Many Peaks Minerals (ASX:MPK) has released an interim Mineral Resource Estimate (MRE) for the Ouarigue prospect within its Ferké Gold Project in Côte d'Ivoire, West Africa, totalling 34.6 million tonnes at 1.87 grams per tonne gold for 2,077,000 ounces — an increase of 754,000 ounces, or 57%, over six months.

Key Points

  • Ouarigue MRE totals 34.6Mt at 1.87g/t gold for 2,077,000 ounces, using an in-pit lower cut-off of 0.31g/t Au and underground cut-off of 1.35g/t Au
  • Open pit constrained resource is 97% Measured and Indicated categories, with Measured category increasing by over 77% through conversion from Indicated
  • Initial metallurgy leach tests return gold extraction values ranging from 74% to 91.5% across eight defined domains for the pit-constrained MRE
  • Scoping Study for an integrated open-pit and underground development scenario is nearing completion for later in Q4 2026, ahead of a planned feasibility study in 2027
  • Cash balance at 30 September was A$20 million, with the company stating it is funded for completion of the Scoping Study and ongoing drilling programmes

Ouarigue MRE Resource Category Breakdown

The updated Ouarigue MRE incorporates 286 diamond core and reverse circulation drill holes for 63,866 metres drilled at the Ouarigue prospect. The open pit resource comprises 24.32Mt at 1.42g/t gold for 1,108,000 ounces, including 13.47Mt at 1.63g/t for 706,000 ounces in the Measured category and 10.16Mt at 1.14g/t for 371,000 ounces Indicated. The underground component totals 10.31Mt at 2.93g/t for 970,000 ounces, comprising 0.58Mt at 3.02g/t Indicated and 9.71Mt at 2.92g/t Inferred. The independent MRE review and technical report were prepared by Mining One Consultants, with JORC Competent Person sign-off carried out by both Mining One and a Competent Person under full-time contract with Many Peaks.

Metallurgical Test Results and Recovery Assumptions

Initial metallurgy leach tests returned overall gold extraction values ranging from 74% to 91.5% recoveries across eight defined domains for the pit-constrained MRE. Preliminary tests using additional reagents demonstrated an increase in recovery of 11.6 percentage points, equivalent to a 15.7% relative improvement, in one test from the poorest performing sulfide and fresh rock composite sample, with confirmatory test results pending. A gold recovery assumption of 85% has been applied as a provisional figure for the MRE, with final metallurgical recoveries pending the outcome of optimisation studies in the ongoing metallurgical programme.

Development Studies and Exploration Potential

The Scoping Study for an integrated open-pit and underground development scenario is stated to be nearing completion for later in Q4 2026, with a feasibility study planned for 2027. The filing states that study work for an open-pit development opportunity has been undertaken to a pre-feasibility quality standard. The filing also notes substantial exploration potential along 37 kilometres of mineralised shear corridor at Ferké, the vast majority of which remains unexplored. Additional reconnaissance drilling totalling 26,310 metres of RC, diamond core, and air core drilling has been completed across more than 10 kilometres of extent at varying drill spacings over the past 18 months.