Why Many Peaks Minerals (ASX:MPK) reported deeper gold drilling at Ferké and an upcoming resource update in its September quarterly

Sonal Goyal

28 October 2026 04:40 PM AEDT

Why Many Peaks Minerals (ASX:MPK) reported deeper gold drilling at Ferké and an upcoming resource update in its September quarterly

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Key Highlights

Diamond drilling extended the tested vertical extent of the Ouarigue intrusion by about 70 per cent, from roughly 540 metres to more than 900 metres below surface.
An updated resource, with a data cut-off of 13 October 2026, is due in the December 2026 quarter; the current resource is 26.7 million tonnes at 1.54 g/t gold for 1.323 million ounces.
Closing cash was about A$20.1 million, down from A$26.7 million, with funding of 2.8 quarters estimated at current spending.

Many Peaks Minerals Ltd (ASX:MPK) reported in its quarterly report for the period ended 30 September 2026 that diamond drilling at the Ferké Gold Project has increased the tested vertical extent of the Ouarigue intrusion by about 70 per cent, from roughly 540 metres to more than 900 metres below surface. The company said mineralisation remains open at depth and that a resource update, with a data cut-off of 13 October 2026, is due in the December 2026 quarter.

Ferké drilling results

Three diamond rigs have operated since late July. By the end of the quarter, more than 55,400 metres of the 60,000-metre calendar 2026 program had been completed across diamond core, reverse circulation and air core drilling at Ferké and Odienné.

Diamond core assays were reported for 30 holes totalling 11,924 metres. Key intercepts included 116.0 metres at 2.78 grams per tonne gold from 524 metres in hole FNDC162, including 42.0 metres at 5.01 grams per tonne, and 116.5 metres at 1.76 grams per tonne from 969.5 metres in FNDC161, including 40.3 metres at 3.89 grams per tonne. Hole FNDC158 returned 89.0 metres at 1.58 grams per tonne from 828 metres, and FNDC159 returned 37.2 metres at 3.29 grams per tonne from 589.85 metres.

Reverse circulation results from 54 holes totalling 5,988 metres confirmed continuity over more than 800 metres of strike within the Inferred resource, including 12 metres at 5.50 grams per tonne from 109 metres in FNRC268. After the quarter, FNDC166 returned 188.9 metres at 3.58 grams per tonne from 633 metres, including 46.75 metres at 7.02 grams per tonne, and regional RC drilling three kilometres south of Ouarigue returned 9 metres at 4.33 grams per tonne. The Managing Director said Ouarigue is a much larger system than the maiden resource captured. These are exploration results and not additions to the Mineral Resource.

Existing resource and studies

The current Mineral Resource stands at 26.7 million tonnes at 1.54 grams per tonne gold for 1.323 million ounces, about 83 per cent in the Measured and Indicated categories. A Scoping Study will assess combined open-pit and underground options. The company is aiming for a definitive feasibility study in 2027 and a development decision in early 2028, but said these studies are not complete and outcomes are uncertain.

Odienné and Baga

At the Odienné Gold Project, air core drilling finished with 11,200 metres from 543 holes, and assays are pending. Reverse circulation follow-up is planned, with a rig contracted for around November and a start in the December quarter. At Ferké South, drill targeting is complete, but RC drilling awaits the grant of permit PR1087, which is at application stage.

The company acquired 100 per cent of the 644 square kilometre Baga Gold Project after completing its option exercise on 1 July 2026. More than 7,500 soil samples identified over 16 kilometres of gold anomalism across nine zones, and an auger program at 2,700 sites has been completed with assays pending. The report quotes two different auger metre totals, 5,128 metres for the quarter and 4,765 metres for the reporting period, which it does not reconcile. Odienné North (PR866) was relinquished, which the company said does not affect its remaining joint venture interest.

Cash and corporate changes

Closing cash was about A$20.1 million, down from A$26.7 million at the start of the quarter. Exploration spending was A$6.6 million, administration and corporate costs were A$734,000, and the Baga acquisition payment was A$1.4 million (US$1.0 million). Related party payments for directors' and consulting fees were A$313,000. Financing inflow was A$2.04 million, including Tranche 2 of a placement of 1,588,889 shares at A$0.90 issued on 27 August 2026, of which 888,889 shares worth A$800,000 went to directors. The company estimated funding of 2.8 quarters at current spending.

Jamie Byrde was appointed Company Secretary from 1 October 2026 and Chief Financial Officer from 26 October 2026, while Aaron Bertolatti ceased as Company Secretary on 30 September 2026.

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