
June 26, 2024
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce it has entered into a binding agreement with Atlantic Resources CI SARL to secure an exclusive right to acquire a 100% interest in two permits totaling 644Km2 in eastern Cote d’Ivoire. The acquisition underscores Many Peaks’ proactive approach to portfolio growth and diversification focusing on a highly favourable jurisdiction for both discovery and development potential. The Company plans to initiate a comprehensive exploration program to assess for resource potential within the option period.
Highlights
- Many Peaks secures the right to acquire 100% ownership of the Baga Gold Project covering 644km2 area of highly prospective Birimian gold terrane in eastern Côte d’Ivoire
- Enlarges Many Peaks’ landholding in Côte d’Ivoire to 1,919km2 (50% increase) significantly expanding the project exploration pipeline
- Reconnaissance mapping at the Baga Gold Project has identified occurrences of previously unmapped intrusions and shear corridors with coincident alteration and sulphide minerals highlighting prospectivity of an underexplored region
- Systematic surface geochemistry programmes commencing immediately
- Strong cash balance to aggressively advance exploration with ongoing drilling at the Odienne Project and drilling at the Ferke Project in the planning stages
The recently granted exploration permits cover an underexplored area of structural complexity in the Birimian gold terrane (Figure 1), where multiple major mapped structures converge. Initial mapping and rock chip sampling has identified extensive shearing associated with alteration and localised zones of weathered sulphide minerals. Many Peaks will commence surface geochemistry survey programmes immediately, comprised of mapping and rock chip sampling, concurrent with a comprehensive stream sediment sampling campaign.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Having quickly established ourselves in Côte d’Ivoire and successfully initiating exploration activity within weeks following acquisition of the exciting Odienné and Ferké projects, the Company is very pleased to identify an additional opportunity further bolstering our pipeline of projects for growth within the same jurisdiction. The Baga Gold Project is complimentary to the existing portfolio in Côte d’Ivoire providing several operational synergies delivering opportunities for an increase in positive results to the market and significant leverage to adding value through exploration success.
Located in a region that has demonstrated its potential to host world-class gold deposits, this acquisition aligns with our commitment to adding shareholder value through innovative and cost- effective exploration, discovery, and resource development.”
Baga Gold Project Summary
The Baga Gold Project is a 644km2 landholding comprised of two recently granted exploration permits located 150km east of the city of Bouaké, Cote d’Ivoire and situated 80km west of the Ghana border (Figure 2).
The permits cover an underexplored region of structural complexity highly prospective for orogenic gold deposits. 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 Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Biriiman terrane the Baga project area also covers the intersection, or truncation of the Bui Belt which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana (Figure 1).
The intersection of multiple regional scale structures in combination with identification of previously un-mapped lithologic complexity associated with evidence of alteration, sulphide minerals proximal to shear corridors in reconnaissance mapping by Many Peaks highlight a highly prospective area to advance exploration activity.
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)
10 September 2024
Many Peaks Minerals
Advancing gold discoveries in Côte d’Ivoire, West Africa
Advancing gold discoveries in Côte d’Ivoire, West Africa Keep Reading...
14 April
Diamond Drilling Commences at Ferke Gold Project
Many Peaks Minerals (MPK:AU) has announced Diamond Drilling Commences at Ferke Gold ProjectDownload the PDF here. Keep Reading...
19 March
Raises A$6.22m to Intensify Drilling at Ferke
Many Peaks Minerals (MPK:AU) has announced Raises A$6.22m to Intensify Drilling at FerkeDownload the PDF here. Keep Reading...
16 March
New High Grade Gold Shoot at Ferke Project
Many Peaks Minerals (MPK:AU) has announced New High Grade Gold Shoot at Ferke ProjectDownload the PDF here. Keep Reading...
11 March
AC Drilling Commences on Priority Targets at Ferke Project
Many Peaks Minerals (MPK:AU) has announced AC Drilling Commences on Priority Targets at Ferke ProjectDownload the PDF here. Keep Reading...
23 February
Reconnaissance AC Drilling Yield Structural Targets
Many Peaks Minerals (MPK:AU) has announced Reconnaissance AC Drilling Yield Structural TargetsDownload the PDF here. Keep Reading...
1h
Traceable Gold Production Linked to Regeneration Efforts in Abandoned Mines
Regeneration, a Washington-based public benefit company, is turning abandoned mine waste in the river valleys of Yukon and British Columbia into responsibly sourced gold. Founded out of the nonprofit Resolve, Regeneration uses advanced re-mining technology to extract remaining metals from... Keep Reading...
18h
Chris Vermeulen: Gold Signaling "Massive" Equities Correction, My Strategy Now
Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, weighs in on gold's record-setting price run and what could be next for the metal. Vermeulen also discusses the outlook for silver, platinum and palladium.Don’t forget to follow us @INN_Resource for real-time updates!Securities... Keep Reading...
21h
IAMGOLD Expands Québec Footprint via Acquisition of Northern Superior, Orbec
IAMGOLD (TSX:IMG,NYSE:IAG) is tightening its grip on one of Québec’s most promising gold districts with back-to-back acquisitions aimed at consolidating control over a vast stretch of the Chibougamau region. In the span of two days, the mid-tier gold producer announced definitive agreements to... Keep Reading...
20 October
Rich Checkan: Gold Nowhere Near Top, Use Price Dips to Buy
Morgan Stanley (NYSE:MS) recently recommended that investors consider a 60-20-20 portfolio where 20 percent is allocated to gold. Rich Checkan, president and COO of Asset Strategies International, crunches the numbers, explaining what that type of shift could mean for the yellow metal. He also... Keep Reading...
17 October
Top 5 Canadian Mining Stocks This Week: JZR Gold Jumps 113 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.The Government of Ontario started taking applications for resource development projects under... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00