Many Peaks Minerals has exercised its option to acquire 100% of the Baga Gold Project in Côte d'Ivoire after a comprehensive soil sampling campaign revealed extensive gold anomalies. A 14,000m auger drilling program is now testing multiple targets along a 16km gold corridor.
- Option exercised to acquire 100% of Baga Gold Project
- Over 7,500 soil samples reveal 16km of gold anomalism
- 14,000m auger drilling campaign underway targeting multiple zones
- Project located near Endeavour Mining’s Assafou deposit
- Consideration includes shares plus US$1 million in cash or shares
Strategic Acquisition Unlocks Large Gold Corridor in Côte d'Ivoire
Many Peaks Minerals Limited (ASX:MPK) has taken a decisive step in expanding its West African footprint by exercising its option to acquire 100% of the Baga Gold Project. The 644km² tenure lies along a significant gold-bearing structural corridor just 50km west of Endeavour Mining’s 5.2Moz Assafou deposit, positioning Many Peaks in a highly prospective yet underexplored region.
The decision follows an extensive soil geochemistry program that collected over 7,500 samples across more than 275km². This wide-spaced reconnaissance sampling, initially at 800m line spacing then infilled to 400m, uncovered more than 16km of coherent gold-in-soil anomalies. While the assay values are reported in proprietary DetectORE Units, a rapid field analysis method licensed from Portable PPB and developed by CSIRO, they highlight relative gold anomalism rather than definitive grades, guiding the next phase of exploration.
14,000m Auger Campaign Targets Multiple Priority Zones
Building on these encouraging geochemical results, Many Peaks has commenced a maiden auger drilling campaign, targeting approximately 2,300 holes for an estimated 14,000m of drilling. The campaign aims to sample beneath the lateritic cover to better understand bedrock geochemistry, focusing on nine priority zones with anomalies ranging from 1.5km to 6km in length. Notably, this includes a 4km gold anomaly corridor paralleling the Assafou deposit in the southern part of the Prikro permit area.
Managing Director Travis Schwertfeger emphasised the company’s confidence in Baga’s potential, noting that the auger program represents a critical step towards defining high-confidence drill targets. The campaign is expected to wrap up within 3 to 4 months, with initial results anticipated by mid to late August 2026. Further soil sampling, detailed mapping, and trenching are planned through the remainder of the year to refine targets ahead of air core drilling scheduled for 2027.
Acquisition Terms Include Shares and Deferred Payments
The acquisition consideration includes 1.5 million fully paid ordinary shares in Many Peaks plus, at the company’s election, either US$1 million in cash or shares valued at US$1 million based on the 20-day VWAP prior to exercise. Additional deferred payments are contingent on future JORC Mineral Resource growth and commercial production milestones, aligning vendor incentives with project success.
Baga’s geological setting is compelling, situated at the flexure of the Ouango-Fitini shear corridor where it intersects the Bui Belt, host to Tarkwaiian sediments extending into Ghana. This structural complexity and proximity to a multi-million-ounce deposit enhance the project's exploration upside, complementing Many Peaks’ growing portfolio in Côte d’Ivoire, which includes the nearby Ferké Gold Project with its advancing resource base and pre-feasibility study underway.
Next Steps in Exploration and Market Implications
The current auger drilling and ongoing surface geochemistry will be pivotal in refining drill targets and improving geological understanding of the Baga project. Given the early-stage nature of the project, results from this campaign will be closely watched for indications of mineralisation continuity and scale. This development adds another dimension to Many Peaks’ exploration strategy in Côte d’Ivoire, following recent successful drilling campaigns at Ferké that have expanded its resource base significantly diamond drill results and capital raises to fund aggressive exploration A$27.5m placement. The Baga acquisition and drilling program signal the company’s intent to build a pipeline of quality gold assets in a proven gold terrane.
Bottom Line?
Many Peaks’ full acquisition of Baga and its sizeable auger program mark a critical juncture; upcoming drilling results will be key to validating the project’s potential and shaping its role within the company’s Côte d’Ivoire portfolio.
Questions in the middle?
- Will auger drilling confirm bedrock gold mineralisation beneath lateritic cover at Baga?
- How will Baga’s exploration results influence Many Peaks’ project prioritisation and capital allocation?
- What are the implications of deferred payments linked to future resource growth for the company’s financial flexibility?