Funding Secured but Assays Pending: Many Peaks’ Côte d'Ivoire Gold Ambitions Face Crucial Tests

Exploration Momentum Builds at Ferké and Odienné

Many Peaks Minerals Limited (ASX: MPK) has delivered a robust December 2024 quarterly report, highlighting extensive exploration activity across its flagship gold projects in Côte d'Ivoire. The company completed 14,845 metres of drilling during the quarter, focusing on the Ferké and Odienné projects, which together cover over 1,000 square kilometres in the prolific Birimian gold terrain.

At the Ferké Gold Project, auger drilling successfully delineated multiple new targets for gold mineralisation extension. Notably, the program identified two large undrilled gold anomalies measuring 340m and 650m wide, located 1.9km and 3.8km north of the Ouarigue South prospect. A standout peak assay of 18.5 grams per tonne (g/t) gold was recorded 3.8km south of Ouarigue, an unusually high result for auger sampling that sharpens focus on this extensive gold corridor.

Following these encouraging auger results, Many Peaks initiated a 1,000-metre diamond drilling campaign at Ferké, marking the first deep drilling since 2021. This phase aims to better understand the geological controls on previously reported high-grade intercepts, such as 91.1m at 2.02g/t gold from surface at Ouarigue South. The combined auger and diamond drilling efforts are expected to refine targeting for upcoming air core and reverse circulation (RC) drilling planned for the March quarter.

Odienné Project Targets Emerging Gold District

Meanwhile, the Odienné Project saw completion of an 8,089-metre air core drilling campaign across three priority zones along a 16-kilometre gold anomalism trend within the Sassandra Fault Corridor. This corridor is geologically significant, hosting major deposits such as Predictive Discovery's 5.4 million ounce Bankan deposit and recent discoveries by the Awalé-Newmont joint venture on adjacent land. Assay results from this campaign remain pending, but the scale and location of the targets position Odienné as a promising emerging gold district.

Many Peaks’ strategic acquisitions in mid-2024 have consolidated a 65% interest in the GIV Joint Venture, with an exclusive right to increase to 85% by sole funding exploration to feasibility. This positions the company well to leverage its extensive West African expertise and capitalize on the region’s prolific gold endowment.

Corporate Developments and Financial Strength

On the corporate front, Many Peaks appointed Mr. Francis Harper as Non-Executive Chairman effective December 1, 2024. Harper brings a wealth of experience from leadership roles at ASX 300 gold miners and a track record of raising over $1 billion for resource companies. Concurrently, Executive Chairman Travis Schwertfeger transitioned to Managing Director, focusing on operational leadership and exploration oversight.

Financially, Many Peaks remains well-capitalized with $5.9 million in cash at quarter-end, sufficient to fund its 2025 exploration programs. The company reported $736,000 in exploration expenditure during the quarter, reflecting active drilling and preparatory work. Administrative and corporate costs were managed at $215,000, with related party payments disclosed transparently.

Looking Ahead

With multiple drill campaigns underway and assay results forthcoming, Many Peaks is poised to advance its understanding of high-grade gold mineralisation in Côte d'Ivoire. The integration of innovative technologies, such as the CSIRO-developed detectORE™ for in-field gold analysis, underscores the company’s commitment to efficient and targeted exploration. Investors will be watching closely as the company moves from reconnaissance drilling to more focused resource definition activities in the coming months.