Many Peaks Gold (ASX:MPG) has secured the right to acquire a 100% interest in the Yarrol and Mt Steadman projects, expanding its project areas by 133% within an established gold province in central Queensland.

Many Peaks Gold says multiple advanced gold targets with shallow, high-grade drill results from the Yarrol project include 12m @ 20.2g/t gold, 17.8m @ 4.01g/t gold, and 25m @ 2.92g/t gold.

It also says cobalt and manganese oxide mineralisation has been identified within Yarrol, further bolstering the company's exposure to the burgeoning critical minerals sector.

Many Peaks Gold says exploration is in progress, with results pending on 2023 soil survey and air core drilling campaigns, and the Yarrol project was awarded a government exploration initiative grant for $223,300.