NewPeak Metals Ltd (ASX:NPM, OTC:NPMFF, FRA:NPM) has strengthened the case for a large-scale gold-polymetallic system at its 100%-owned Las Opeñas Project in Argentina after a second drill hole returned more than 650 metres of continuous mineralisation from surface.
Hole LODH-027 returned 657 metres at 0.30 g/t gold equivalent (AuEq) from surface, including 0.10 g/t gold, 0.51% zinc, 3.14 g/t silver and 0.14% lead. Higher-grade sections included 117 metres at 0.60 g/t AuEq from 77 metres, 202 metres at 0.50 g/t AuEq from 77 metres and 284 metres at 0.40 g/t AuEq from 77 metres.
The result follows discovery hole LODH-023, around 45 metres away, which returned 663 metres at 0.42 g/t AuEq from surface, including 283 metres at 0.67 g/t AuEq from 7 metres. Together, NewPeak said the holes demonstrate the scale potential of the emerging mineralised system.
Belleza Breccia interpreted mineral distribution and target zones.
Second 650m-plus hole builds scale case
NewPeak completed 2,464 metres of diamond drilling across six holes during the first phase of its 2026 program, targeting large-scale, gold-dominant polymetallic mineralisation. The program has confirmed mineralisation at significant depth and near surface, with the system remaining open and largely untested to the west-southwest.
Importantly, LODH-023 and LODH-027 are the two westernmost holes within the main target area and contain the strongest gold results to date, with grades appearing to strengthen towards the west and southwest. This has provided NewPeak with a priority direction for the next phase of drilling.
Other phase 1 results included 141 metres at 0.30 g/t AuEq from 295 metres in LODH-026 and 280 metres at 0.20 g/t AuEq from surface in LODH-025, including 133 metres at 0.30 g/t AuEq.
Apparent widths and true widths have not yet been established due to the early-stage nature of drilling and limited drill density.
Las Opeñas Project
Las Opeñas is in San Juan Province within Argentina's El Indio mineral belt, around 70 kilometres southeast of the Veladero mine and 110 kilometres north-northwest of the Hualilan mine.
The project lies at the intersection of two regional-scale structures associated with a localised sedimentary basin. NewPeak interprets a felsic volcanic dome and underlying granitic intrusion as central features of the mineralising system, with drilling indicating the volcanic centre extends to at least 550 metres depth.
Gold-rich mineralisation is currently strongest around LODH-023 and LODH-027, while zinc, silver and lead mineralisation has a broader lateral and vertical distribution. With only two holes drilled beyond 600 metres, the company said mineralisation remains open at depth as well as in several lateral directions.
Next steps
NewPeak is planning phase 2 drilling to focus on the western and southwestern extensions, where gold grades appear to be strengthening.
The company is already permitted for up to a further 7,500 metres of drilling during 2026, allowing exploration to restart relatively quickly once phase 1 multi-element assay results, geological relogging and structural observations have been incorporated into the next drill design.
Tranche 2 of NewPeak's recently announced placement is also expected to settle this week, providing about A$2.8 million in cash before fees.
Upcoming webinar
NewPeak managing director Mark Purcell will host an investor webinar on Tuesday, 25 August 2026, at 9:00am AWST / 11:00am AEST to discuss the latest results and outline their significance for the Las Opeñas Project.
Investors can register to attend the webinar here. A recording will also be made available on NewPeak’s website after the event for those unable to join live.