- NewPeak Metals (NPM) receives anomalous gold results from maiden drilling at the Cap Burn Gold Project in Otago, NZ
- The explorer completed five diamond drill holes at the project’s West Block
- Results confirm the area’s large surface soil arsenic anomalies contain anomalous gold, with mineralisation appearing typical of the Macraes region
- A further eight holes have been drilled at the East Block with results pending
- NewPeak Metals shares are trading steady at 0.2 cents each at 10:40 am AEST
NewPeak Metals (NPM) has received anomalous gold results from maiden drilling at its Cap Burn Gold Project in Otago, New Zealand.
The company recently wrapped up work at the project’s West Block, where five diamond drill holes were completed over 750 metres to test multiple east–west striking surface soil arsenic anomalies.
Best results from three of the holes included two metres at 1.99g/t gold from 44 metres; three metres at 0.35g/t gold from 56 metres; and two metres at 0.2g/t gold from 27 metres.
According to NewPeak, these results confirm the area’s large surface soil arsenic anomalies contain anomalous gold, with mineralisation appearing typical of the Macraes region.
Additionally, the company has completed eight drill holes for 949 metres in the East Block, with assay results expected to be reported by early July.
NPM’s managing director David Mason said the mineralisation intercepted to date was “encouraging”as it suggested the presence of larger mineralised structures.
“NewPeak will continue to advance the large portfolio of prospective Otago properties with the objective of discovering another Macraes-style gold deposit,” Mr Mason said.
“These early-stage New Zealand Gold properties complement the company’s more advanced Argentina and Finland gold projects where resources definition drilling of the latter commenced later this month.”
Next steps
Looking ahead, NPM will comprehensively evaluate Cap Burn’s mineralisation styles once all results have been received.
The company is eyeing the development of a strategic, systematic exploration program to progress the New Zealand project, with the objectives of discovering and defining a gold resource.
Early in the session, NewPeak Metals shares were trading in the grey at 0.2 cents each at 10:40 am AEST.