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Many Peaks Minerals
Investor Insight
Significant acquisitions of projects in some of the most prolific gold districts of Côte d’Ivoire, West Africa, position Many Peaks for significant discoveries, giving the stock a compelling investment case.
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold assets in Côte d’Ivoire, West Africa, and exposure to key energy transition assets in Newfoundland, Canada. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through exploration discovery and near-term mineral resource definition.
In West Africa, the company is focused on four recent acquisitions in Côte d’Ivoire totaling 1,919 square kilometres, including the more advanced-stage Odienné and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
The company acquired a portfolio of three projects from Turaco Gold Ltd in May 2024, consolidating interests held in the projects by Turaco and Predictive Discovery Ltd. The Company’s establishment into one of the fastest growing gold regions in the world was quickly followed with a binding agreement securing an exclusive option to acquire a 100 percent interest in the Baga gold project, which comprises two permits totaling 644 square kilometres in eastern Côte d’Ivoire.
Many Peaks’ Canadian asset targets the lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company focused on advancing its gold projects in Côte d’Ivoire, West Africa: Odienné, Ferké, Baga and Oumé.
- Land holding in West Africa comprises 1,919 sq km within the Birimian Gold Terrain, providing the company a strategic near-term gold resource potential
- Also holds a 100 percent interest in the Aska lithium project in Newfoundland, Canada.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Côte d’Ivoire (West Africa)
Many Peaks’ assets in Côte d’Ivoire comprise four projects – Odienné, Ferké, Baga and Oumé.
Odienné Gold Project
Located in northwest Côte d’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean-aged Man craton.
Odienné Project location in the context of Siguiri Basin geology compilation and gold project locations regionally
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023.
Many Peaks has followed up 2023 success with aggressive exploration, expanding the project’s auger drilling coverage within weeks of acquisition. Systematic coverage of auger has succesfully defined three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly.
The company is now well positioned for follow-up air core and diamond drilling campaigns to further define confirmed gold mineralisation on the project over the coming 2024-25 field season.
Ferké Gold Project
Located in northern Côte d’Ivoire, the Ferké gold project covers 300 square kilometres within a single granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Ferké Gold Project outline with drill collar locations, including the location of the Ouarigue discovery within the >16km Leraba Gold Trend
Initial exploration work conducted at Ferké defined a more than 16-kilometre-long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Baga Gold Project
Baga and Oumé project locations on generalised regional scale geology interpretation
The Baga gold project is a 644 sq km landholding comprising two granted permits in Côte d’Ivoire. The project is located 150 km east of the city of Bouaké and covers an underexplored region of structural complexity located just 21 km east of a recent greenfields gold discovery by Endeavour Mining, which over the past three years rapidly defined the 4.5 Moz Assafou gold resource estimate within their Tanda-Iguela permit areas.
Within weeks of securing the option to acquire a 100 percent interest in Baga, Many Peaks has completed the first surface geochemical campaign covering the project area.
The permits are situated where the southern extent of the Duango-Fitini shear zone in Côte d’Ivoire’s north forms a flexure or structural splay into the Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Birimian terrane the Baga project area also covers the intersection, or truncation of the Bui Belt structural trend which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana. Baga Gold represents a highly prospective area to advance exploration activity by Many Peaks.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Côte D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Côte d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1.9 Moz Agbaou gold deposit and Endeavour’s 3 Moz Lafigué gold project.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years of global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX-listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advice on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding, and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
Additional High Priority Antimony Targets Identified over 10km Corridor at Yallalong Project
Highlights
- Ground geophysical survey over the identified 10km antimony corridor at Yallalong is complete and final data has been processed and interpreted.
- Detailed interpretation of the geophysical data integrated with previous drilling data significantly expands the scale of the exploration model for high-grade antimony mineralisation at Yallalong.
- 14 new, high priority, structural targets analogous to the high-grade Discovery Target have been identified and will be evaluated in the next drilling campaign.
The geophysics has identified 14 new structural antimony targets at Yallalong analogous to the Discovery Target, where historic drilling intercepted high-grade antimony.
Octava’s Managing Director Bevan Wakelam stated, "The new gravity data redefines the exploration model for high grade antimony at Yallalong. It explains the presence of anomalous antimony along the structural corridor and predicts potential hot spots along it. It is exciting to consider the possibility of a continuous system extending under cover for more than 10 kilometers and having a method to pinpoint the most prospective zones. Planning work is already underway for drilling of these new targets "
Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia. The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north- south striking mineralised corridor.
Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect had previous drilling and recorded high-grade antimony intercepts over a strike length of ~300m, including 7m @ 3.27% Sb.
A detailed geophysical survey was undertaken to identify underlying structures, such as shears and faults, which act as conduits to mineralising fluids. It also outlines key lithological boundaries. These factors are important in the formation of antimony deposits worldwide.
Interpretation of the geophysical data and the historic drilling has re-defined the exploration model for high grade antimony at Yallalong. Fourteen new targets analogous to the Discovery Target have been identified and will be evaluated through planned drilling. See Figure 1.
Figure 1. Summary structural interpretation and with existing and newly identified Sb targets at Yallalong.
Atlas Geophysics conducted the gravity survey using a 100m x 100m grid pattern, with additional measurements on a 50m x 50m grid over the Discovery Target. NewGen Geo, a geophysical consultancy, carried out the gravity data processing and interpretation.
Click here for the full ASX Release
This article includes content from Octava Minerals Limited, 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.
Ore Purchase Agreement with Westgold Resources Unlocks Gold Production from Crown Prince
HIGHLIGHTS
- New Murchison Gold (NMG) and Westgold Resources (Westgold) have entered into an Ore Purchase Agreement (OPA) which will underpin production from NMG’s Crown Prince deposit near Meekatharra, Western Australia in 2025.
- Subject to final regulatory permitting, under the OPA, NMG will commence mining from a new open pit operation at Crown Prince with a targeted commencement date of mid-2025.
- Ore will be hauled 33km by road to the Bluebird Gold Processing Plant, part of Westgold’s Murchison Gold Operations at Meekatharra.
- Ore will be sold to Westgold in several parcels (Ore Parcels) totalling 30-50kt per month with each Ore Parcel certified for grade, moisture and recovery from sampling at the Crown Prince site and a recovery factor agreed for each mining bench from test work replicating the Bluebird Mill circuit.
- The OPA has no fixed term although NMG envisages that most of Crown Prince ore is likely to be processed in an “Initial Period” which runs over the first 24 months of the agreement. Thereafter ore tonnages are to be agreed on a rolling three-month basis once production forecasts have been completed by NMG and Westgold has confirmed mill availability.
- Westgold will purchase ore from NMG based on contained gold in each Ore Parcel at the prevailing AUD gold price in the month the Ore Parcel is collected (minus processing costs and a capital recovery charge). Westgold must promptly collect Ore Parcels that are available for collection.
- The OPA is subject to shareholder approval (Listing Rule 10.1 requirement) at a general meeting of NMG shareholders to be held in late January or early February 2025.
- NMG and Westgold have also entered into an ancillary agreement (Licence and Access Water Discharge Deed) which facilitates NMG’s potential dewatering requirements at Crown Prince.
Alex Passmore, NMG’s CEO commented: "We are very pleased to announce the Ore Purchase Agreement with Westgold as it sees both companies working together to support the development of NMG’s Crown Prince deposit in a capitally efficient manner.
We see this Agreement as beneficial to all shareholders with Westgold acquiring additional high grade oxide ore feed to supplement its Meekatharra operations and NMG transitioning to a producer for modest capital.
The Bluebird Processing Plant owned by Westgold is ideal for NMG due to its close proximity and well-matched metallurgical process. We believe the robust frameworks and protocols we have put in place in this Agreement aligns both operational teams to a common goal of maximizing operational efficiency.
We thank the Westgold team for the technical and commercial work that has led to this Agreement and look forward to working collaboratively in making the development of Crown Prince a success”
Crown Prince is located to the north of Meekatharra, around 33km via road to the Bluebird Gold Processing Plant (Bluebird) owned and operated by BBGO. Westgold and NMG have been working collaboratively on the OPA to manage technical risks and to share economic synergies which are available via the partnering of production from the Crown Prince deposit and milling at Bluebird.
Key Terms of the OPA are outlined in the Table below and will be explained fully in a Notice of Meeting to be sent to NMG shareholders in December. The NMG shareholder meeting is likely to be held in late January or early February 2025. As a result of Westgold’s 18.7% ownership of NMG, it is deemed a related party under the ASX Listing Rules and so the OPA includes a condition precedent of NMG obtaining shareholder approval under Listing Rule 10.1.
BDO Corporate Finance Australia Pty Ltd (BDO) has been engaged to provide an opinion and Independent Expert’s Report to accompany the Notice of Meeting to assist shareholders in their considerations of whether or not to approve the OPA moving into operation.
Should the conditions precedent be met (shareholder approval) the OPA will come into effect with NMG expecting mining approvals to be received in early April 2025. Once mining operations commence, and ore stockpiles are built up, it is anticipated that first Ore Parcel sales will occur in September 2025.
The company is working towards an ore reserve estimate to provide further detail on the economics of the project which is to be released shortly.
Plan of Access and Water Infrastructure - Crown Prince
Authorised for release to ASX by the Board of New Murchison Gold Limited.
Click here for the full ASX Release
This article includes content from New Murchison Gold Limited, 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.
Many Peaks Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects