Summary
- NewPeak Metals is all set to commence a maiden drilling program at Cap Burn Gold Project in New Zealand in December 2020 to test a broad 1,000 by 1,000 m surface soil gold-arsenic anomaly.
- The drilling program at Cachi Gold Project in Argentina is scheduled to commence in December 2020. Moreover, drilling at the Las Opeñas and Tampere Gold projects has been planned for the first half of 2021.
- NewPeak Metals is fully funded to undertake the drilling programs across its project portfolio.
- The Onnia reservation permit has been secured with tenements around the Hopeavuori gold exploration permits.
Gold explorer NewPeak Metals Limited (ASX:NPM) has announced its maiden drilling campaign for the recently acquired Cap Burn Gold Project in the Otago District of New Zealand. The initial drilling program is scheduled to commence in December 2020 to test the main mineralised surface anomalies within the Cap Burn East area.
Drilling Programs in Argentina, Finland and Sweden
The Company has also updated that a drilling program at the Cachi Gold Project in Argentina remains on track to commence in December 2020. The Argentinian campaign will run simultaneously with the drilling campaign at Cap Burn. NewPeak Metals is fully funded to undertake the exploration programs successfully at its projects.
Read Here: NewPeak Metals (ASX:NPM) to Commence Maiden Drilling at Cachi Gold Project in December
NewPeak Metals has also secured a large reservation permit, Onnia, gaining access to tenements around the Hopeavuori gold exploration permits in Finland, which are anticipated to be tested during the drilling program in 2021. An extensive technical evaluation of the Bergslagen Tungsten exploration permits in Sweden is already underway for future exploration and development.
Cap Burn Gold Project Drilling Program
Recently, NewPeak Metals acquired an array of highly prospective gold properties in the Otago region. The project stretches over 500km2 and includes orogenic gold deposits within the Otago schist.
The gold mineralisation is hosted within one of the two styles of mineralisation.
- First - within sheared schist parallel to foliation
- Second - gold associated with quartz veins and normal faults.
The gold project shares regional neighborhood with OceanaGold’s Macraes Mine, which produced over 5 million ounces of gold in the past 30 years.
The drilling program is anticipated to test the major structures and define additional gold mineralised targets. The initial drilling would be targeted at the Target 1, which is a 1 km by 1 km soil anomaly with coincident gold in soils and rock chip samples.
A series of at least 12 near-surface and deeper diamond drill holes has been planned to test the source of the anomaly up to a depth of 200 metres. Additional field activities would be followed by drilling and will be carried out simultaneously to upgrade targets 2 and 3. Alton Drilling will carry out the drilling program on a track mounted R37 XHD1150 drill rig.
Must Read: NewPeak Metals Moves Closer to Home, Acquires Properties in Gold-Rich Province of Otago
NewPeak Metals’ Exploration Manager Jason McNamara is assisting MRJV Kerry Stanaway for supervising and executing the exploration program. The drilling program is scheduled to commence in December 2020, pause during the new year holidays and then resume in January 2021.
The Company plans a systematic assessment and testing of Otago gold projects including the most advanced Cap Burn (East & West) and Carrick prospects. NewPeak anticipates that the rapid evaluation and testing approach of targets in the underexplored region of the project holds the potential to identify other significant deposits in this region.
NPM closed at $0.003 a share on 12 November 2020.
(All financial information pertains to Australian Dollar unless stated otherwise.)
