Many Peaks Minerals is going nuts to the tune of a 240% climb based on gold project acquisitions
Meanwhile Indo coal stock Cokal has a beaut revenue stream going on
And SRR, TKM and IR1 are also moving in the right direction
Here are some of the biggest resources winners in early trade, Tuesday March 26.
Many Peaks Minerals (ASX:MPK)
Minerals exploration minnow Many Peaks is climbing every mountain this morning. Well, maybe not every one of them, but a big, 240%-shaped one.
(Did we really just make a Sound of Music reference? Sorry.)
MPK, which is into gold, copper-gold and REEs, among other things, is scaling up on the news it’s made a head-turning acquisition of a handful of advanced gold projects over in Côte d’Ivoire in West Africa.
Specifically, the company is acquiring a 100% interest in the Turaco Gold and Predictive Discovery joint venture, holding the right to acquire an 85% interest in four mineral permits.
Those permits cover some broad ground – 1,275km2 of it – which has revealed recent gold discoveries and has seen more than US$4m previous exploration expenditure.
The permits are housed both within the Ferke Gold Project, which hosts the Ouarigue South discovery, and the Odienne Project.
$MPK.ax $MPK Acquisition of Advanced Gold Projects in Cote D’Ivoire https://t.co/0OGbH2Xs7k
Many Peaks’ Executive Chairman, Travis Schwertfeger, commented:
“The Ferke and Odienne Projects in Cote d’Ivoire deliver Many Peaks a strong foundation of #exploration success in… pic.twitter.com/v5Y0VIaQos
— Many Peaks Minerals (ASX:MPK) (@ManyPeaksASX) March 25, 2024
Ferke has seen recent results including 35.95m at 3.88g/t gold within 77.6m at 2.33g/t gold from 45.9m and 4.7m at 6.14g/t gold from 134m, and its open mineralisation is ready for follow-up.
Beaut. And by Odin’s beard, this isn’t bad, either:
Odienne is along strike from recent gold discoveries, on trend with the 5.4Moz Bankan project, and has seen >1g/t gold over 1,200m strike extent, including: 12m at 1.18g/t gold from 4m; 12m at 1.06g/t gold from 16m, and 8m at 1.30g/t gold from 28m.
What next now the paperwork is signed? Drilling – as soon as feasible, as soon as possible next quarter.
MPK plans to start auger drilling at Ferke targeting a >12.5km long segment of the surface geochemistry anomaly within the Leraba gold trend.
Read more > here
MPK share price
Cokal (ASX:CKA)
Cokal is its name, high-margin metallurgical coal is its game.
Speaking of which, the Indo coal stock has managed to secure itself a 12-month revenue stream by chartering barges to “ensure continuous delivery” of its coal to market.
And guess what? That revenue stream is in effect, with the company announcing this morning its received payment from the loading of 7,500 tonnes of product coal on to barges at the Batu Tuhup Jetty.
Said barges will transport 7,500 tonnes of high-grade thermal coal product to Sumbar Global (SGE), which has been sold under the existing offtake contract.
The Bumi Barito Mineral (BBM) metallurgical coal mine (in which Cokal has a 60% interest) has now grabbed 50% of the coal value from SGE. BBM will receive the balance of the sale upon the coal being delivered to Taboneo Anchorage.
Cokal expects this arrangement to be an ongoing monthly revenue stream.
Source: Cokal
CKA share price
Trek Metals (ASX:TKM)
Junior goldie Trek is double digits to the good on news regarding its Champagne Pool epithermal gold target within the Pincunah Project in the Pilbara region of WA.
The news is, basically, drilling has been announced to commence in the coming weeks at the untested, high-potential target.
The company says there is every indication that strong surface geochemical indicators are suggestive of a cap to an epithermal gold system, with the gold zone likely ‘intact’ sub-surface.
Trek Metals’ CEO Derek Marshall said this:
“After Trek discovered a large, robust multi-element soil anomaly at the Valley of the Gossans (VOG) prospect, our exploration team, supported by expert independent consultants, have now identified a very exciting new gold opportunity along strike from the base metal target.
“The team has identified a favourable zone along the same geological horizon that is interpreted to represent the cap to a buried epithermal gold system. This is of critical importance, as our previous drilling at VOG indicated that, while we were within a large mineralised system, the gold zone had likely been eroded away and we were left with the root of the system.
“The newly identified target at Champagne Pool appears to have the entire system preserved, presenting a very compelling drill target.”
TKM share price
Sarama Resources (ASX:SRR)
(Up on no news)
Another West African-focused goldie, minnow Sarama is currently up about 41% – riding in the slipstream of Many Peaks’ momentous 240% burst so far today.
Like Many Peaks, Sarama Resources is focused on establishing a new gold mining district in West Africa, but in Burkina Faso – inland from where Many Peaks is playing in Côte d’Ivoire.
Sarama owns a 100% interest in the Sanutura Project, located about 350km southwest of Ouagadougou.
There’s not a lot going on for Sarama right now in terms of news, so we can only assume at this stage this pump is a riding-on-coattails narrative re MPK.
SRR share price
Iris Metals (ASX:IR1)
Let’s bung some lithium-related positivity in here to close. Because, why not, eh? (Despite the lithium commodity pricings taking a bit of a hit this week.)
Iris Metals’ ongoing diamond drilling program at its 100% owned Beecher Project “continues to deliver strong results”, with the company announcing “new wide and high-grade lithium intercepts” from its Black Diamond pegmatite prospect.
Intercepts include as 53.55m at 1.73% Li2O from 125.0m, including 5.2m at 2.39% Li2O and 9.7m at 3.59% Li2O incl 4.9m at 5.07% Li2O.
The company notes that recent geological modelling shows the Black Diamond pegmatite dips back to the east with the potential to coalesce with the Longview pegmatite to form a larger body at depth.
The Beecher project, by the way, is 7km from the township of Custer in the Black Hills of South Dakota, USA.
IR1 share price
At Stockhead we tell it like it is. While MPK is a Stockhead advertiser at the time of writing, it did not sponsor this article.
The post Resources Top 5: Many Peaks triple bags (and some) on acquiring Predictive Discovery gold project appeared first on Stockhead.
