NewPeak Metals Logs Second 657m Gold-Polymetallic Hit as System Scales Up
Second 650m-plus intercept confirms Las Opeñas as a large-scale gold-polymetallic system
NewPeak Metals (ASX: NPM) has delivered a second 650m-plus intercept at its 100%-owned Las Opeñas project in San Juan Province, Argentina, confirming the discovery has scaled up from early-stage prospect to defined mineralised system in under eight months. Hole LODH-027 returned 657m @ 0.30g/t AuEq from surface, sitting approximately 45 metres from the original discovery hole LODH-023 (663m @ 0.42g/t AuEq from surface). The company entered 2026 testing a theory. It is finishing Phase 1 drilling with a large-scale, open, polymetallic system — and a ~A$5.3m market cap that does not yet reflect that shift.
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Drilling results at a glance
| Hole ID | Headline Intercept | Au (g/t) | Key Credits (Zn/Ag/Pb) | From (m) |
|---|---|---|---|---|
| LODH-027 | 657m @ 0.30g/t AuEq | 0.10 | 0.51% Zn, 3.14g/t Ag, 0.14% Pb | Surface |
| LODH-023 | 663m @ 0.42g/t AuEq | 0.16 | 0.65% Zn, 4.53g/t Ag, 0.10% Pb | Surface |
| LODH-026 | 141m @ 0.30g/t AuEq | 0.08 | 0.50% Zn, 3.88g/t Ag, 0.05% Pb | 295m |
| LODH-025 | 280m @ 0.20g/t AuEq | 0.07 | 0.29% Zn, 2.30g/t Ag, 0.10% Pb | Surface |
| LODH-024 | 24m @ 0.25g/t AuEq | 0.10 | 0.23% Zn, 4.1g/t Ag, 0.16% Pb | 81m |
Higher-grade zones within LODH-027
The composite intercept in LODH-027 includes three higher-grade zones, all commencing from 77m downhole:
- 117m @ 0.60g/t AuEq (0.32 Au, 0.66% Zn, 3.46g/t Ag, 0.16% Pb)
- 202m @ 0.50g/t AuEq (0.25 Au, 0.61% Zn, 3.15g/t Ag, 0.19% Pb)
- 284m @ 0.40g/t AuEq (0.20 Au, 0.48% Zn, 2.52g/t Ag, 0.16% Pb)
LODH-023 also contains significant internal zones: 283m @ 0.67g/t AuEq from 7m and 465m @ 0.50g/t AuEq from surface.
A clear vector pointing west
The strategic significance sits in the pattern. The two strongest holes — LODH-023 and LODH-027 — are also the two western-most holes drilled within the target zone. Gold grades strengthen to the west-southwest. Mineralisation remains open in multiple directions and at depth. Only two holes have exceeded 600m depth. This phase of drilling completed 2,464m across six holes between April and June 2026, but it has not yet defined the system’s edges.
Managing Director Mark Purcell
“This drilling program has been transformational for NewPeak. We started the year with an early-stage exploration prospect and we finish this phase of drilling with a mineralised system defined at both significant depth (and near-surface) and across a significant strike length. A second 650m-plus intercept in LODH-027, alongside meaningful results across the remaining holes, confirms what discovery hole LODH-023 first indicated in July: Las Opeñas is a system of genuine scale. Just as importantly, we now know where to look next. Our two strongest holes, LODH-023 and LODH-027, are also our two western-most holes in the target zone, with gold grades increasing as we move in that direction. That gives us a clear vector for phase 2 drilling, and with permitting already in place for up to a further 7,500m this year we are in a position to move quickly. We look forward to rapidly growing what we have already defined at Las Opeñas.”
Understanding gold equivalent (AuEq) and why the polymetallic mix matters
A gold equivalent grade converts the value of silver, zinc, and lead credits into a single gold-equivalent figure, allowing you to compare a polymetallic intercept against a gold-only result on a standardised basis. NewPeak has applied assumed 90% recoveries for all metals — gold, zinc, silver, and lead — based on the Hera mine as the closest geological comparison. Metallurgical studies have not yet been conducted, so this remains an assumption rather than a confirmed recovery figure.
The AuEq calculation uses metal prices as at 30 June 2026 close: gold US$4,007.53/oz, zinc US$3,536.08/t, silver US$58.59/oz, lead US$1,850.35/t. The polymetallic nature of the system carries additional strategic weight. Both zinc and silver appear on the USGS 2025 Critical Minerals List:
- Zinc: Widely used in galvanising steel for corrosion protection. Essential to infrastructure, transportation, construction, and defence applications. Classified as vulnerable from a U.S. supply-chain perspective.
- Silver: Industrial demand — particularly solar panels and electronics — is rising while supply remains constrained as silver is largely a by-product of other mining operations.
The presence of these critical minerals in a large-scale system enhances the project’s positioning beyond a simple gold play.
Geological setting and why location matters
Las Opeñas sits at the intersection of two regional-scale NE & NW-trending structures controlling a sedimentary basin — the same structural setting associated with major deposits across northern San Juan Province. The project is located approximately 70km southeast of Barrick/Shandong’s Veladero Mine and approximately 110km north-northwest of Challenger Gold’s Hualilan Mine.
A felsic dome at surface represents the surface expression of a granitic intrusion — likely the metal source driving the fluid system that formed the mineralisation. The system extends to at least 550m depth. The preserved top of the system (autobreccia lava at the ridge) indicates limited erosion, a positive indicator for preservation of the mineralised zone.
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What comes next for NewPeak
NewPeak holds permits for up to a further 7,500m of drilling in 2026, enabling Phase 2 to commence quickly. Phase 2 will target the open western zone where gold grades strengthen. Hole locations are being refined as the company integrates multi-element assay and structural data from Phase 1.
Cash position: Tranche 2 of the recently announced placement is expected to settle this week, providing approximately $2.8m cash exclusive of fees. The company noted a potential seasonal advantage: Las Opeñas’s lower altitude in the Andean Cordillera may allow earlier drill access than higher-altitude Argentine projects following an unusually heavy 2026 snow season. Drill availability may be higher than average in the coming months as higher-altitude projects are forced to wait longer to recommence drilling.
A recording of the investor webinar held on 25 August 2026 is available on the Company’s website.
A ~A$5.3m market cap against a defined large-scale, open, polymetallic system with a permitted, funded path to Phase 2 drilling. The gap between valuation and system scale is the investment thesis.
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