Many Peaks Expands Ferké Project in Côte d’Ivoire with Significant New Gold Intercepts

Results from a further seven diamond drill holes at Many Peaks Minerals’ (ASX: MPK) Ferké gold project in Côte d’Ivoire have confirmed extensions to mineralisation along strike and at depth.

The company has completed 41 holes for a total of 11,200 metres since it commenced drilling at the Ouarigue prospect in April, with the latest holes over 300m of strike extent returning significant intercepts from extensional and infill work.

Drilling also intersected increasing widths of mineralised zones and reinforced the potential for a bulk tonnage target at the project.

Highlight Results

Best results from the program were 87m at 1.67 grams per tonne gold from 221m including 29m at 3.46g/t from 224m, 84m at 1.53g/t gold from 58m including 2m at 18.1g/t from 83m and 8m at 2.11g/t gold from 158m including 2m at 7.43g/t.

Other highlights were 89m at 0.92g/t gold including 12m at 1.48g/t gold from surface, 11m at 0.87g/t gold from 191m, and 5m at 1.27g/t gold from 217m.

Many Peaks is also conducting reconnaissance reverse circulation drilling at Ferké and has so far completed more than half of the planned 6,000m campaign.

Growing Scale

Managing director Travis Schwertfeger said the latest assays demonstrate the growing scale and continuity of the Ferké mineralised system.

“These results are particularly encouraging as further examples of grades increasing with depth, adding to the viability of a bulk tonnage target evolving at Ferké,” he said.

“Central to the mineralised zone confirmed in previous drilling, one of the holes intersected a 95m true width zone of mineralised intrusion — locally a 26% increase over previous interpreted widths — bolstering our model further.”

Earn-In Agreement

Many Peaks recently expanded its flagship project through an earn-in agreement with Ferké South owner Magic Mineral Structure SARL

Under the terms, Many Peaks will commit US$400,000 in exploration expenditure over a 24-month period once Ferké South is granted and will earn an initial 51% interest through spending a further US$800,000 within three years and a maximum 80% on completion of a total US$2 million spend through to a positive bankable feasibility study.

Ferké South represents a 125% increase — or 20km — to Ferké’s mineralised corridor and its incorporation would reflect a 74% increase in the overall size of the project to 521 square kilometres.

The deal increases Many Peaks’ equity holdings in Côte d’Ivoire to a total of 2,140 sq km.