Many Peaks Minerals (ASX:MPK) has unveiled a maiden resource estimate for the Ouarigue prospect within the Ferké Gold Project located in Côte d’Ivoire.
The maiden resource has returned 26.7 million tonnes @ 1.54 grams per tonne gold for 1.32 million ounces, including 23.1 million tonnes @ 1.47g/t gold in the measured and indicated category, as well as 3.5 million tonnes @ 2g/t gold in the inferred category.
The company describes the resource to return “high confidence” as 83% of the measured and indicated categories achieved more than US$8 ($11.19) per ounce gold in the discovery cost, with acquisition costs considered.
Many Peaks used a metallurgy assumption of 90% gold recovery after returning a 94% average in preliminary tests.
Managing Director Travis Schwertfeger says the maiden resource estimate is a “critical milestone” for the company towards development at Ferké.
“Reported just 13 months after our initial drill results, we commend the exceptional efforts of our Ivorian technical team in delivering high-quality ounces at a low discovery cost of just over $11 per ounce, which forms a strong foundation for the company’s growth,” Schwertfeger says.
“Exploration momentum continues to accelerate, driven by the substantial resource expansion potential observed at the Ouarigue prospect.
“The company is also actively broadening its exploration footprint beyond the initial 1.5km strike of Ouarigue and will be increasing drilling in the extensive gold corridor at Ferké, aiming for significant advancements in determining the scale of endowment at the project.
“During resource growth drilling at Ferké, we have also recently engaged Matthew Scully as COO and Executive Director, to expand our team and advance mining studies.
“Our team now possesses the expertise and confidence to advance Ouarigue toward production efficiently, especially given the deposit’s favourable geometry, combined with high-grade mineralisation.”
Drilling is ongoing at Ouarigue, focusing on resource expansion and a conversion of the inferred resources for an update in the December quarter.
The company will begin reverse circulation drilling in April, targeting priority expansion areas across the Leraba gold corridor.
Many Peaks Minerals is a gold and copper explorer focused on its portfolio of projects in West Africa.
Write to Maddison Elliott at Mining.com.au
Images: Many Peaks Minerals
