Many Peaks sells Queensland assets for African adventure

Special Report: Côte d’Ivoire focussed gold and copper explorer, Many Peaks Minerals is realigning its global portfolio on Friday with the strategic divestment of its 80% ownership in two Queensland exploration permits.

MPK says it’s entered into a sale agreement with EMX Broken Hill, a local subsidiary of Canadian listed EMX Royalty Corp (TSX.V:EMX) forits stake in the central Queensland permits, while also confirming that it won’t be exercising its rights to acquire a 100% interest in the Yarrol and Mt Steadman projects.

Both the Sale Agreement and the termination of the Option Agreement are part of Many Peaks’ ongoing strategic review, says executive chairman Travis Schwertfeger.

“The review aims to ensure that MPK remains dedicated to gold and copper exploration while concentrating its efforts and expenditures on large-scale opportunities in Côte d’Ivoire, a region known for its rich gold terrains and significant resource potential,” Schwertfeger said.

MPK now plans to focus on continued exploration activities in its varied and prospective interests in Côte d’Ivoire.

Schwertfeger says the decision to divest the gold assets and terminate the option agreements at home, frees MPK for its African gold endeavours.

“(The move) allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders.

“The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits, and Cote d’Ivoire has proven to be a favourable jurisdiction for development and production.”

The many peaks of Many Peaks

Odienne Project

At Odienne, Many Peaks has recently completed an 8810m drill campaign and is awaiting results from both auger and initial diamond core drilling.

Results from both drilling campaigns will inform decisions on proposed follow-up drilling, which the company says will potentially kick off later in the quarter.

MPK notes that the diamond drilling has provided “an initial glimpse” of the mineralisation style, along 800m of the more than 26km extent of anomalism being tested.

The focus is predominantly on targets extending to the north-west from the adjoining Awalé/Newmont joint venture located in Côte d’Ivoire’s northwest.

Baga Gold Project

Movement is also afoot at MPK’s Baga, where just a few weeks after locking in a deal for a two-year option period the company has also completed initial surface geochemistry programs.

Located in eastern Côte d’Ivoire, Baga is just 21km east of the recent greenfield gold discovery by Endeavour Mining plc (LSE/TSX:EDV) who have rapidly defined the 4.5Moz Assafou gold resource estimate at their Tanda-Iguela project over the past couple years. The discovery highlights yet another underexplored region within a country that has seen several new discoveries and emerging gold districts building resources ounces in recent years.

MPK says they have completed the first systematic surface geochem campaign at the project area, with stream sediment sampling programme covering the 644km² project area. The new samples are now in transit for assay.

Ferké Gold Project

The Ferké Gold Project is located in northern Cote d’Ivoire, covering 300km² in a granted exploration permit licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.

Following the completion of drilling at Odienne and the stream sediment sampling campaign at Baga, reconnaissance field work starts this week at Ferké, in support of drilling programmes planned for next quarter.

The recon at Ferké will follow-up open gold mineralisation confirmed in drilling, including diamond core intercepts assaying 47m at 3.72g/t gold and 91.1m at 2.02g/t gold from surface.

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.