Many Peaks Minerals has completed more than 10,150m of drilling in the March quarter, delivering strong gold intercepts at its Ferké Gold Project in Côte d’Ivoire that underpin an upcoming maiden resource estimate and pre-feasibility study.
- Over 10,150m of reverse circulation and diamond drilling completed at Ferké
- Significant gold intercepts include 105m @ 2.28g/t and 39m @ 2.38g/t at Ouarigue
- Ferké North permit renewed for two years; Ferké South permit advances with government approval
- Odienné project progresses geochemistry and geophysics ahead of planned drilling
- Cash and investments total A$9.6 million with exploration expenditure of A$3.6 million
Drilling Momentum Drives Resource Growth at Ferké
Many Peaks Minerals Limited (ASX:MPK) has ramped up its exploration efforts in Côte d’Ivoire with over 10,150 metres of combined reverse circulation (RC) and diamond drilling completed during the March 2026 quarter at the Ferké Gold Project. The drilling campaign has delivered compelling results at the Ouarigue prospect, featuring intercepts such as 105 metres at 2.28 grams per tonne (g/t) gold from 28 metres, including high-grade zones up to 26.9g/t over 2 metres. These results bolster the scale and continuity of mineralisation, setting the stage for a maiden Mineral Resource Estimate (MRE) targeted for release in the second quarter.
The diamond drilling program, comprising 19 holes totalling 1,837 metres, has expanded the known mineralised corridor to over 1.1 kilometres, more than doubling the strike length from previous campaigns. Notably, holes like FNDC093 returned 49.37m @ 1.84g/t gold from 324m depth, while FNDC091 intersected 10.1m @ 2.59g/t gold, confirming the bulk-tonnage potential of the Ouarigue intrusion. This drilling success supports Many Peaks’ plan to deliver an updated MRE in Q2 and advance a pre-feasibility study by year-end.
Ferké South Permit Progresses Amid Historical Data Revival
The company secured a two-year renewal for its Ferké North permit and made significant strides towards securing the Ferké South exploration permit, with inter-ministerial committee approval obtained during the quarter. This approval unlocks access to a 221 square kilometre area immediately south of Ferké North, potentially increasing the mineralised corridor by 125% and the overall project area by 74%. Many Peaks has compiled and field-verified extensive historical data from the Ferké South area, revealing shallow gold mineralisation open in all directions, including intercepts of 6m @ 2.21g/t gold and rock chip samples with grades up to 118g/t.
Pending final permit grant, the company plans to expand soil sampling and initiate RC drilling on prioritised high-grade targets. This approach aligns with Many Peaks’ broader strategy to rapidly scale its resource base, as evidenced by the recent historical gold data compilation that highlighted the prospectivity of Ferké South.
Odienné and Baga Projects Advance Exploration
Beyond Ferké, Many Peaks has advanced geochemical and geophysical surveys at the Odienné Gold Project, covering a 16.5 square kilometre area with gradient array induced polarity (GAIP) geophysics. These surveys aim to refine drill targets, with air core drilling anticipated to commence in early May. The Odienné district lies along a mineralised trend hosting multi-million-ounce deposits nearby, underscoring its exploration potential.
At the Baga Gold Project, the company maintains its exclusive option to acquire 100% ownership and continues systematic regional geochemistry campaigns. Results from this early-stage work are expected next quarter and will inform further exploration decisions in the second half of 2026.
Financial Position Supports Ongoing Exploration
Many Peaks ended the quarter with A$7.6 million in cash plus A$2.0 million in readily convertible investments, maintaining a strong balance sheet to fund exploration. The company spent A$3.6 million on exploration activities during the quarter, including drilling, assay processing, and geophysical surveys. Administrative and corporate costs were A$500,000, with director and consulting fees comprising A$316,000 of payments to related parties.
With an estimated 1.9 quarters of funding available based on current expenditure, Many Peaks has indicated the ability to convert investments to cash quickly and raise equity if necessary. This financial flexibility supports the company’s aggressive drilling programs and planned resource updates through 2026.
Many Peaks’ recent drilling success and strategic permit advancements position it well to define a significant gold resource at Ferké, with the upcoming MRE and pre-feasibility study critical milestones. The company’s integrated approach across multiple Côte d’Ivoire projects reflects a concerted effort to unlock value in a prolific West African gold province.
Bottom Line?
Many Peaks’ strong drilling results and permit progress lay a solid foundation for resource growth, but upcoming assay results and permit grants will be key to sustaining momentum.
Questions in the middle?
- How will pending assay results from 20 diamond holes influence the scale and grade of the Ferké MRE?
- What timeline can investors expect for the final grant of the Ferké South permit and subsequent drilling?
- Will Many Peaks’ cash position and convertible investments suffice to maintain exploration pace beyond mid-2026?