Many Peaks Minerals Limited has reported a significant high-grade gold discovery at its Ferké Gold Project, alongside a successful $6.22 million equity raise, positioning the company strongly for continued exploration in Côte d’Ivoire.
- 1,285m Phase 1 diamond drilling confirms high-grade gold shoot at Ferké
- Phase 2 diamond drilling of 2,000m underway targeting extensions
- Auger sampling identifies multiple new priority targets for follow-up drilling
- Odienné Project air core drilling confirms gold-bearing corridors and new mineralisation zone
- Successful $6.22 million equity raise completed at 6% premium, cash balance $9.59M
Exploration Breakthrough at Ferké Gold Project
Many Peaks Minerals Limited (ASX:MPK) has delivered a compelling update in its March 2025 quarterly report, highlighting a major exploration milestone at its Ferké Gold Project in northern Côte d’Ivoire. The completion of a 1,285-metre Phase 1 diamond drilling campaign at the Ouarigue South Prospect has confirmed substantial extensions to gold mineralisation and unveiled a previously unidentified high-grade shoot. Notably, drill hole FNDC021 intersected an impressive 25 metres grading 14.8 grams per tonne (g/t) gold within a broader 45-metre zone averaging 8.58 g/t, underscoring the prospect’s potential to host significant high-grade resources.
This discovery is particularly encouraging given the Ouarigue South Prospect’s location within a 16-kilometre-long corridor of gold anomalism along the Leraba trend, which remains largely underexplored. The new high-grade shoot lies within a felsic intrusion, a key mineralised lithology, and the drilling results also suggest a southerly plunge to mineralisation with increasing grade and thickness at depth. Additionally, a 440-metre step-out drill hole (FNDC024) returned 5.45 metres at 1.84 g/t gold, extending the known mineralised corridor and leaving ample room for further growth.
Accelerated Drilling and Target Generation
Building on these promising results, Many Peaks has already commenced a 2,000-metre Phase 2 diamond drilling program focused on delineating the high-grade shoot and testing extensions along strike and down plunge. Complementing the diamond drilling, auger sampling has identified multiple priority targets both north and south of Ouarigue South, with peak assays reaching as high as 18.5 g/t gold in shallow weathered material. These anomalies provide a robust pipeline of targets for upcoming air core (AC) and reverse circulation (RC) drilling campaigns planned for the coming months.
The AC drilling program at Ferké, initiated mid-March, has now completed 5,447 metres across 172 holes, with assay results pending. The program aims to confirm sub-surface gold anomalism beneath the weathered profile, further expanding the footprint of mineralisation. A 6,000-metre RC drilling campaign is scheduled to commence in May, targeting over 9 kilometres of strike extent including both reconnaissance and infill drilling to better define the mineralised zones.
Progress at Odienné and Other Project Areas
At the Odienné Gold Project, located 758 kilometres northwest of Ferké, recent air core drilling has successfully delineated multiple gold-bearing structural corridors and favourable lithologies. A new mineralised area at the emerging Zone C prospect has been identified, with encouraging gold intercepts including 3 metres at 3.74 g/t gold near the end of hole. RC drilling is planned to commence shortly to follow up on these priority targets.
Meanwhile, the Baga Gold Project has seen the initiation of systematic soil geochemistry surveys to refine exploration targets, while the Oumé Gold Project remains in early-stage exploration with limited activity during the quarter.
Strong Financial Position Supports Aggressive Exploration
Financially, Many Peaks has fortified its position through a two-tranche equity raise totaling A$6.22 million at a 6% premium to the 15-day VWAP, with Tranche 1 completed in March and Tranche 2 pending shareholder approval in May. The company ended the quarter with a robust cash balance of A$9.59 million, sufficient to fund its aggressive exploration programs through the 2026 financial year.
Exploration expenditure for the quarter was A$1.31 million, reflecting ongoing drilling and field activities primarily at Ferké and Odienné. Administrative and corporate costs were tightly managed at A$214,000, with related party payments disclosed transparently in accordance with ASX requirements.
Outlook and Market Implications
Many Peaks’ recent drilling success and strong capital position set the stage for a potentially transformative year ahead. The high-grade shoot discovery at Ferké could materially enhance the project’s resource profile, while the extensive pipeline of targets across multiple permits offers significant exploration upside. Investors will be keenly awaiting the pending assay results from the AC drilling and the outcomes of the upcoming RC campaigns, which will provide further clarity on the scale and grade continuity of mineralisation.
As the company advances its exploration strategy in a highly prospective West African gold belt, Many Peaks is positioning itself as a notable player in the region’s evolving gold landscape.
Bottom Line?
Many Peaks’ high-grade discovery and strong funding position prime it for a pivotal exploration phase in Côte d’Ivoire.
Questions in the middle?
- How will pending AC drilling assay results impact the overall resource potential at Ferké?
- What are the key milestones and timelines for the Phase 2 diamond and upcoming RC drilling programs?
- How might the shareholder vote on Tranche 2 of the equity raise influence the company’s funding and exploration plans?