Many Peaks Gold Limited announced that reverse circulation (RC) drilling is underway at the Company's flagship Mt Weary Project. Geochemical survey work at the Rawlins Gold-Copper Project and Mt Weary projects is also advancing with a focus on refining additional drill targets with potential to be included in follow-up campaigns following receipt of assay results from the current campaign. An initial RC drilling campaign for a planned 2,000m of drilling from 11 proposed holes will cover a 600m x 600m area within the Boggy Creek Prospect.

Planned drilling is following up and stepping out from known mineralisation, extending onto newly defined targets supported by induced polarity (IP) ground geophysics and recent surface geochemistry results. Updated 3D inversion modelling of IP results indicate historical drilling is predominantly oriented oblique or sub-parallel to priority IP anomalies modelled, and in several locations did not effectively test higher tenor anomalies/targets. Historical drilling completed in the mid 1990's returning better results including 94m @ 0.49g/t gold (from surface to end of hole) - RC93CH3, 66m @ 0.47g/t gold from 59m (drill depth) including 20m @ 0.8g/t gold from 84m - DD93CH10, 12m @ 1.54g/t gold from 40m - RC93CH4 21m @ 0.46g/t gold from surface and 2m @ 6.24g/t gold from 32m - RC94CH13 Several holes in the historical drilling are drilled in nominal north-south orientations, including RC93CH3, which is mineralised in its entirety, was drilled subparallel to modelled IP anomalism drilling and located on the margin of modelled higher tenor geophysical response.

MPG will drill in predominantly E-W orientations to assess if broad intercepts are still achieved at an optimised drill orientation, and to assess if the higher tenor response in the chargeability of the IP geophysical datasets correlate to higher sulphide content in the mineralised zones, which in turn has the potential to correlate with a higher tenor of gold grades in these types of systems. Extension and infill surface geochemistry survey work at the Child's Prospect, located 1.5km north of the current drilling, are advancing on schedule. The Child's Prospect soil survey is testing open gold anomalism at the northern extent of the 3km long gold anomaly within the Mt Weary Project to define additional drill targets to be included with follow-up work planned for the 2nd half of calendar year 2022 at Boggy Creek. An extension soil survey program at the Rawlins Project located 20km west of the Mt Weary Project has been completed.

Six (6) lines of soils on 50m by 200m spacing totalling 101 samples have been collected over the Eastern Star Prospect area to identify extension of mineralisation within the extensive footprint of alteration mapped at the Rawlins Project proximal to favourable channel results collected at Eastern Star prospect last year (refer to ASX release dated 16 March 2022).