Many Peaks agrees to purchase Baga gold project from Atlantic Resources
Total landholding in Côte d’Ivoire increases ~50% to 1919km2
Surface geochemistry programs at Baga to commence immediately
Special Report: Many Peaks Minerals has inked a deal to purchase the Baga gold project from Atlantic Resources, adding a further 644km2 of prospective gold tenure in Cote d’Ivoire to its portfolio.
That brings Many Peaks Minerals’ (ASX:MPK) total landholding in the country up 50% to 1919km2.
The move comes on the back of securing the rights to earn up to 85% of the nearby Ferké, Oumé and Odienné projects from Turaco Gold (ASX:TCG) and Predictive Discovery (ASX:PDI), by agreeing to sole-fund exploration to the feasibility study stage.
Gold exploration and development is accelerating in the West African nation, which has been largely underexplored for deposits compared to its neighbours Ghana, Mali and Burkina Faso.
Canada’s Barrick Gold and Endeavour Mining have licenses in the country, while Perseus Mining (ASX:PRU) already operates two mines in the country, including Yaouré, which produced close to 275,000oz at an AISC of just US$755/oz in FY23.
Baga option agreement
The Baga gold project is a 644km2 landholding comprised of two recently granted exploration permits ~150km east of the city of Bouaké in Cote d’Ivoire and ~80km west of the border with Ghana.
Under the option agreement, MPK will pay Atlantic US$40,000 ($60,000) and 500,000 fully paid shares with a 12-month escrow. MPK can exercise the option before the end of the 24 month period via the issue of 6m additional shares.
At that point it would pay Atlantic US$1 for each ounce added to the measured and indicated categories in a first mineral resource declaration capped at US$1m ($1.5m).
The permits cover an underexplored region of structural complexity which are highly prospective for orogenic gold deposits.
Recon mapping at Baga has identified occurrences of previously unmapped intrusions and shear corridors, with coincident alteration and sulphide minerals highlighting the prospectivity of the underexplored region.
Many Peaks’ Oumé and Baga gold projects around other major gold deposits. Pic supplied: (MPK)
“Having quickly established ourselves in Côte d’Ivoire and successfully initiating exploration activity within weeks following acquisition of the exciting Odienné and Ferké projects, the company is very pleased to identify an additional opportunity further bolstering our pipeline of projects for growth within the same jurisdiction,” MPK exec chair Travis Schwertfeger says.
“The Baga gold project is complementary to the existing portfolio in Côte d’Ivoire, providing several operational synergies delivering opportunities for an increase in positive results to the market and significant leverage to adding value through exploration success.
“In a region that has demonstrated its potential to host world-class gold deposits, this acquisition aligns with our commitment to adding shareholder value through innovative and cost-effective exploration, discovery, and resource development.”
MPK says surface geochemistry programs at Baga will commence immediately.
At its other projects, aggressive advanced exploration drilling at the Odienne project is ongoing and drilling at the Ferké project is in the planning stages.
This article was developed in collaboration with Many Peaks Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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