Many Peaks Gold : Quarterly Activities Report & Appendix 5B

For personal use only

ASX Announcement

7 July 2022

QUARTERLY ACTIVITIES & CASH FLOW REPORT

For the period ending 30 June 2022

Quarter Highlights

• Mt Weary Gold Project returns successful results from initial campaign of RC drilling, including:

1. Expanding the footprint of drilled gold mineralisation, more than doubling strike extent of known mineralisation

1. Higher tenor gold mineralisation intersected, relative to historical drilling, with change of drill orientations
2. • 2m @ 3.75g/t gold from 101m BCRC001
   • 7m @ 2.04g/t gold from 13m BCRC005
   • 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

• 1. >2.5km open geochemistry anomalism remains to be tested
• Rawlins Copper-Gold Project, initial batch of soil geochemistry extends footprint of anomalism
• 1. Geochemical sampling results and mapping across the Rawlins Copper-Gold Project support targeting of porphyry style mineralisation similar to that at Cannindah
     Resources Ltd's adjoining Mt Cannindah Project located 20km to the southeast.

• 1. Follow up geochemistry and geophysics to be initiated on open-ended soil anomalism within the 3km x 5km zone of porphyry style alteration at the Rawlins Copper-Gold Project
• ~$4.6M cash balance at 30 June 2022 after funding the Company's maiden drill program at
  Mt Weary

Many Peaks Gold Limited (MPG or the Company) is pleased to provide the Quarterly Activities Report for the period ending 30 June 2022.

In the first full quarter of operations since listing on the ASX on 16 March 2022, MPG has completed an initial RC drilling campaign delivering favourable gold mineralisation results at its Mt Weary Gold Project (refer to ASX release dated 7 June 2022), and initial soil results at its Rawlins Copper-Gold Project. Soil results have identified a significant extension to the footprint of the 5 kilometres by 3 kilometres porphyry style system at the Rawlins Copper-Gold Project, located 20 kilometres (km) northeast of Cannindah Resources Ltd's adjoining Mt Cannindah Project.

manypeaks.com.au/	E:	[e-mail]	Shares on Issue	ASX:MPG
A:	Level 3, 1060 Hay Street	•	38,675,000	ACN 642 404 797
@ManyPeaksGold		West Perth WA 6005	Cash (as at 30-06-2022)
	P:	[phone]	•	$4.6M

ManyPeaksGold

Figure 1: MPG Projects Location Map

onlyuse

personalMPG is an emerging mineral exploration company focused on progressing its2Mt Weary Gold Project (Mt Weary), Rawlins Copper-Gold Project (Rawlins) and Monal Gold Project located within a 464km portfolio in central Queensland (Figure 7).

MPG's recent drilling activity is focussed on Mt Weary, while concurrently advancing the early-stage exploration activities targeting porphyry style mineralisation at the adjoining Rawlins Copper-Gold Project (Rawlins) and epithermal style mineralisation at the Monal Gold Project (Monal). In addition to the exploration of its current Australian projects, the

Company is continually evaluating additional projects in both Australia and overseas for potential joint venture or acquisition. For

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Mt Weary Gold Project

The Company completed an initial RC drilling campaign at Mt Weary in April 2022 and initiated a follow-up surface geochemistry survey during the reporting period. The Phase 1 drill campaign with 11 RC holes completed and 1,806m drilled (refer to ASX releases dated 7 June and 27 June 2022) targeted chargeability anomalies from induced polarity ground geophysics (IP) within a more extensive 3km long corridor of gold anomalism in soils.

For personal use only	Figure 2: 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

Overall, the initial campaign of drilling by MPG has successfully expanded the footprint of mineralisation identified in historical drilling, which remains open in both directions along strike, including more than 2km of higher tenor surface anomalism yet to be tested (refer to Figure 2). The Childs prospect is currently the focus of surface geochemistry infill sampling activity and a review for geophysical work to outline further extension drilling along the Mt Weary mineralised corridor.

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Drilling (Mt Weary)
The Phase 1 drilling campaign was a limited initial drill
test focused on defining controls for mineralisation
within 600m zone of the more extensive 3km long
zone of anomalism, where additional ground
geophysics and geochemistry work completed in 2019
better defined the target. With the phase 1 campaign
successful in its criteria to identify extension to
mineralisation and test for an optimal drilling
orientation	returning	higher	tenor	gold
mineralisation, additional targets along strike are
anticipated to be better defined with follow-up
geophysics and geochemistry work.
only
Results of drilling confirm extensions of known gold
mineralisation and identify several zones of higher
tenor gold results. Also, a substantially larger volume
of favourable porphyry textured intrusions (diorite) is
identified in step-out drilling than recognised in
previous mapping and drilling. The diorite bodies
identified are consistently associated with strong
usehydrothermal alteration and pyrite (+/- arsenopyrite)
mineralisation (confirming the source of IP
anomalism).	Mineralisation remains	open	in all

Figure 3: Boggy Creek Prospect Inset Map (Refer to Figure 2) - Drilling

directions, previous results (refer to ASX releases dated 31 locations on geology modified from 2018 Theodore series Queensland

March and 7 June 2022) include:	Geology compilation Map

1. 2m @ 3.75g/t gold from 101m - BCRC001

1. 2m @ 6.24g/t gold from 32m - RC94CH13

1. 7m @ 2.04g/t gold from 13m - BCRC003

1. 17m @ 0.75g/t gold from 10m, including 7m @ 1.28g/t gold and 21m @ 0.48g/t gold from 109m to end of hole - BCRC005

1. 94m @ 0.49g/t gold from surface - RC93CH3

1. 11m @ 0.53g/t gold from 73m - BCRC007

personalExploration work towards expanding this success continue, with much of the anomalous geochemistry anomaly at Mt Weary yet to be drill tested.

Soils (Mt Weary)

ForAn extension and infill surface geochemistry survey programme at the Child's Prospect is ongoing (refer to Figure 2), with field activities delayed slightly following un-seasonal rainfall during the quarter. The soil survey will test open gold anomalism at the northern extent of the 3km long gold anomaly within Mt Weary with a focus on defining additional drill targets to be included with follow-up work planned for late 2022 calendar year at the Mt Weary Project.

The Child's Prospect is located 1.5km north of the Phase 1 drilling work. The soil survey is being completed on 200m spaced lines by infilling the northernmost two lines of 400m spaced soil lines (refer to Figure 2) and extending the grid a further 600m north.

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Rawlins Copper-Gold Project

Approximately 20km west of Mt Weary (and 20km northeast of Cannindah Resources Ltd's adjoining Mt Cannindah Project), a number of copper-gold prospects occur over an area of approximately 5km by 3km comprising the Rough Gully Prospect, Copper Knob Prospect, and Eastern Star Prospect. These three prospects are clustered together on the margin of a significant annular feature in regional magnetic datasets (Figure 4).

onlyThe aerial magnetic anomalies are coincident with several zones of surface copper-gold anomalism returned in surface sampling and mapping completed by the Company in the 18-month period prior to listing. The Rough Gully magnetics feature is considered to be a buried intrusion not previously recognised. Geochemical sampling results and mapping of quartz veining across the magnetic features support targeting of porphyry style mineralisation at Rawlins. In addition to anomalism in systematic soil survey work (Figure 5), better rock chip sampling results across the Rawlins (refer to ASX release dated 14 March 2022) include:

1. 31.1g/t gold, 56g/t silver, 0.6% copper

1. 9.55g/t gold, 59.2g/t silver, and 2.84% copper

1. 1.12g/t gold, 14.6g/t silver, and 10.7% copper

useThe Eastern Star prospect is a separate sub-circular magnetic feature with a linear zone in its northern section that extends past the main circular shape. Recent trenching at Eastern Star has provided better channel sampling intercepts including:

1. 4.4 m @ 1.21 g/t gold, 10g/t silver, 0.44% copper - CH21ES01

1. 1.2 m @ 3.49 g/t gold, 11g/t silver, 0.73% copper - CH21ES02

personalFor	o 1.0 m @ 8.94 g/t gold, 64 g/t silver, 0.72% copper - CH21ES03
	o 3.5 m @ 0.98 g/t gold, 13 g/t silver, 0.42% copper - CH21ES04

Figure 4: Rawlins Project - total magnetic intensity image with structural and alteration interpretation overlain with

locations of reported soil results for the reporting period.

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