Many Peaks strikes deal with Turaco Gold for 85% interest in Ivorian permits
Many Peaks Minerals (ASX: MPK) has entered into agreements which will provide it with an an 85% interest in a highly-prospective exploration area in the West African nation of Côte d’Ivoire.
In a complex set of corporate deals, Many Peaks has entered into a range of agreements which will eventually see it acquire a 100% interest in a Turaco Gold (ASX: TCG) and Predictive Discovery (ASX: PDI) joint venture that holds the right to acquire an 85% interest in four mineral permits in Côte d’Ivoire.
The permits include recent gold discoveries and more than $6.1 million in previous exploration expenditure in a land package of 1,275 sq km.
Key Ferke acquisition
Executive chair Travis Schwertfeger highlighted the fact that the Ferke gold project is part of the acquisition.
Ferke hosts the recent Ouarigue South discovery with open mineralisation ready for follow-up and the Odienne project immediately along strike from new gold discoveries.
“The Ferke and Odienne projects in Cote d’Ivoire deliver Many Peaks a strong foundation of exploration success […] with the potential to build significant high-grade ounces in the near term,” Mr Schwertfeger said.
“Both projects are already covered with systematic geochemical coverage and high-resolution geophysics, which have led to demonstrated gold mineralisation confirmed in drilling.”
Multiple targets
Mr Schwertfeger said the $6.1m outlaid in the project area in recent years has generated multiple targets ready for follow-up including extension targets.
“Our team has a depth of West African operating experience tied to multiple discovery and development projects over the past 15 years and our technical team looks forward to operating in Côte d’Ivoire again,” he said.
“Over recent years, it has emerged as a premier jurisdiction within West Africa to operate in, with several recent exploration and development successes.”
The consideration for the purchase of 100% of CDI Holdings will be an aggregate 5,617,978 fully paid ordinary shares in Many Peaks.
Ready to hit the ground running
Mr Schwertfeger revealed that Many Peaks plans to initially undertake auger drilling and surface geochemistry activity at the Ferke and Odienne projects to better define additional drill targets.
The activities will include follow-up work on the north-to-south structural corridor at Ferke hosting an approximately 12.5km long segment of the surface geochemistry anomaly within the Leraba gold trend.
“Many Peaks will look to capitalise on existing work done where possible to expedite exploration activity,” Mr Schwertfeger said.
The company is also planning to complete mapping and modelling reviews to define follow-up targets on open mineralisation at the Ouarigue target and regolith reviews to rank several other untested targets within the 17km long Leraba gold trend, in addition to field activities.