Many Peaks (ASX:MPK) is “pleasantly surprised” by the increasing widths and ‘high-grade’ gold intervals at its Ouarigue prospect within the larger Ferké Gold Project in Côte d’Ivoire.
Speaking to Mining.com.au, Managing Director Travis Schwertfeger says targeting the Ouarigue prospect mineralisation, Many Peaks anticipated the outcropping mineralised zone had extension potential to the south and initial drill tests in February confirmed this.
“In continued drilling we are pleased to see the targeting of extensions continue to deliver volume and pleasantly surprised by the increasing widths and high-grade gold intervals that accompanied this work,” Schwertfeger says.
Earlier this month, the company received assays with significant intercepts from both extensional and infill drilling of the Ouarigue prospect. Results are from an additional six diamond drilling holes totalling 2,195m drilled from the campaign initiated in April 2025 that has been extended from a 6,000m to a 15,000m planned program.
As Schwertfeger explains to this news service, only a few months ago drilling planning was focused on extending confirmed gold targets to 250m to 300m vertical depths based on preliminary economic parameters applied.
Money and Magic
“With increasing grades and volume of the targeted zone, our next steps are currently progressing drilling to 400m vertical depths at Ouarigue, ahead of follow-up on district scale follow-up,” he continues.
“We are also actively working through scenarios targeting further growth of the Ouarigue target with economic parameters for underground mining applied, which opens a large-scale target offering substantial growth potential to a known mineralised gold target.”
Looking ahead, work will continue with two diamond core rigs drilling extensions to Ouarigue and by November the company expects to begin a follow-up of broader district scale targets developed in aircore and reverse circulation drilling in H1 2025.
Schwertfeger says the company is well funded to immediately start exploration on a further 20km strike extent of the Ferké mineralised corridor with granting of the Ferké South exploration permit, which is anticipated to bolster market updates in 2026.
Many Peaks had $8.5 million cash at hand as of 30 June 2025, and post quarter, completed a $13.5 million equity raise, co-managed by Blackwood Capital and Canaccord Genuity (Australia).
“For the Ferké South application with MMS (Magic Mineral Structure), we are seeing processing of applications for exploration permits in Côte d’Ivoire accelerating in recent years, and a trend we hope to see continue,” he says.
“The company has entered into an agreement with MMS to fund exploration following grant of an exploration permit.
“Many Peaks is well funded to aggressively initiate exploration along extensions to the Ferké mineralised corridor and anticipates to quickly advance through initial expenditure commitments to earn equity and formally establish a joint venture with MMS.”
Write to Adam Orlando at Mining.com.au
Images: Many Peaks
