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

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

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