NewPeak Metals Ltd (ASX:NPM, OTC:NPMFF, FRA:NPM) shares surged in morning trade after the company confirmed a large-scale gold-zinc-silver discovery from the first hole of its 2026 drilling program at the 100%-owned Las Opeñas Gold Project in San Juan Province, Argentina.
The stock surged as high as A$0.031 in morning trade, representing an intraday gain of about 107% from its previous close of A$0.015. The stock is currently up 66.6% intraday (1pm).
Assay results from discovery hole 26-LODH-023 returned mineralisation across the full 663-metre hole at 0.41 g/t gold equivalent, including 0.16 g/t gold, 0.65% zinc and 4.53 g/t silver from surface to end of hole.
Broad mineralised system from surface
The first hole delivered several stronger zones within the broader mineralised envelope, including 84 metres at 0.72 g/t gold equivalent from 20 metres, 282 metres at 0.65 g/t gold equivalent from 7 metres and 426 metres at 0.50 g/t gold equivalent from surface.
Importantly, NewPeak confirmed a large-scale polymetallic system, with mineralisation extending over the entire hole.
The hole was drilled about five metres from historic hole 12-LODH-03, which returned 115 metres at 0.58 g/t gold, 0.65% zinc and 3.5 g/t silver from 18 metres to end of hole.
NewPeak’s proximity and consistency of results across the two holes provided early confidence in the scale and continuity of the system and its potential for future resource definition.
“Exactly what we hoped to achieve”
Managing director Mark Purcell said the first hole had confirmed the company’s exploration model at Las Opeñas.
“The first hole drilled at Las Opeñas since 2019, and the first diamond drill hole drilled since 2014, has confirmed the discovery of a large scale gold-zinc-silver system from surface, with polymetallic mineralisation extending over the entire hole,” Purcell said.
“Uncovering a system of such substantial scale is exactly what we hoped to achieve. The presence of meaningful zinc and silver credits is also very encouraging given both metals have been formally recognised as critical minerals by the USGS in 2025.”
El Indio Belt location
Las Opeñas is in San Juan Province, about 70 kilometres southeast of Barrick/Shandong’s Veladero Mine and around 110 kilometres north-northwest of Challenger Gold’s Hualilan Mine.
Location of Las Opeñas.
The project features a reinterpreted 800-metre by 600-metre breccia zone that had previously been drilled to relatively shallow depths.
NewPeak’s recent program tested deeper parts of the breccia area, which the company said appeared to form part of a rhyolitic complex associated with phreatic breccias and strong argillic alteration.
A total of 2,464 metres of diamond drilling across six holes was completed between April and June 2026, with the program designed to test for large-scale gold-dominant polymetallic mineralisation.
Zinc and silver add strategic angle
Beyond the gold result, NewPeak highlighted the zinc and silver credits as an important part of the Las Opeñas story.
Zinc was added to the USGS 2025 Critical Minerals List, while silver is also on the list due to industrial demand, particularly from solar and electronics, and by-product supply constraints.
The polymetallic nature of mineralisation at Las Opeñas enhanced the project’s strategic positioning in a market increasingly focused on secure and diversified supplies of critical minerals.
What’s ahead
NewPeak expects assays from the remaining five drill holes — 26-LODH-024 to 26-LODH-028 — to be announced over the next three to six weeks.
If those results are favourable, the company says it is well placed to push toward a maiden resource at Las Opeñas.
Permitting is already in place to recommence drilling of up to another 7,500 metres, pending supplier availability, allowing NewPeak to move relatively quickly to further test the large-scale mineralised zone.