Many Peaks Minerals

Divestment of Queensland Exploration Permits

Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) a gold and copper focused exploration company with flagship projects in Côte d’Ivoire, is pleased to announce the strategic divestment of its 80% ownership in two exploration permits in central Queensland (refer to ASX release dated 16 March 2022) pursuant to a sale agreement entered into with EMX Broken Hill Pty Ltd (EMXBH) (Sale Agreement). Concurrently, the Company also confirms that it will not be exercising its rights to execute an option to acquire a 100% interest in the Yarrol and Mt Steadman projects (Option Agreement) (refer to ASX release dated 2 May 2023).


Highlights

 
  • Many Peaks executes binding agreement for sale of its 80% interest in exploration permits located in central Queensland
  • Drilling campaign at Odienne Project completed with assay results pending for 1,069m of diamond core drilling and 7,741m of auger drilling
  • Baga Project, in eastern Côte d’Ivoire, stream sediment sampling campaign is now completed with samples covering the 644km2 project area currently being shipped for analyses
This Sale Agreement and termination of the Option Agreement are part of Many Peaks’ ongoing strategic review. The review aims to ensure that the Company remains dedicated to gold and copper exploration while concentrating its efforts and expenditures on large-scale opportunities in Côte d’Ivoire, a region known for its rich gold terrains and significant resource potential.

The Company plans to focus efforts on continued exploration activity in Côte d’Ivoire where work continues at:

  • the Odienne Project, where Many Peaks has recently completed an 8,810m drill campaign and awaiting results from both auger and initial diamond core drilling. Results from both drilling campaigns is anticipated to inform decisions on proposed follow-up drilling to commence as early as August this year;
  • the Baga Gold Project, where within weeks of finalising an option agreement for a 2 year option period, the company has completed initial surface geochemistry programs with samples now in transit for assay; and
  • at the Ferke Gold Project, where reconnaissance field work commences this week in support of drilling programmes planned for next quarter for follow-up on open gold mineralisation confirmed in drilling including diamond core intercepts assaying 47m @ 3.72g/t gold and 91.1m @ 2.02g/t gold from surface (refer to ASX release dated 26 March 2024).

Many Peaks’ Executive Chairman, Travis Schwertfeger commented:

“Our decision to divest the gold assets and terminate option agreements in Queensland allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders.

 The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits, and Cote d’Ivoire has proven to be a favourable jurisdiction for development and production.”


Click here for the full ASX Release

This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

MPK:AU
The Conversation (0)
Jeff Clark, gold and silver bars.

Jeff Clark: Gold Bull Market Running, These Stocks Getting Rewarded Now

Jeff Clark, founder of the Gold Advisor, shares his outlook for gold and silver.

However, he emphasizes that he's less concerned about prices and more interested in making sure his portfolio is prepared to weather global uncertainty.

Keep reading...Show less
Magnifying glass over a stack of US $100 bills.

OPINION — Goldenomics 101: Follow the Money

This opinion piece was submitted to the Investing News Network (INN) by Darren Brady Nelson, who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or thoroughness of the information reported by external contributors. The opinions expressed by external contributors do not reflect the opinions of INN and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Keep reading...Show less
Miramar Resources

High-Grade Gold Discovery in First 8 Mile Drill Hole

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to announce that the first RC drill hole at the 8 Mile target has intersected high-grade gold and ended in mineralisation.

Keep reading...Show less
Rob McEwen, gold bars.

Rob McEwen: Gold to Go "Much Higher," Mining Stock Mania Not Here Yet

Rob McEwen, chairman and chief owner of McEwen Inc. (TSX:MUX,NYSE:MUX), outlines his gold price outlook as well as future plans for his company.

"If I look at history and the cycles gold has gone through, we have all the ingredients needed to drive it much higher," he told the Investing News Network.

Keep reading...Show less

Latest Press Releases

Related News

×