Many Peaks acquires advanced Cote d’Ivoire projects
Mineral exploration company Many Peaks on Tuesday revealed an agreement to acquire exploration assets belonging to Turaco Gold in Cote d’Ivoire.
The announcement triggered a surge in the junior’s share price on the ASX, with stock soaring 180% to its highest level this year.
Many Peaks will acquire a 100% interest in Turaco Gold and Predictive Discovery’s joint venture (JV), holding the right to acquire an 85% interest in four mineral permits in Cote d’Ivoire.
The acquisition includes the Ferke gold project, hosting the recent Ouarige South discovery, with mineralisation ready for follow-up, and the Odienne project, immediately along strike from new gold discoveries.
Executive chairperson Travis Schwertfeger said that Many Peaks’ team had a depth of West African operating experience and that its technical team was looking forward to operating in Cote d’Ivoire again.
He added that the Ferke and Odienne projects would be a strong foundation of exploration success in that country, which had emerged as a premier jurisdiction in West Africa to operate in.
“Both projects are already covered with systematic geochemical coverage and high-resolution geophysics, which has led to demonstrated gold mineralisation confirmed in drilling. Leveraging over $4-million of previous expenditure in recent years has generated multiple targets ready for follow-up, including extension targets, providing Many Peaks with a transformational acquisition with near-term resource potential viable,” said Schwertfeger.
The divestment of its 89% interest in the JV with Predictive is consistent with Turaco’s stated intent to rationalise its large portfolio of exploration projects in Cote d’Ivoire to focus its resources on the Afema gold project, while retaining the Burnea project, in central Cote d’Ivoire.
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