High Grade Gold Samples at Cachi Argentina | |||||
only | Finland Project Update | ||||
ASX ANNOUNCEMENT | HIGHLIGHTS | ||||
130.4g/t Gold and 17,111g/t (1.7%) Silver rock chip sample | |||||
2 DECEMBER 2021 | |||||
result returned from newly identified target called Simon. | |||||
ASX Code: NPM | Other significant rock chip results across the Cachi project | ||||
include: | |||||
FSE Code: NPM | o 7.5g/t Gold, 65g/t Silver | ||||
o 2.9g/t Gold, 200g/t Silver and 2.1% Lead | |||||
Shares on Issue | o 2.9g/t Gold, 67g/t Silver and 5.67% Lead | ||||
7.4 Billion | o 1.66g/t Gold, 61g/t Silver and 2.6% Lead | ||||
Market Capitalisation | Magnetic and GAIP geophysical surveys progressing well at | ||||
Cachi and will assist with further definition of these bonanza | |||||
use | |||||
A$14m (at A$0.002 per share) | targets. | ||||
personal | |||||
Finland Drilling ongoing with 8 holes completed for 1,656m | |||||
Directors | |||||
Nick Mather (Non-Executive Chairman) | Program completion expected mid-December | ||||
D vid Mason (Managing Director, CEO) | |||||
Brian Moller (Non-Executive Director) | NewPeak Metals Limited, (Company, NewPeak, ASX: NPM) is pleased | ||||
A | drew Gladman (Non-Executive Director) | to announce a number of very encouraging results for the recent | |||
C | mpany Secretary | surface exploration undertaken at the Cachi Gold Project, Argentina. | |||
The Cachi Gold Project is a vast Caldera hosted epithermal Gold vein | |||||
Karl Schlobohm | system spanning some 50 square kilometres with multiple large | ||||
Contact Details | targets. The project is located in the Deseado Massif and within the | ||||
Santa Cruz province, host to numerous other multi-million-ounce | |||||
Level 27, 111 Eagle Street | epithermal style Gold-Silver deposits. | ||||
Brisbane Qld 4000 | Surface work at Cachi continues to map epithermal veins as well as | ||||
T l: +61 7 3303 0650 | |||||
Fax: +61 7 3303 0681 | associated alteration at surface. Recently, a new target called Simon | ||||
has been identified, with sampling revealing some exceptional Gold | |||||
and Silver grades with elevated associated base metal content | |||||
(130.4g/t Gold, 17.1kg/t Silver rock chip). Such results continue to | |||||
Website: NewPeak.com.au | provide support of NewPeak's objective to discover and define a Gold | ||||
Twitter: @ASX_NPM | resource to JORC standard at Cachi. | ||||
For | The surface exploration at Cachi Gold Project comprised of mapping | ||||
and rock chip sampling primarily along the southern margin of the | |||||
interpreted caldera boundary (Figure 1). A total of 142 rock chip | |||||
samples were taken at areas of interest. Of the 22 samples taken over | |||||
the Simon area, 16 were anomalous (>0.1g/t Gold). In general, the area | |||||
contains narrow and parallel veinlets of 10-15cm wide but in some | |||||
cases up to 20-50 cm wide. The geophysical surveys currently being | |||||
undertaken at Cachi will provide valuable sub-surface information on | |||||
the nature of this mineralisation by indicating if these mineralised | |||||
veins potentially continue and expand at depth. | |||||
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For personal use only
Samples were dispatched to the Alex Stewart Laboratories in Perito Moreno, Santa Cruz. Assaying methods requested included 30g Fire Assay with AAS finish for Gold analysis and 4 Acid Digest Multi-element analysis for 39 other elements which includes Silver. Notable rock chip results from the surface sampling across multiple areas at Cachi are:
- 130.4g/t Gold, 17,111g/t Silver, 2.1% Lead and 0.15% Copper
- 7.5g/t Gold, 65g/t Silver
- 2.9g/t Gold, 200g/t Silver and 2.1% Lead and 0.04% Copper
- 2.9g/t Gold, 67g/t Silver and 5.67% Lead and 0.12% Copper
- 1.7g/t Gold, 61g/t Silver and 2.6% Lead and 0.08% Copper
The Simon target is located 600m south of Vetas Cachi. The total mineralised corridor has been mapped as approximately 1.5 km long. The area has an argillic alteration halo up to 100 meters in width, which is interpreted to be the caused by the movement of mineralising hydrothermal fluids. Simon is an oxidated chalcedonic vein quartz with sulphides and has a predominantly east-west strike in the central part of the corridor (Figure 1).
Vetas Cachi and Simon
Petrographically and mineralogical studies of selected mineralised intervals in the Vetas Cachi drilling has identified the presence of rhombohedral adularia. Adularia coupled with the previously noted chalcedony, can indicate boiling in the mineralising system which is where bonanza grades are often located1. The confirmed presence of adularia at Vetas Cachi and the bonanza rock chip grade at Simon continue to highlight this section of the structural boundary as having excellent potential for hosting high grade Gold and Silver mineralisation.
Further Work to Follow at Cachi
Additional geophysical surveys are currently underway at Cachi, with ground magnetics being expanded to the north and south and Gradient Array Induced Polarisation (GAIP) geophysics being focused on structural zones to map sulphides and assist future drill planning (Figure 2). One such area of focused IP is the Vetas Cachi and Simon areas. The results of the geophysics are expected towards the end of December.
Finland Gold Project Update
The drilling at the Satulinmäki Gold prospect is ongoing with 8 diamond holes completed for a total of 1,656m (Figure 3). Drilling within the main mineralised zone is now complete and the remaining 2 holes for 300m will focus on testing 2 coincident geophysical and geochemical anomalies. One of these holes is currently in progress. The drilling program is expected to be completed by mid-December with assay results being returned by the end of January 2022.
Encouraging Gold related visual mineralisation, in the form of quartz veining, arsenopyrite and pyrrhotite has been intersected in a number of holes. The mineralisation intersected to date indicates a possible plunging control to the visually better mineralisation. Further details on the drilling program and possible controls can be seen in the ASX Release dated the 18th October. Once all of the drillhole results have been received a full evaluation can be undertaken and reported.
1 Dong G, Morrison G.W, 1995, Adularia in epithermal veins, Queensland: morphology, structural state and origin. Mineral. Deposita 30, 11-19 (1995). https://doi.org/10.1007/BF00208872
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Figure 1 - Cachi October 2021, Rock Chip Sample Location & Gold Results
Figure 2 - Cachi November 2021, Ground geophysical surveys in progress
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Figure 3 - Satulinmäki drill hole location plan
This Announcement has been authorised by the Board of Directors
Mr Karl Schlobohm
Company Secretary
For further information contact: | ||||||
Mr David Mason | Karl Schlobohm | |||||
Managing Director, NewPeak Metals Ltd | Company Secretary, NewPeak Metals Ltd | |||||
Ph: +61 400 707 329 | Ph: +61 7 3303 0661 | |||||
Email: info@newpeak.com.au | ||||||
Company website: http://www.newpeak.com.au | ||||||
Follow us on Twitter: @ASX_NPM | ||||||
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COMPETENT PERSON'S STATEMENT
The information herein that relates to Exploration Targets and Exploration Results is based information compiled by Mr Jason McNamara, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr McNamara is employed as the Company's Exploration Manager.
Mr McNamara has more than twenty-five years experience which is relevant to the style of mineralisation and types of deposits being reported and the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ''Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves" (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.
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Newpeak Metals Ltd. published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 23:00:10 UTC.