Many Peaks Minerals hits record on fielding high-grade gold in deep Ferké drilling

• MPK flags high grades at depth from diamond drilling at the Ferké project
• The company is targeting a potential bulk tonnage target at the project
• Over 10,000 metres of drilling awaiting assays, with a further 4,000 metres of drilling planned

Special Report: Results from ongoing diamond drilling by Many Peaks Minerals at the Ferké gold project in Côte d’Ivoire have delivered up to 75m at 6.11g/t gold and prompted a record share price.

Extension and infill drilling at the project this year has highlighted gold grades increasing with depth along with marked increases in volume – which adds up to the viability of a bulk tonnage target.

Many Peaks Minerals (ASX:MPK) has high hopes for the Ouarigue prospect within the larger Ferké project, hosting a >37km corridor of gold anomalism where limited drill testing has occurred to date. 

The target is also hosted in a tonalite intrusive unit, which is a similar host setting to the multi-million-ounce Bankan and Fekola deposits.

MPK’s diamond drilling program was extended from 6,000m to 15,000m earlier this year, with assays returning:

• 75m at 6.11g/t gold from 427m, including 7.07m at 52.9g/t;
• 87m at 1.50g/t Au from 340m, including 12m at 6.15g/t;
• 35.85m at 1.77g/t Au from 378.15m, including 10m at 4.14g/t; and
• 44m at 1.16g/t Au from 135m including 2m at 5.27g/t from 172m.

The program has successfully added material volume to the mineralised intrusion, with gold mineralisation extended down-dip and south along strike.

Shares hit a new record of 88.5c, an increase of 22.92% on the company’s previous close, and the market cap has lifted to about $104.7m. 

More assays pending and more drilling planned

Results from 22 diamond holes and 58 RC holes are pending, with a further 4,000m of diamond core drilling planned as the company works to define the extent of gold mineralisation.

“High-grade gold intercepts at Ferké, including today’s 75m at 6.11g/t, continue to underpin the likelihood of a significant discovery in progress at our flagship project in Côte d’Ivoire,” managing director Travis Schwertfeger said.

“Our team is pleased to see a strong continuity of gold mineralisation in context of a bulk tonnage target at Ouarigue, and we are excited about the significant underground potential the high-grade intercepts represent for continuing exploration upside.”

This article was developed in collaboration with Many Peaks Minerals, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.