Many Peaks Extends Ouarigue Gold System 70% Deeper, Opens Underground Development Path
Key Takeaways
- Extensional drilling at Ouarigue has pushed confirmed gold mineralisation to beyond 900m vertical depth, a 70% increase from the previously known 540m extent, with the system remaining open below the deepest hole at 1,153.4m.
- Headline intercepts include 116.5m @ 1.76 g/t from 969.5m depth (FNDC161) with a bonanza sub-interval of 7.25m @ 20.0 g/t, and 116.0m @ 2.78 g/t from 524m (FNDC162) including 42.0m @ 5.01 g/t.
- The depth and grade confirmation has directly triggered a Scoping Study for underground mining options, to run alongside existing pre-feasibility open-pit work — giving the project two distinct development pathways.
- The current MRE of 26.7Mt @ 1.54 g/t for 1,323,000oz does not yet include any of the results reported here; an updated MRE incorporating these and pending assays is planned for the December quarter 2026.
- Approximately 43% of 2026 drill metres remain pending assay across 23 DC holes (6,657m) and 65 RC holes (7,979m), representing substantial additional newsflow ahead.
Ouarigue gold system extends beyond 900m depth as Many Peaks (ASX: MPK) delivers high-grade intercepts
Extensional diamond core drilling at the Ferké Gold Project in Côte d’Ivoire has pushed confirmed gold mineralisation to more than 900m vertical depth, a 70% increase to the known vertical extent of the Ouarigue mineralised intrusion (from approximately 540m to more than 900m below surface). Results from 9 diamond core (DC) holes totalling 6,036m deliver multiple broad, high-grade intercepts beneath the existing 26.7Mt @ 1.54g/t for 1,323,000oz Mineral Resource Estimate (MRE).
The scale of the system now supports progression to a Scoping Study for underground mining, to be undertaken alongside pre-feasibility-level open-pit work following the planned MRE update next quarter.
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Q1 FY27 drill results at a glance
Four headline intercepts from the reported programme are summarised below.
| Hole ID | From (m) | Drill Thickness / Est. True Width | Gold Grade (g/t) | Highlight Sub-intercept |
|---|---|---|---|---|
| FNDC162 | 524m | 116.0m / est. 63.5m | 2.78 g/t | incl. 42.0m @ 5.01 g/t from 598m |
| FNDC161 | 969.5m | 116.5m / est. 110m | 1.76 g/t | incl. 40.3m @ 3.89 g/t (incl. 7.25m @ 20.0 g/t) |
| FNDC159 | 589.85m | 37.2m / est. 32.6m | 3.29 g/t | incl. 9.35m @ 10.9 g/t |
| FNDC158 | 828m | 89.0m / est. 79.3m | 1.58 g/t | incl. 58.95m @ 2.23 g/t |
Key programme observations from the announcement:
- Gold mineralisation remains open below the deepest hole, FNDC161, which reached a final depth of 1,153.4m and returned 40.3m @ 3.89 g/t from 999.6m downhole
- Assays remain pending for 23 DC holes totalling 6,657m and 65 RC holes totalling 7,979m, representing substantial additional newsflow expected
- 51,340m of the planned 60,000m 2026 programme has been completed to date
What is a mineralised intrusion — and why does depth matter for investors?
A mineralised intrusion is a body of rock that pushed up into surrounding geology and became host to gold mineralisation. At Ouarigue, this is a granodioritic intrusion sitting within Côte d’Ivoire’s Birimian gold terrane, a proven West African gold belt. The gold is distributed across broad widths of this intrusive body, which is what makes the system attractive — it is not a narrow vein, but a large, continuous target.
The extensive gold corridor confirmed at Ferké in earlier drilling defined the lateral continuity of the Ouarigue system, and the current extensional programme is now building out the vertical dimension to complete that three-dimensional picture.
Open-pit mining works well for shallower, bulk-tonnage deposits, where the economics favour removing large volumes of material at relatively low cost per tonne. Underground mining costs more per tonne but becomes viable when grades are high enough to justify it, and it unlocks gold sitting below the practical depth limit of any open pit. The fact that broad, high-grade zones are now confirmed beyond 900m vertical depth at Ouarigue is precisely what triggered Many Peaks Minerals‘s decision to commission a Scoping Study for underground options alongside the existing pre-feasibility open-pit work.
From exploration result to economic study — what happens next
Mineral Resource update — next quarter
The updated Ouarigue MRE is planned for completion in the December quarter of 2026, incorporating the results reported here alongside pending assay results. The current MRE stands at 26.7Mt @ 1.54g/t for 1,323,000oz (JORC 2012, reported 20 April 2026), and the new drilling is not yet included in that figure.
The company cautions that any increase in Mineral Resources remains subject to outstanding assays, geological interpretation, and estimation by a Competent Person. No automatic upgrade should be assumed.
Integrated economic assessment
Following the MRE update, Many Peaks plans to undertake an integrated technical and economic assessment combining two components. The open-pit scenario will continue as pre-feasibility-level work, already well underway, encompassing geotechnical parameters, metallurgical assumptions, infrastructure requirements, and capital and operating costs. This will be complemented by a Scoping Study-level evaluation of underground development options.
The two components will be assessed at different levels of technical confidence, with an intention to integrate them into a single economic assessment. On the Ferké South permit, a targeting review has been completed. RC drilling of priority targets, including areas of historical high-grade rock-chip results, is planned once a presidential decree formally grants the permit.
Travis Schwertfeger, Managing Director
“These results extend the tested depth of the Ouarigue mineralised intrusion by over 450m down-plunge, and demonstrate that broad, higher-grade zones continue well below the current Mineral Resource envelope, underpinning a decision to progress a scoping level study to assess the viability of underground mining methods at Ferké.”
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Investment thesis — a gold system that keeps growing
The key considerations for investors following these results:
- Scale: A 1,323,000oz MRE is already established, and the current extensional drilling is not yet reflected in that resource. The updated MRE, planned for next quarter, will incorporate these and pending results.
- Grade quality: Multiple intercepts return above 3 g/t across substantial true widths at depth, with bonanza sub-intervals including 7.25m @ 20.0 g/t within FNDC161.
- Optionality: The system now has demonstrable open-pit and underground potential, two development pathways rather than one, increasing the range of economic scenarios available to the company.
- Pending newsflow: Approximately 43% of metres drilled in 2026 are still pending assay across 23 DC and 65 RC holes, meaning material results are expected to continue.
RC drilling at Ouarigue earlier in 2026 produced strong results across the shallower portions of the deposit, providing context for the 65 RC holes now pending assay whose results will contribute to the updated Mineral Resource.
The project sits within Côte d’Ivoire’s Birimian gold terrane, a proven West African gold belt that hosts a number of multi-million-ounce deposits. The company cautions that planned studies have not been completed and there is currently no certainty that outcomes will confirm an economically viable mining operation.
Ready to Explore the Full Potential of the Ferké Gold Project?
The Ouarigue mineralised intrusion has now been confirmed to extend beyond 900m vertical depth, with high-grade intercepts including 7.25m @ 20.0 g/t still to be incorporated into an updated Mineral Resource Estimate planned for next quarter. With 43% of 2026 drill metres still pending assay, the newsflow from this expanding system is far from over.
Discover how Many Peaks Minerals is building a dual open-pit and underground development case by exploring the MPK investor profile on Discovery Alert, where you can track the latest results and project milestones as they emerge.