NewPeak Metals Starts Drilling for Higher-Grade Gold Core at Las Opeñas in Argentina
Key Takeaways
- NewPeak Metals has started a fully funded, roughly 1,000m Phase 2 program at Las Opeñas, expected to take about 2 weeks and drill approximately 3 diamond holes.
- Discovery hole LODH-023 returned 663m at 0.42g/t AuEq from surface, but only 0.16g/t of that is gold, so Phase 2 must prove the gold-dominant core.
- Gold grades rise in the two western-most Phase 1 holes, and the system is open predominantly to the west-southwest, which is where Phase 2 is aimed.
- Only two holes have been drilled deeper than 500m across the project, leaving the system largely untested at depth.
- Permitting covers 7,500m of Phase 2 drilling in 2026, but the first LODH-029 assays are the catalyst to watch and no timing has been disclosed.
Phase 2 drilling underway at Las Opeñas targeting higher-grade gold zone
NewPeak Metals has started Phase 2 diamond drilling at its 100% owned Las Opeñas Gold Project in San Juan Province, Argentina. The program is designed to test for a higher-grade, gold-dominant core of the mineralised system.
The ~1,000m program is expected to comprise approximately 3 diamond holes and take approximately 2 weeks. That timeframe could be extended by additional metres, penetration rates and weather conditions, among other factors.
The program is fully funded from proceeds of the recently completed placement. The option to add metres depends on core observations, rig availability and funding.
A short, funded program with a quick turnaround means assay news flow could follow relatively soon, though the announcement does not give a timing for results.
Mark Purcell, Managing Director
“Phase 1 delivered a genuine discovery… Phase 2 is designed to go directly after what we believe is the higher-grade, gold-dominant core of this system…”
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Why Phase 2 targets the west
The western focus follows from what the first phase of drilling showed. Here is the reasoning behind it.
What Phase 1 showed
Phase 1 comprised 2,464m of diamond drilling across six holes and confirmed large-scale mineralisation at Las Opeñas. The system remains open in multiple directions, predominantly to the west-southwest.
Drilling to date has identified a broad zinc-dominant base metal zone, overprinted by a second gold-dominant zone. Gold grades increase in the two western-most Phase 1 holes.
Geological interpretation supports the volcanic centre at Belleza Breccia as the likely source of the mineralising fluid system. For you as an investor, that explains why the company is drilling toward it.
Only two holes have been drilled deeper than 500m across the entire Project, and the system remains largely untested at depth.
First hole LODH-029
The first Phase 2 hole, 26-LODH-029, will test along a structural feature from the previous “discovery hole” LODH-023. Phase 2 hole locations were refined following detailed relogging and geochemical interrogation of Phase 1 data.
LODH-023 returned the following:
- All 663m @ 0.42g/t AuEq from surface
- 84m @ 0.72g/t AuEq from 20m
- 283m @ 0.67g/t AuEq from 7m
- 465m @ 0.50g/t AuEq from surface
The announcement’s figures illustrate the gully target zone and the position of recent and historic drilling relative to terrain and geology.
Discovery hole LODH-023 results
The table below sets out the intercepts reported for LODH-023. The announcement describes the three sub-intervals as “selected intercepts” within the whole-hole average.
| Interval | Length | AuEq grade | Starting depth |
|---|---|---|---|
| All (incl. 0.16g/t Au, 0.65% Zn, 4.53g/t Ag, 0.10% Pb) | 663m | 0.42g/t | Surface |
| Selected (incl. 0.50g/t Au, 0.60% Zn, 4.01g/t Ag) | 84m | 0.72g/t | 20m |
| Selected (incl. 0.34g/t Au, 0.84% Zn, 5.02g/t Ag, 0.14% Pb) | 283m | 0.67g/t | 7m |
| Selected (incl. 0.23g/t Au, 0.70% Zn, 4.17g/t Ag, 0.11% Pb) | 465m | 0.50g/t | Surface |
The announcement also notes that LODH-027 delivered a 650m+ intercept, though no LODH-027 grades are given in it.
Understanding gold equivalent (AuEq) and polymetallic systems
Gold equivalent (AuEq) converts the value of other metals, here zinc, silver and lead, into gold terms. That lets a polymetallic system, one carrying several metals, be compared on a single grade.
The announcement’s thesis rests on the gold-dominant zone, so watch the gold (Au) grades as well as the AuEq headline. In LODH-023, for example, the 0.42g/t AuEq whole-hole average includes 0.16g/t Au, with zinc, silver and lead making up the rest.
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Next steps and what investors should watch
The company has outlined the following next steps:
- Phase 2 diamond drilling continuing, with hole depths and additional metres to be assessed against core observations.
- Drill core to be logged and sawn locally, with samples to be transported to ALS Mendoza for assaying.
- The company will keep the market updated as drilling progresses and assay results are received.
Permitting is in place for 7,500m of Phase 2 drilling in 2026, which leaves scope beyond the planned ~1,000m if results justify it.
Las Opeñas sits ~70km southeast of Barrick/Shandong’s Veladero Mine and ~110km north-northwest of Challenger Gold’s Hualilan Mine in San Juan Province.
The catalyst to watch is the first assay results from LODH-029. The announcement does not disclose when assays are expected.
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