Many Peaks Minerals (ASX: MPK) Lifts Ferké Gold Resource to 2.08Moz

Many Peaks Minerals has increased the interim mineral resource at its Ouarigue prospect in Côte d’Ivoire by 57% after six months of drilling, taking the estimate to 34.6 million tonnes at 1.87 grams per tonne gold for 2.077 million ounces.

The 754,000-ounce increase gives the company a larger resource base ahead of an integrated open-pit and underground scoping study due later in the fourth quarter of 2026. Many Peaks is targeting a definitive feasibility study in 2027 and a development decision by early 2028, although the required studies have not been completed.

The updated estimate comprises 1.108 million ounces in an open-pit resource grading 1.42 grams per tonne and 970,000 ounces in an underground resource grading 2.93 grams per tonne. The open-pit component is 97% Measured and Indicated, including 706,000 ounces in the Measured category.

Confidence is lower underground, where 912,000 of the 970,000 ounces are Inferred. Ongoing drilling is intended to expand the mineralisation and convert Inferred material to the higher-confidence Indicated category.

Underground model drives headline growth

The overall increase needs to be viewed alongside changes to the resource model. Most of the additional ounces came from introducing underground mining assumptions for deeper, higher-grade mineralisation. The open-pit resource itself fell 16.3%, or 215,000 ounces, as revised geotechnical and economic parameters produced a shallower optimised pit.

Many Peaks also raised the assumed gold price used for resource constraints from US$2,400 to US$3,500 an ounce. The estimate applies cut-off grades of 0.31 grams per tonne for open-pit material and 1.35 grams per tonne underground.

The resource is reported on a 100% project basis. Many Peaks has earned 65% of the joint venture holding the Ferké North permit and can increase that interest to 85% by sole-funding the project through feasibility.

Mineralisation remains open at depth and along strike. The resource model becomes increasingly data-constrained below about 690 metres vertical depth, while the wider Ferké project contains a mineralised shear corridor extending for more than 37 kilometres, most of which remains unexplored.

Recovery work remains a key study input

Metallurgical testing returned variable results. At the nominal study grind size, extraction across eight variability composites ranged from 78.8% to 90.3%, while a directly tested life-of-mine blend returned 75%.

The resource model uses a provisional 85% recovery assumption for transition and sulphide material. A single exploratory test using lead nitrate lifted extraction from 74.1% to 85.7%, but that improvement has not yet been replicated across other sulphide samples or the life-of-mine blend. Further optimisation and confirmation work is in progress.

Many Peaks had A$20 million in cash at September 30 and said it is funded to complete the scoping study and continue drilling. Two diamond rigs are operating at Ferké North, with reverse-circulation drilling planned across regional targets.