Chuck
Actually that clue is not about a peak with a hole in it. Was a bad translation of that German clue.
The accurate translation says: " In the saddle above my cache, you can see a long way to the south trough a hole in the mountain".
This clue is about the tunnel/passage which was used to exit from that region at the level of the LDM inclined shaft
There are many clues which were "lost in translation" so to speak, or misinterpreted, or just told wrong by Waltz in his last minutes.
One clue that was told wrong is the clue about the "rock that looks like a man", which Waltz said you can see it when the Gov Trail turns south. In reality that clue is for when you are at the mouth of the gulch where are located the mines and the shallow cave/camp. How I know? by finding the location and figuring out the clues. How else!
I will post an aerial image of the LDM's region, to see how this clue and other, fit with the clues from Perfil mapa (the head shape), Edgar Cayce's about the Sheep silver mine, the square rock which is close to the Waltz's mine, the "Y" shape of the gulch, etc.
Enjoy!