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Many Peaks Minerals Delivers Increased Grades with Depth in Drilling at Ferké Gold Project

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By Imelda Cotton - 
Many Peaks ASX MPK Increased Grades Depth Ferké Gold Project
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Extensional and infill drilling at Many Peaks Minerals’ (ASX: MPK) flagship Ferké gold project in Côte d’Ivoire has delivered volume increases to the mineral resource potential.

Results from 11 diamond drill core holes at the Ouarigue prospect returned significant gold intercepts, demonstrating increasing grades with depth along a true width zone of mineralisation from surface to 300 metres vertical depth.

Many Peaks is earning an 85% interest in the Ferké exploration permit alongside joint venture partner and local company Gold Ivoire Minerals, by sole funding exploration through to a definitive feasibility study.

Result Highlights

Best assays were 84.8m at 3.01 grams per tonne gold from 295.8m including 7.5m at 9.27g/t, 103m at 1.24g/t gold from 103m including 7.6m at 4.81g/t, and 36.6m at 1.88g/t gold from 418.3m including 6.6m at 4.02g/t.

Diamond core drilling continues at the Ouarigue site, with two rigs completing 55 holes to date for a total 16,500m in an 18,500m campaign.

Ongoing success at Ferké has expanded the lateral and down-dip extent of the mineralised intrusion at Ouarigue, which saw Many Peaks recently increase the scope of work from the original 6,000m when the campaign kicked off in April.

Results from 21 holes representing more than 5,000m of drilling are currently pending analysis.

Ferké Expansion

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

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 a further US$800,000 spend within three years.

The company will earn maximum equity of 80% on completion of a total US$2 million spend through to a positive bankable feasibility study.

Ferké South represents a 125% increase — or 20 kilometres — to Ferké’s mineralised corridor, and 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 2140 sq km.