Many Peaks Minerals up near 200% since acquiring a majority stake in three gold projects in Cote d\u2019Ivoire last week
\nA new $2m placement at 17c backed by existing shareholders
\nWill bolster coffers to drill at the exciting Ferk\u00e9 and Odienn\u00e9 projects in the world class Birimian greenstone belt
\nAdditional options could be exercised to raise more capital if its share price rises above 25c<\/p>\n
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Special Report:<\/em><\/strong> Many Peaks Minerals has tapped its loyal crop of shareholders for $2 million to hit the ground running at its newly acquired Ferk\u00e9 and Odienn\u00e9 gold projects in Cot\u00e9 d\u2019Ivoire.<\/strong><\/p>\n The non-brokered placement was a vote of support for the explorer\u2019s opportunitypaired with tapping the vast West African discovery experience of executive chairman Travis Schwertfeger, who previously enjoyed success in the region with Newmont and Exore Resources.<\/p>\n The latter was acquired by Perseus Mining (ASX:PRU) in a $64m deal in 2020.<\/p>\n Many Peaks Minerals (ASX:MPK) last week announced a deal involving the issue of over 5.6 million shares to Turaco Gold (ASX:TCG) and Predictive Discovery (ASX:PDI) for 100% of their holdings in the Ferk\u00e9, Oum\u00e9 and Odienn\u00e9 projects, where Many Peaks can now earn up to an 85% interest.<\/p>\n Formerly part of Resolute Mining (ASX:RSG), the projects contain 1275km2 located adjacent to some of West Africa\u2019s biggest gold deposits.<\/p>\n Since announcing the deal \u2013\u2013MPK\u2019s shares have stormed almost 200% higher, climbing from 7.3c before the acquisition to 20.5c before the placement.<\/p>\n Conducted at 17c, MPK will issue 11.76m new shares on firm commitments in a two-tranche placement to raise $2m.<\/p>\n That was a 17.1% discount to its last closing price and 19.1% discount to the company\u2019s 15-day VWAP before the market close last Wednesday.<\/p>\n \u00a0<\/p>\n\n MPK\u2019s acquisitions are in the heart of one of the world\u2019s great gold fields. Pic: MPK<\/em><\/p>\n \u00a0<\/p>\n That the rights to 65% and up to 85% of Ferk\u00e9, Oum\u00e9 and Odienn\u00e9 are coming to MPK is a fillip for the explorer given the rich exploration potential they possess.<\/p>\n The projects sit among some of West Africa\u2019s biggest gold mines.<\/p>\n Oum\u00e9 is directly adjacent to the 2.5Moz Bonikro mine operated by Allied Gold Corporation.<\/p>\n Ferk\u00e9 sits on the Burkina Faso border not far from Barrick\u2019s 4.5Moz Tongon (183,000oz produced in 2023) and Lillium\u2019s 3.2Moz Wahgnion (~150,000ozpa).<\/p>\n Odienn\u00e9 is located directly north of Centamin\u2019s 2.2Moz greenfields ABC project and not far from Perseus\u2019 Sissingue and Antoinette deposits, the latter the main prize traded in the Exore deal.<\/p>\n Located within the rich Birimian greenstone belt, one of the world\u2019s great gold fields, over US$4m has already been spent to prove up targets on the tenements.<\/p>\n Ferk\u00e9 currently contains high grade gold mineralisation from surface and Odienn\u00e9 hosts a more than 1.2km long gold anomaly identified in shallow aircore drilling.<\/p>\n A closer look at results from Ferk\u00e9 shows why investors are excited about the potential.<\/p>\n RC drilling previously carried out includes 25m at 3.06g\/t gold from 64m, impressive width and grades at that shallow a depth.<\/p>\n Trenching identified results of to 34m at 5.29g\/t Au and 92m at 1.76g\/t Au, also within the 16km Leraba gold in soil anomaly.<\/p>\n Drilling there comprised an 80 hole reconnaissance RC program, which unearthed the Ouarigue discovery followed by only 18 diamond holes, leaving much of the 12.5km long anomalous corridor untested.<\/p>\n Drill results from the limited diamond follow-up work \u2013 from surface no less \u2013 include 91.1m at 2.02g\/t Au, 47m at 3.72g\/t and 15m at 2.06g\/t followed by 116.5m at 0.98g\/t. Under 1.5km of this north-south corridor has been drill tested to date.<\/p>\n \u00a0<\/p>\n\n Did someone say underexplored? Check out those early hits at Ferk\u00e9. Pic: MPK<\/em><\/p>\n \u00a0<\/p>\n MPK says funds collected in the raising will be used to fund exploration in West Africa, cover the costs of the offer, provide working capital and assist with corporate and admin costs.<\/p>\n The first $733,802.96 tranche will be issued under MPK\u2019s existing placement capacity, with the balance along with almost 4 million free attaching options to be voted on in a meeting to be held in May.<\/p>\n Those 1 for three options will have an exercise price of 25c, expiring on June 30 2026, leveraging the company to future exploration success in Cote d\u2019Ivoire, Queensland and North America.<\/p>\n MPK will also issue options to corporate advisors and as incentives to key personnel and employees in a bid to retain and attract staff and keep directors\u2019 skin in the game.<\/p>\n Over 8 million new options will be listed, providing MPK the potential to raise additional capital when its share price rises above 25c.<\/p>\n MPK had $1.82m in the bank at December 31 last year, but will use the new cash to progress exploration at its newly acquired African assets.<\/p>\n \u00a0<\/p>\n\n \ufeff<\/span>\u00a0<\/p>\n This article was developed in collaboration with Many Peaks Minerals, a Stockhead advertiser at the time of publishing.<\/p>\n \u00a0<\/p>\n This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/p>\n <\/span><\/p>\n The post Investors back Many Peaks\u2019 West African gold pivot after mammoth share price increase<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Discovery potential<\/strong><\/h2>\n
Funds put to use<\/strong><\/h2>\n