Ferké Project Drilling Yields 230m at 1.2g/t Gold; Many Peaks Raises A$13.5M
Many Peaks Minerals has reported strong progress in its Côte d’Ivoire gold projects, highlighted by robust drilling results at Ferké and a significant A$13.5 million equity raise to fund further exploration.
- Completion of Phase 2 diamond drilling at Ferké with encouraging assay results
- Acceleration of Phase 3 drilling campaign at Ferké following positive findings
- Binding agreement secured for South Ferké exploration permit, expanding tenure
- Initial RC drilling completed at Odienné with assays pending
- A$13.5 million equity raise post-quarter strengthens cash position to A$22 million
Strong Drilling Momentum at Ferké
Many Peaks Minerals Limited (ASX, MPK) has delivered a compelling update on its Côte d’Ivoire gold exploration activities for the June 2025 quarter. The company completed an 8-hole, 2,306-metre Phase 2 diamond drilling program at the flagship Ferké Project, returning encouraging assay results that confirm the presence of a robust and expanding gold system. Highlights include significant intercepts such as 230 metres at 1.2 grams per tonne (g/t) gold and 87 metres at 1.68 g/t, including a high-grade 29-metre section at 3.46 g/t.
These results have prompted Many Peaks to accelerate its Phase 3 diamond drilling campaign, bringing it forward to follow immediately after Phase 2. The addition of a third drill rig during the quarter has further increased the pace of exploration, enabling the company to test extensions of mineralised zones along strike and at depth.
Expanding Footprint with South Ferké Acquisition
In a strategic move to consolidate its position in Côte d’Ivoire, Many Peaks executed a binding agreement to acquire an exploration permit covering the South Ferké area. This acquisition will increase the company’s total tenure in the region to approximately 2,140 square kilometres, representing a 125% increase in the Ferké mineralised corridor. The expanded landholding enhances Many Peaks’ ability to explore and develop what is shaping up to be a significant gold province.
Progress at Odienné and Baga Projects
Beyond Ferké, Many Peaks completed an initial 32-hole reverse circulation (RC) drilling campaign at the Odienné Project, covering nearly 3,800 metres. While assay results are still pending, the campaign represents an important first step in systematically testing gold anomalism associated with the Sassandra fault corridor. At the Baga Project, the company elected to maintain its exclusive 24-month option to acquire up to 100% ownership, continuing soil geochemistry sampling programs with results expected in the December quarter.
Financial Position and Capital Raise
Financially, Many Peaks ended the quarter with A$8.5 million in cash and equivalents. Post-quarter, the company successfully completed a A$13.5 million equity raise at a 5% premium to the recent trading price. The funds will support the completion of the inaugural Mineral Resource Estimate at Ferké, further drilling campaigns, exploration activities following the anticipated grant of the South Ferké permit, and general working capital needs. This capital injection positions Many Peaks well to advance its exploration programs aggressively over the coming months.
Overall, the June quarter report underscores Many Peaks’ commitment to rapidly advancing its gold projects in Côte d’Ivoire, leveraging strong drill results and strategic land acquisitions to build a significant resource base. The company’s methodical approach to exploration, combined with a strengthened balance sheet, sets the stage for potentially transformative developments in this emerging West African gold district.
Bottom Line?
With drilling accelerating and tenure expanding, Many Peaks is poised for a pivotal phase in its Côte d’Ivoire gold exploration journey.
Questions in the middle?
- How will pending assay results from ongoing Phase 3 drilling influence the scale of the Ferké resource?
- What is the timeline and likelihood for regulatory approval of the South Ferké exploration permit?
- How will Many Peaks prioritise exploration spending across its expanding portfolio with the new capital?
