Many Peaks Minerals (ASX:MPK) has exercised its option to wholly acquire the Baga Gold Project in Côte d’Ivoire, West Africa, with a 14,000m maiden auger drilling program now underway.
The acquisition follows Many Peaks’ completion of a due diligence campaign, interpretation of exploration datasets, and the return of ‘encouraging’ initial geochemical results.
The project comprises 644km2 of exploration tenure in West Africa, located along the Ouango-Fitini shear corridor.
Many Peaks’ option agreement was originally executed in June 2024, before being amended in July last year. Many Peaks will issue 1.5 million shares and, at its election, either pay US$1 million ($1.45 million) in cash or issue shares at that aggregate value.
The company has collected over 7,500 samples in a wide-spaced reconnaissance program with 400–800m in line spacing.
Results have indicated Baga hosts more than 16km in gold anomalism within its project footprint.
The auger drilling program will comprise 2,300 holes targeting multiple zones of coherent gold anomalism, including multiple targets trending along favourable structural orientations associated with lithologic complexity outlined in the region.
Managing Director Travis Schwertfeger says the company’s decision to exercise the option agreement reflects its “confidence in its geological potential and scale” of the Baga Project.
“The initial soil geochemistry, coupled with improved geological understanding, has successfully identified multiple compelling targets, and the upcoming auger program represents the next step in rapidly advancing these targets toward drill testing,” Schwertfeger says.
“We believe this project complements Many Peaks’ growing portfolio in Côte d’Ivoire and provides exposure to a highly prospective and underexplored gold corridor.”
Many Peaks Minerals is an Australian exploration company focused on gold projects in Côte d’Ivoire, West Africa.
Write to Maddison Elliott at Mining.com.au
Images: Many Peaks Minerals
