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Option to Acquire Baga Gold Project, Cote d’Ivoire

Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce it has entered into a binding agreement with Atlantic Resources CI SARL to secure an exclusive right to acquire a 100% interest in two permits totaling 644Km2 in eastern Cote d’Ivoire. The acquisition underscores Many Peaks’ proactive approach to portfolio growth and diversification focusing on a highly favourable jurisdiction for both discovery and development potential. The Company plans to initiate a comprehensive exploration program to assess for resource potential within the option period.

Highlights

Many Peaks secures the right to acquire 100% ownership of the Baga Gold Project covering 644km2 area of highly prospective Birimian gold terrane in eastern Côte d’Ivoire Enlarges Many Peaks’ landholding in Côte d’Ivoire to 1,919km2 (50% increase) significantly expanding the project exploration pipeline Reconnaissance mapping at the Baga Gold Project has identified occurrences of previously unmapped intrusions and shear corridors with coincident alteration and sulphide minerals highlighting prospectivity of an underexplored region Systematic surface geochemistry programmes commencing immediately Strong cash balance to aggressively advance exploration with ongoing drilling at the Odienne Project and drilling at the Ferke Project in the planning stages
The recently granted exploration permits cover an underexplored area of structural complexity in the Birimian gold terrane (Figure 1), where multiple major mapped structures converge. Initial mapping and rock chip sampling has identified extensive shearing associated with alteration and localised zones of weathered sulphide minerals. Many Peaks will commence surface geochemistry survey programmes immediately, comprised of mapping and rock chip sampling, concurrent with a comprehensive stream sediment sampling campaign.

Many Peaks’ Executive Chairman, Travis Schwertfeger commented:

“Having quickly established ourselves in Côte d’Ivoire and successfully initiating exploration activity within weeks following acquisition of the exciting Odienné and Ferké projects, the Company is very pleased to identify an additional opportunity further bolstering our pipeline of projects for growth within the same jurisdiction. The Baga Gold Project is complimentary to the existing portfolio in Côte d’Ivoire providing several operational synergies delivering opportunities for an increase in positive results to the market and significant leverage to adding value through exploration success.

Located in a region that has demonstrated its potential to host world-class gold deposits, this acquisition aligns with our commitment to adding shareholder value through innovative and cost- effective exploration, discovery, and resource development.”

Baga Gold Project Summary

The Baga Gold Project is a 644km2 landholding comprised of two recently granted exploration permits located 150km east of the city of Bouaké, Cote d’Ivoire and situated 80km west of the Ghana border (Figure 2).

The permits cover an underexplored region of structural complexity highly prospective for orogenic gold deposits. The permits are, situated where the southern extent of the Duango-Fitini shear zone in Côte d’Ivoire’s north forms a flexure or structural splay into Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Biriiman terrane the Baga project area also covers the intersection, or truncation of the Bui Belt which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana (Figure 1).

The intersection of multiple regional scale structures in combination with identification of previously un-mapped lithologic complexity associated with evidence of alteration, sulphide minerals proximal to shear corridors in reconnaissance mapping by Many Peaks highlight a highly prospective area to advance exploration activity.

Click here for the full ASX Release

This post appeared first on investingnews.com
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