Many Peaks Minerals (ASX:MPK) has increased the Ouarigue resource by 57%, with the prospect’s interim mineral resource estimate (MRE) now standing at 34.6 million tonnes (Mt) at 1.87 grams per tonne gold (Au) for approximately 2.08 million ounces (Moz).
The increase reflects the addition of 754,000 ounces to the Ouarigue resource, which forms part of the company’s Ferké Gold Project in northern Côte d’Ivoire.
The company initially declared a maiden MRE of around 1.32Moz at 1.54g/t Au for Ouarigue on 20 April.
Ouarigue’s open-pit portion totals 24.32Mt at 1.42g/t Au for 1,108,000 ounces, with 97% in the measured and indicated categories. Meanwhile, the underground portion adds 10.31Mt at 2.93g/t Au for 970,000 ounces, mostly in the inferred category.
Many Peaks notes that the open-pit constrained MRE has decreased by 16% overall as material shifts into the underground estimate and the pit floor rises. However, measured ounces have increased by more than 77%, driven by the conversion of indicated ounces. This means more than 63% of in-pit gold ounces are now classified as measured, with the open pit averaging 2,434 ounces of gold per vertical metre (OVM).
Managing Director Travis Schwertfeger says the ‘rapid’ resource expansion to an interim MRE confirms Ouarigue as “a high-grade gold resource”, with drilling continuing to extend mineralisation at depth.
“The geometry is comparable to other intrusion-hosted mining operations, such as Bonikro in Côte d’Ivoire and Okvau in Cambodia, enhancing open-pit mining efficiency,” Schwertfeger notes.
“This geometry, combined with the strong average grades, delivers significant ounces per vertical metre within a compact footprint, resulting in a favourable setting for high resource-to-reserve conversion ratio.”
Behind the updated MRE
For this updated Ouarigue resource, the company increased its gold price assumption from US$2,400 ($3,421) to US$3,500, while reducing its recovery assumption from 90% to 85%.
Initial metallurgical tests returned gold extraction rates of 74.1–91.5% across eight defined domains within the pit-constrained MRE. A single lead nitrate test increased recovery by 11.6 percentage points in the weakest sulphide sample, with confirmatory testing still pending.
The estimate is based on 286 drill holes covering 63,866m, with Mining One Consultants providing the independent review.
Moving forward
Many Peaks sees further MRE growth potential from ongoing drilling at Ferké, highlighting ‘substantial’ gold potential along 37km of the mineralised shear corridor, most of which remains unexplored.
Two diamond rigs are currently operating onsite, with a reverse circulation (RC) rig expected to arrive shortly. More than 60,000m of drilling is planned for this year.
RC drilling at Ferké South remains subject to regulatory approvals.
The company intends to advance Feasibility Study work in 2027, ahead of a development decision expected in early 2028.
Many Peaks held $20 million in cash as of 30 September, providing funding for ongoing drilling and a Ferké Scoping Study targeted for completion before year-end.
Many Peaks Minerals is an explorer focused on gold projects in Côte d’Ivoire.
Write to Paula Fabe at Mining.com.au
Main image: Many Peaks Minerals
