Highlights

  • NewPeak Metals (ASX:NPM) has completed Phase 2 diamond drilling at its 100%-owned Las Opeñas Gold Project in Argentina.
  • The Phase 2 program targeted a gold-dominant zone to the west of the large-scale discovery confirmed during Phase 1.
  • Phase 1 drilling returned intercepts including 663m at 0.42g/t gold-equivalent from surface and 284m at 0.40g/t AuEq from 77m.
  • Las Opeñas is located approximately 70km southeast of Barrick Gold's Veladero mine in San Juan Province.

NewPeak Metals Limited (ASX:NPM) has completed its Phase 2 diamond drilling program at the Las Opeñas Gold Project in San Juan Province, Argentina. The program, a minimum 1,000-metre campaign fully funded from the proceeds of a recently completed share placement, was designed to directly test the western extension of the large-scale mineralised system confirmed during Phase 1 drilling earlier in 2026. Assays from Phase 2 are now pending, with results expected to shed light on whether gold grades strengthen toward the Belleza Breccia volcanic centre — a hypothesis that the Phase 1 geological interpretation had flagged as a compelling exploration vector.

Phase 1 Discovery Context

The Las Opeñas Gold Project emerged as a significant exploration story in 2026 following Phase 1 diamond drilling that confirmed a large-scale gold-zinc-silver-lead mineralised system. Key Phase 1 intercepts included 663 metres at 0.42 grams per tonne gold-equivalent from surface in the discovery hole, and 284 metres at 0.40g/t gold-equivalent from 77 metres in a subsequent hole. Both intercepts extended from near-surface to end of hole, indicating a mineralised system of impressive vertical extent that remains open in multiple directions. The system was characterised as a gold-polymetallic environment hosted within what appears to be a rhyolite dome and breccia complex.

Phase 2 Targeting Logic

Phase 1 data indicated that gold grades appear to increase toward the west of the drilling footprint, pointing toward the Belleza Breccia volcanic centre as a potential higher-grade core of the mineralised system. Phase 2 was positioned to directly test this interpretation, with holes sited to the southwest of the Phase 1 discovery holes following the geological structure up the gully. The program was designed to be flexible, with permitting already in place for up to a further 7,500 metres of drilling during 2026, providing optionality to extend the campaign depending on early observations and results.

Project Location and Regional Context

The Las Opeñas Gold Project is located approximately 70 kilometres southeast of the Veladero gold mine in San Juan Province, Argentina, operated by Barrick Gold in Partnership with Shandong Gold. San Juan Province sits within the broader Andes gold belt and hosts a history of gold-silver mineralisation associated with volcanic and hydrothermal systems. Las Opeñas itself has a documented exploration history involving sampling by multiple previous operators over several decades, with the current NewPeak program representing the first systematic diamond drilling of the system.

Company Position and Capital

NewPeak Metals completed a A$3.5 million Placement in August 2026, with Tranche 2 approved by shareholders at an Extraordinary General Meeting, to fund the Phase 2 campaign and working capital. The company also holds a position in Lakes Blue Energy NL (ASX:LKO) as part of its non-core asset base. Management has indicated it is assessing strategic Options for the Tansey Gold Project in Queensland, which represented a secondary exploration asset alongside Las Opeñas in the company's portfolio.

Upcoming Catalysts

With Phase 2 drilling now complete, the next key event for investors to monitor will be the assay results from Phase 2 holes. These results will determine whether the interpreted gold-grade enrichment to the west of the Phase 1 holes can be confirmed, and whether the system dimensions and grade profile support further escalation of the exploration program. The presence of permitting for a materially expanded program means that positive Phase 2 assays could translate relatively quickly into additional drilling activity.

Key Insights

NewPeak Metals' completion of Phase 2 drilling at Las Opeñas represents the continuation of a systematic exploration strategy aimed at testing the highest-priority geological interpretation from the 2026 Phase 1 discovery. The large scale of Phase 1 intercepts has established Las Opeñas as a notable gold-polymetallic system in Argentina, and Phase 2 results will be pivotal in determining the project's next development trajectory. The company's ability to execute drilling in a timely fashion following a successful placement is a positive operational indicator for this exploration-stage company.