (refer to ASX release dated 14 March 2022), including extensions of surface geochemistry into the Copper Knob prospect. Planned surface geochemistry is intended to establish continuity of potential mineralisation for drill targeting and refining geophysical survey targets for the Rawlins Project.

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Drilling

The initial drill campaign at the Mt Weary Project totalling 1,806m and completed in April this year, focused on testing geophysical anomalies in results of induced polarity ground `geophysics (IP). The IP survey area covers an area known as the Boggy Creek prospect, located on the southern extent of a more extensive 3km long surface geochemistry anomaly at the Mt

onlyWeary. Several assay results are still pending from the drilling, however the results to date show that the IP is an effective tool for identifying favourable lithology and structures associated with gold mineralisation.

The additional porphyritic textured diorite intrusions identified (refer to Figure 1) are consistently associated with strong hydrothermal alteration and sulphide mineralisation. Gold values are associated with several intrusion contacts and zones of i tense fracturing or potential brecciation of the rock in several drillholes.

usepersonal Figure 1: Boggy Creek Prospect Inset Map (Refer to Figure 4) - Drilling locations on geology

modified from 2018 Theodore series Queensland Geology compilation Map

ForThe 11 RC drillholes completed at the Boggy Creek Prospect area can be summarised as targeting four modelled IP target areas (refer to Figure 1 for locations).

BCRC001 and BCRC002 successfully define additional diorite intrusion bodies associated with a sub-parallel zone of IP anomalism located 140m west of previously drilled gold mineralisation. Both holes intersect pervasive hydrothermal alteration (quartz-sericite-pyrite) associated with favourable intrusion hosts in structural contact with biotite hornfelsed lithology with minor pyrite and quartz veinlet stockworks. BCRC001 returned 2m @ 3.75g/t gold at the intrusion contact demonstrating potential for higher grade mineralisation in the system associated with structural controls.

The intercept in BCRC001 is located 120m west of hole RC94CH13 which returned 2m @ 6.24g/t gold from 32m depth. These intercepts are interpreted to be on separate, sub-parallel structures at this stage, however oriented core drilling will be required to better define structural controls on potential zones of higher-grade gold mineralisation in the system.

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BCRC003 to BCRC005 are located proximal to previously drilled gold mineralisation, drilled near perpendicular to historical drilling to test redefined structural controls.

Both holes are successful in identifying higher grade gold mineralisation (returning 7m @ 2.04g/t gold in BCRC003 and 7m @ 1.28g/t gold in BCRC005) within a broader zone of gold mineralisation), on what is potentially a better optimised drill

onlyorientation intersecting a higher density of stockwork veining in the mineralised diorite intrusion.

BCRC006 to 008 is a fence of three hole testing a 200m step-out from previously drilled gold mineralisation to assess

extension and continuity of gold mineralisation. Assays remain pending for BCRC008 and BCRC007 with partial assays received for only the upper 83m of the hole intersecting a broad zone of gold mineralisation (refer to Appendix A).

BCRC009 to 011 are an initial drill test on a subparallel IP target over 400m west of the historically drilled gold mineralisation.

Hole BCRC011 is pending analysis and intersected a sulphide bearing intrusion at 10m to 16m depth in contact with calc- silicate altered wall rock. The sedimentary host sequence transitions to an epidote-magnetite skarn from 24 to 60m drill depth, with abundant pyrite and epidote over a 5m interval from 24m (ranging 10% to 20% pyrite). The skarn body has not

usebeen previously identified in the Boggy Creek area, however similar style magnetite rich skarn mineralisation has been historically mined for copper and gold in the broader region and potential for skarn mineralisation at the Mt Weary project will be followed-up in further review work.

personalFor	Figure 2: Hole BCRC011 chip tray interval at 14m to 20m drill depth, quartz and sulphide (variable 2% to 5% aggregate
	sulphide content with combined pyrite and arsenopyrite mineralisation) at base of oxidation - pending assay

Figure 3: BCRC011 - Chip tray interval at 26m to 28m drill depth within a 5m interval of Intense Magnetite-pyrite-epidote skarn alteration from 24m depth at the upper contact of a skarn with decreasing magnetite and pyrite content and variable epidote- +/- garnet mineralogy to 60m depth.

With multiple skarn type occurrences exploited in historical mining throughout the district, the discovery of skarn mineralisation at Boggy Creek is of significant interest with further review and assay results required to determine if further exploration targeting skarn adjacent to the porphyry intrusions is merited.

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Surface Geochemistry

Holes BCRC009 and BCRC010 both intersect sulphides and hydrothermal alteration, hosting low level gold anomalism, and validate anomalism associated with IP targets. Better gold anomalism in both holes is in the transported material above 16m drill depth, which included chips of porphyritic textured rock hosting both pyrite and arsenopyrite mineralisation associated

with strong quartz-sericite alteration, suggesting potential for an up-valley target to the south (emphasising potential for
open mineralisation to the south in separate intrusion stocks along the same mineralised trend) that will be followed-up in
only	nd
further review work.

Extension and infill surface geochemistry survey work at the Child's Prospect (northeast Mt Weary Project) is well advanced despite the recent heavy rainfall in central Queensland. The Child's Prospect soil survey is testing open gold anomalism at the northern extent of the 3km long gold anomaly within the Mt Weary Project to define additional drill targets for follow- up work planned in the 2 half of calendar year 2022.

For usepersonal

Figure 4: Mt Weary Project area, with Boggy Creek Prospect drill locations and Childs Prospect Soil survey proposal on geology

modified from 2018 Theodore series Queensland Geology compilation Map

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Rawlins Project Area Overview

The Rawlins Project is host to a number of prospects which occur over an area of approximately 3 km x 5 km comprising the Rough Gully prospect, Copper Knob prospect, and Eastern Star prospect. These three prospects are clustered together and are likely genetically linked. Rough Gully and Eastern Star prospects each provide indications of strong copper-gold anomalism where gossanous quartz spoils around historical workings at each area (refer to ASX release dated 14 March 2022) return peak assay results of:

only	o 31.1g/t gold with 56.1g/t silver, 0.6% copper and
	o 22.8g/t gold with 100g/t silver, 0.39% copper in rock chips immediately south of Rough Gully
	o 4.4 m @ 1.21 g/t Au, 10g/t Ag, 0.44% copper (CH21ES01) and
	o 1.2 m @ 3.49 g/t Au, 11g/t Ag, 0.73% Cu (CH21ES02) from Eastern Star channel sampling

Follow-up mapping and rock sampling is planned for the Rough Gully prospect including extensions of surface geochemistry useinto the Copper Knob prospect. Planned surface geochemistry is intended to establish continuity of potential mineralisation

for drill targeting and refining geophysical survey targets for Rawlins Project.

Proposed Work

In addition to the Childs Prospect soil survey outlined above, the Company is in discussions with contractors for availability for diamond drilling at the Mt Weary project, which we be assessed once remaining assays are received.

Concurrently, MPG is commencing exploration at the Rawlins Project. Mapping and geochemistry work extending north into personalRough Gully, and extensions into the adjacent Copper Knob prospect area is needed to provide systematic datasets over the

larger copper-gold anomalies at the Rawlins Project.

Additional surface geochemistry work for the Rawlins Cu-Au project areas is anticipated to be initiated in the next month (following completion of the Childs Prospect survey). The Rawlins project is intended to provide infill on higher tenor anomalous copper zones and extension to open ended gold anomalism in reported soil results (refer to ASX release dated 14 March 2022). Both surveys focus on refining additional drill targets with potential to be included in follow-up campaigns planned for this calendar year.

The Company is also undergoing a review of target areas for ground geophysics, with mapping and geochemistry programmes anticipated to provide guidance on the footprint of IP geophysical coverage for both Mt Weary gold Rawlins projects.

For

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