M&A

Many Peaks gets taste for Red Wine

AFTER less than a year as a listed central Queensland-focused explorer, Many Peaks Gold has heard the call of the wild, opting to diversify into the Canadian rare earths space.

Outcropping gneiss at Odyssey during confirmation sampling

Outcropping gneiss at Odyssey during confirmation sampling

The company, which floated last March off the Mt Weary and Monal gold and Rawlins copper-gold projects, has been running the ruler over additional opportunities in Australia and internationally over the past several months.
 
That process has led it to option the early-stage Odyssey REE project within the Red Wine intrusion complex, Central Labrador province for A$40,000 cash, 300,000 shares and a promise to spend at least $25,000 on exploration.
 
It can trigger the option once it has spent $150,000 by paying the vendors - Sans Peur Exploration Services and its principal, geologist Tyrell Sutherland - a further $40,000 and issuing another 1.2 million shares. 
 
MPG executive chair Travis Schwertfeger said MPG's team had 'significant ' North American experience, and was attracted to Odyssey's extensive but untested surface anomalism that has returned up to 9.3% total rare earth oxide.
 
Prior work has defined two trends: the circa 2.6km-long Mann 2 and the 1.2km-long Michelin corridor some 2km to the north.
 
Sampling has confirmed the presence of neodymium-praseodymium at up to 1.4% at Mann 2.
 
The Red Wine district is also known to host niobium and beryllium, with a Canadian resource at Two Tom, 20km from Odyssey, of 30.6Mt at 1.18% TREO and 0.26% niobium.
 
Schwertfeger said Odyssey offered walk-up drill targets with bulk tonnage potential.
 
MPG aims to review satellite imagery and complete channel sampling and rock chip sampling to refine drilling locations. 
 
The junior has around $4 million cash remaining from its $5.5 million initial public offer, and described Odyssey as ‘complimentary' to its existing Australian assets.
 
It has completed a maiden drilling campaign at Mt Weary, and geophysical and geochemical surveys elsewhere.
 
MPG, which raised at 20c, has seen its shares trade at 15.5-57c over the past year.
 
The stock was up 20% this morning at 30.5c, valuing it at $12 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.