Acquisition of four mineral permits in gold-rich Cote d’Ivoire now complete
Exploration to initially start at the Ferké and Odienné gold projects
An identified 17km-long gold anomaly will be targeted at Ferké
Special Report: Many Peaks Minerals is hitting the ground running with diamond drilling after the acquisition of four mineral permits in Cote d’Ivoire where over US$4 million in prior exploration has already been spent.
The deal involved the issue of over 5.6 million shares to Turaco Gold (ASX:TCG) and Predictive Discovery (ASX:PDI) for 100% of their Ferké, Oumé and Odienné projects, where Many Peaks Minerals (ASX:MPK) can now earn up to an 85% interest by sole-funding exploration.
Formerly part of Resolute Mining (ASX:RSG), the projects cover an area of 1275km2 adjacent to some of West Africa’s biggest gold deposits.
The explorer also recently raised $2m to bolster its coffers in readiness to start drilling at the Ferké and Odienné projects, which lie in the world-class Birimian greenstone belt, and has been looking at the discovery potential of its assets as the acquisition was finalised.
Ferké sits on the Burkina Faso border, not far from Barrick’s 4.5Moz Tongon and Lillium’s 3.2Moz Wahgnion gold projects.
Odienné is directly north of Centamin’s 2.2Moz ABC project and and is contiguous with the Awalé-Newmont joint venture ground along trend to the south, where Awalé as operator is demonstrating Odienné is an emerging copper-gold district with its recent BBM and Charger prospect discoveries.
Many Peaks’ new project areas and surrounding gold deposits. Pic: MPK
Exploration to commence
Located within the rich Birimian greenstone belt, one of the world’s great gold fields, over US$4m has already been spent on the tenements.
Ferké currently contains high-grade gold mineralisation from surface and Odienné hosts a more than 1.2km long gold anomaly identified in shallow AC drilling.
MPK plans to immediately kick off initial diamond drill tests concurrent with auger drilling and surface geochemistry activity at Odienné.
Concurrent with auger work, the company has already initiated fieldwork, complete with mapping, regolith studies and modelling reviews with a focus on identifying extensions to open gold mineralisation defined in AC drilling tests completed last year.
At Ferké, auger drilling is anticipated to commence next quarter and will focus on defining additional targets to extend mineralisation.
Follow-up drilling will then expand on the initial discovery success generated from previous exploration.
RC and diamond drilling is planned to be conducted and finish before the end of the year across a sizeable 17km-long gold anomaly hosting the Ouarigue South discovery within the project area.
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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