Permit Delay Clouds Timing of Follow-Up Drilling at Ferké South

Historical Data Compilation Boosts Confidence

Many Peaks Minerals Limited (ASX:MPK) has announced a significant milestone in its Côte d’Ivoire gold exploration campaign with the compilation and verification of historical exploration data for the Ferké South Gold Project. The project covers a substantial 221 square kilometres along the highly prospective Leraba gold corridor, part of the Birimian greenstone belt known for its orogenic gold deposits.

The historical data, primarily from a 2010 reverse circulation (RC) drilling campaign conducted by Newmont Exploration Overseas Limited, includes 38 drill holes totalling 2,496 metres. These shallow drill tests confirmed gold mineralisation with intercepts such as 6 metres at 2.21 grams per tonne (g/t) gold and 12 metres at 1.13 g/t gold, all remaining open along strike and at depth. This suggests a coherent mineralised system extending beyond previously tested areas.

Surface Geochemistry Highlights High-Grade Targets

Complementing the drilling data, extensive surface geochemical surveys comprising over 4,500 soil samples and nearly 730 rock chip and channel samples have identified multiple high-grade gold anomalies. Notably, rock chip assays have returned values as high as 118 g/t gold, with numerous samples exceeding 5 g/t. These results underline the potential for both vein-hosted and bulk tonnage mineralisation within the granite-hosted quartz vein systems prevalent in the eastern half of the permit area.

The compilation effort has effectively doubled the mapped extent of the Leraba corridor within the Ferké South permit to 37 kilometres, opening up a broad exploration footprint with multiple drill-ready targets. The company plans to extend systematic soil sampling and infill geochemical surveys to refine these targets further.

Permit Status and Next Steps

While the historical data provides a strong foundation, Many Peaks is awaiting the final grant of the exploration permit, which is subject to a presidential decree following inter-ministerial committee approval in Côte d’Ivoire. Upon permit grant, the company intends to mobilise two RC rigs to commence follow-up drilling aimed at delineating and extending known mineralisation, particularly targeting high-priority zones identified from the historical data.

Managing Director Travis Schwertfeger emphasised the significance of the historical data compilation, stating that it reveals a “genuinely exciting coincident gold system with extensive drill-ready targets.” He also highlighted the potential for rapid advancement towards a maiden resource and pre-feasibility study, building on the evolving success at the nearby Ferké North project.

Exploration Potential in a Proven Gold Province

The Ferké South project lies within the Birimian greenstone terrane, a prolific gold-producing region in West Africa. The geological setting, characterised by granitoid intrusions and metasedimentary rocks with quartz veining, is typical of orogenic gold deposits. The historical exploration data, combined with Many Peaks’ ongoing work, positions the company well to unlock value from this underexplored corridor.

However, it is important to note that the historical drilling was reconnaissance in nature, with wide drill spacing and limited geological modelling. No metallurgical or mining studies have yet been conducted, and further drilling is required to define mineralisation continuity and support resource estimation.