The Conversation (0)
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to provide the Quarterly Activities Report for the period ending 30 June 2024.
HIGHLIGHTS
- Two successive transactions completed to acquire four highly prospective gold projects comprising 1,919km2 of land holdings in Côte d’Ivoire
- Ivorian acquisitions establish a pipeline of development opportunities for the Company, in a jurisdiction with a recent track record of gold discovery and production development
- Exploration activity initiated on both the Odienne and Baga projects within weeks following completion of each transaction
- Reporting of results from core drilling, auger sampling and surface geochemistry programmes anticipated in the coming weeks
Odienne Project, 758km2
- Results pending analyses for 1,069m of diamond core drilling and 7,741m of auger drilling sampling
- Recent drilling targets vast surface gold anomalism and follow-up drilling on 2023 success in air core drill results that returned;
- 12m @ 1.18g/t gold from 4m
- 12m @ 1.06g/t gold from 16m
- 8m @ 1.30g/t gold from 28m
- 4m @ 2.07g/t gold from 4m
- 16m @ 0.84g/t gold from 44m
- Drill targets located along trend from recent discovery drilling by Awalé Resources/Newmont joint venture Project on contiguous land holdings
- Ongoing exploration targeting the same high-strain corridor as Predictive’s 5.4Moz Au Bankan and Centamin’s 2.16Moz ABC Projects
Ferke Gold Project, 300km2
- Drilling with open mineralisation ready for follow-up, previously reported intercepts include;
- 47m @ 3.72g/t gold from surface
- 77.6m @ 2.33 g/t gold from 45.9m
- 91.1m @ 2.02 g/t gold from surface
- 45.3m @ 3.16g/t gold from 45.9m
- 12.5km gold-in-soil anomaly remaining undrilled outside a 1km segment hosting intercepts listed above
Baga Gold Project, 644km2
- Binding agreement completed securing the right to acquire 100% ownership
- Subsequent to reporting period, first surface geochemistry campaign completed, results pending analysis
- Recently granted exploration permits cover an underexplored area of structural complexity in the highly prospective Birimian gold terrane
Corporate
- $5.6 Million cash at hand as at 30 June 2024
- Firm commitments received for an additional $2,186,000 to be raised subject to shareholder approval
Figure 1 | Project Locations
During the quarter, the Company completed two separate transactions for the acquisition of four highly prospective gold projects including advanced stage projects in Côte d’Ivoire. This establishes a vast land holding comprising 1,919km2 across six (6) exploration permits within the Birimian Gold Terrain of West Africa, among the fasting growing regions of gold production and discovery over the past decade.
- During the reporting period, Many Peaks announced completion of a share sale agreement with Turaco Gold Ltd (Turaco) to consolidate a 100% ownership in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is the holding company for a wholly-owned Ivorian subsidiary (PD-CI SARL) party to a joint venture with Gold Ivoire Minerals SARL (GIV Joint Venture) in Cote d’Ivoire in which PD-CI SARL has earned a 65% interest and the Company now retains an exclusive right to earn-in to an 85% interest by sole funding any project within four exploration permits in Cote d’Ivoire to feasibility study (Refer to ASX Announcement dated 8 May 2024).
- The Company also secured an exclusive right to acquire a 100% interest in Atlantic Resources CI SARL holding two (2) granted permits referred to as the Baga Gold Project totaling 644Km2 in eastern Cote d’Ivoire. (Refer to ASX Announcement dated 27 June 2024.)
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
