ASX-listed Many Peaks Minerals’ subsidiary Ferke South Holdings has entered into a binding agreement with Magic Mineral Structure (MMS) to secure exclusive rights to earn up to an 80% ownership interest in MMS to form the MMS joint venture (JV).

MMS is a privately held entity that holds an application for the Ferké South exploration permit, in Cote d’Ivoire, covering about 221 km², located immediately south of the company’s flagship Ferké gold project.

“Many Peaks’ flagship Ferké gold project is emerging as a significant mineralised trend within Cote d’Ivoire, one of West Africa’s most prospective and stable gold exploration jurisdictions. We are excited to now substantially expand Ferké through this JV with MMS to secure access to the Ferké South project.”

“The addition of this . . . strategic landholding aligns with our growth strategy and consolidates land that includes an additional 20 km of open mineralised corridor with excellent discovery upside,” Many Peaks MD Travis Schwertfeger said on July 3.

The addition of the Ferké South permit application through the agreement with MMS was expected to result in a 125% increase to the mineralised corridor currently held at Ferké, extending the prospective strike by about 20 km. Subject to the grant of tenure, the acquisition would also increase the total project area by 74% to 521 km². This would bring Many Peaks Minerals’ aggregate interest-holdings in Côte d’Ivoire to about 2 140 km².

Historical exploration across the Ferké South area had identified multiple gold anomalies along with widespread evidence of artisanal mining activity. These zones were expected to form the initial focus of surface mapping and geochemical survey programmes aimed at refining targets for subsequent drilling.

Intrusion-hosted quartz and sulphide mineralisation had also been observed in association with now inactive artisanal workings, with the mineralised system extending as far as 16 km south of the Ouarigué prospect. This prospect currently serves as the main focus of diamond drilling efforts at the company’s flagship Ferké project.

As part of the earn-in agreement, Many Peaks committed to an initial expenditure of $400 000 within the first two years following the grant of the Ferké South permit. The company will earn a 51% interest in MMS upon spending a total of $800 000 within three years.

The agreement allows for further earn-in stages, enabling Many Peaks to ultimately acquire up to an 80% interest in MMS, subject to the completion of an aggregate $2-million in exploration expenditure and the sole funding of work through to the delivery of a positive bankable feasibility study.