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Ferke Gold Project

The Ferké Gold Project (“Ferke”) is located in northern Cote d’Ivoire covering 300km2 in a granted exploration permit licence. Ferke is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.

Many Peaks is earning into an 85% interest in the Ferke exploration permit in joint venture with a local partner, Gold Ivoire Minerals SARL (‘GIV’), by sole funding exploration through to a Definitive Feasibility Study (‘GIV Joint Venture’). Under the GIV Joint Venture, Many Peaks currently holds a 65% interest in the Ferke, Odienne, and Oume projects following a minimum US$3M exploration expenditure completed by previous owners.

Initial exploration undertaken at Ferke Gold Project by Predictive Discovery Ltd in 2016 and 2017 (previously referred to as the Ferkessedougou North Project) comprised several phases of geochemical stream and soil sampling across the permit area which defined a more than 17km long gold-in-soils anomaly on the ‘Leraba Gold Trend’.

(refer Predictive ASX announcements dated 14 December 2016, 2 February 2017 and 28 April 2017).

Aeromagnetics suggests the Leraba Gold Trend is associated with a large-scale flexure on regional scale shear zones. A limited amount of drilling was completed by previous operators from 2018 through 2020 which returned highly encouraging results and confirmed a significant gold discovery at Ouarique South.

Much of the early reconnaissance RC drilling focused on the northeast trending flexure or splay of structures off the main north south trending shear zone (refer Predictive ASX announcement dated 26 June 2018). A 12.5km north south segment of the Leraba trend remains very much unexplored (refer to Figure 2), with localised drilling highlighting the Ourague South discovery and the potential for further discoveries along the 12.5km long N-S segment of the Leraba Gold Trend.

In 2018 through early 2021 a small amount of drilling and trenching was undertaken at the ‘Ouarigue South’ prospect, located in the southern portion of Leraba Gold Trend. Only limited work was completed on the Ouarigue South discovery and minimal activities were completed on the broader Ferke project by the joint venture between Predictive and Toro Gold Limited (with Toro Gold’s interest in the JV acquired by Resolute in 2019) with each previous explorer often focused on more advanced opportunities elsewhere in the West African shield, early success at Ferke was met with very little follow-up.

Historical Trench and RC Exploration Results

Initial exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (“RC”) drilling across the broader Ferke area (refer to Predictive’s ASX announcements dated 2 February 2017, 26 June 2018 and 13 February 2019). Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue South target area, including results of 25m @ 3.06g/t gold from 64m in hole FNRC016. The success in RC drilling was followed up with trenching, which confirmed a significant outcropping mineralised body associated with a granite intrusion.

Mineralisation from surface trenching including:

  • 34m @ 5.29g/t gold
  • 92m @ 1.76g/t gold
  • 78m @ 1.30g/t gold and
  • 22m @ 1.6g/t gold

Historical Diamond Core Drill Results

From 2019 through early 2020 two campaigns of diamond drilling at the Ouarigue South prospect completed 18 holes totalling 2,718m of drilling were completed (refer to Predictive ASX announcements dated 4 June 2019 and 16 April 2020 and Turaco’s (formerly Manas Resources) ASX announcement dated 21 May 2021) with drill intercepts including:

  • 45.3m @ 3.16g/t gold from 45.9m, 10.9m @ 1.94g/t gold from 95.7m and
    4.7m @ 6.14g/t gold from 134m – FNDC001
  •  39.7m @ 3.54g/t gold from 51.4m – FNCD008
  • 14m @ 10.74g/t gold within 47m @ 3.73g/t gold from surface – FNDC012
  • 15m @ 2.06g/t gold from 0m, 10.5m @ 1.71g/t gold from 34.5m and
    59.7m @ 1.35g/t gold from 49.5m – FNDC005
  • 8m @ 3.38 g/t gold within 40.4m @ 1.88g/t gold from 105.6m and;
    13.65m @ 2.13 g/t gold from 194m – FNDC018
  • 54.17m @ 1.88 g/t gold from 59.58m including 9.75m @ 7.46g/t gold – FNDC019
  • 45m @ 1.52g/t gold from 42.1m – FNDC002
  • 33m @ 1.62g/t gold from 28m – FNDC015
  • 16.5m @ 2.43g/t gold from 24m – FNDC004