High Grade Gold Samples at Cachi Argentina

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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

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A$14m (at A$0.002 per share)

targets.

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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

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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

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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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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.