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Odienne Gold Project

The Odienne Project is located in northwest Cote D’Ivoire and comprises two granted exploration permits covering a combined area of 758km2. The projects are situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean aged Man craton.

Many Peaks is earning into an 85% interest in the Odienne South and Odienne North exploration permits 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.

The Odienne South permit is located on the Sassandra regional scale shear corridor, which is considered a highly significant tectonic domain host to Predictive Discovery Ltd’s 5.4Moz Bankan discovery along with several other gold occurrences in Guinea. This shear corridor forms the partition between the Archean Kenema Man domain and the Proterozoic Baoule-Mossi Domain. Despite hosting comparable stratigraphy to Guinea’s Siguiri basin the Odienne region remains largely unexplored, though recent exploration success on the Cote d’Ivoire extent of the Sassandra shear includes Centamin Mining’s 2.2Moz ABC gold discovery which is located along strike to the south.

Over 30km of geochemical anomalies have been previously defined in recent work by Turaco from a combination of permit wide infill soil geochemical sampling and high-resolution airborne geophysics comprised of magnetic and radiometric datasets. The integrated datasets clearly highlight gold anomalism coincident with the Sassandra shear corridor through the southern concession of the Odienne Project (“Odienne South”).

Within the extensive geochemical anomaly at Odienne south, a 2,137m campaign of auger sampling was completed across a 3.5km long target zone (refer to Turaco’s ASX announcement dated 8 May 2023) successfully identified a more than 2km long coherent gold in saprolite anomaly, including a peak result of 6.35g/t gold from bottom of hole in the in-situ saprolite (weathered greenstone) material.

Summary of Reconnaissance Drilling Results – Odienne South

Success in previous auger drilling defining coherent gold in saprolite anomalism prompted a maiden air core drilling campaign in late 2023. Turaco completed 5,149m of air core drilling from 160 drill holes across three prioritised targets within the extensive gold anomaly at Odienne South.

Broadly spaced air core drilling from the initial reconnaissance work returned its strongest results in 8 to 16m zones of mineralisation at 1.0 to 1.30g/t gold along a strike of 1,200m extent (Refer to Many Peaks ASX Announcement dated 26 March 2024). Significant results include:

  • 12m @ 1.18g/t gold from 4m (ODAC0100)
  • 12m @ 1.06g/t gold from 16m (ODAC0088)
  • 8m @ 1.30g/t gold from 28m (ODAC0125)
  • 4m @ 2.07g/t gold from 4m (ODAC0035)
  • 16m @ 0.84g/t gold from 44m (ODAC0099)

It is highly encouraging that favourable gold results were intersected on all drilling grids, even at wide spaced, up to 1,200m line spacing between drillholes. Individual zones remain open given the wide spaced nature of the reconnaissance drill test, and soil geochemistry highlights a further 5km of anomalous strike extent that remains to be tested.