Many Peaks Minerals Hits 7g/t Gold Deep Below Ouarigue as Resource Update Nears
Key Takeaways
- Hole FNDC166 returned 46.75m @ 7.02g/t gold from 775.2m beneath Ouarigue, including 1.85m @ 109.8g/t, more than four times the 1.54g/t average grade of the existing resource.
- The full FNDC166 intercept is 188.9m @ 3.58g/t with an estimated true width of 95.3m, and wedge hole FN135W01 added 59.2m @ 2.30g/t, showing continuity at depth.
- The data cut-off for the MRE update has been reached, with the revised estimate due this quarter against a current 1,323,000-ounce resource.
- Regional RC drilling defined a roughly 1km prospective trend 3-4km south of Ouarigue, led by 9m @ 4.33g/t, though continuity is unproven.
- Pending assays from 25 Ouarigue holes and 3 reconnaissance holes are due within a month, ahead of open-pit study work in the December 2026 quarter and a DFS in 2027.
Deep drilling returns 46.75m @ 7.02g/t gold beneath Ouarigue
Deep diamond drilling at the Ferké Gold Project in Côte d’Ivoire has returned 46.75m @ 7.02g/t gold from 775.2m (FNDC166), including 1.85m @ 109.8g/t gold from 815m. Many Peaks Minerals (ASX:MPK) drilled the hole beneath the existing Ouarigue Mineral Resource.
The broader FNDC166 intercept is 188.9m @ 3.58g/t gold from 633.0m, with an estimated true width of 95.3m. The company’s current Mineral Resource Estimate (MRE) stands at 26.7Mt @ 1.54g/t gold for 1,323,000 ounces, reported under JORC 2012 on 20 April 2026.
What does that mean for you? Higher-grade gold sitting below the current resource outline gives the company data on how far mineralisation continues at depth. The announcement frames this as relevant to assessing resource expansion with underground mining methods.
Travis Schwertfeger, Managing Director
“These strong extension drill results again demonstrate the strong continuity of high-grade gold beneath the existing Ouarigue resource and suggest increasing ounces per vertical metre at depth…”
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Diamond core results in detail
Partial assay results were received for three diamond core (DC) holes, including FNDC166 and FN135W01, comprising 1,223m of drilling in the ongoing core programme.
The latest hole follows earlier deep drilling results at Ferké, which also pointed to strong grade continuity well below the current resource outline.
FNDC166 high-grade zones
The 188.9m intercept is composited for reference to bulk tonnage development options. It includes lower-grade material separating four higher-grade zones of mineralisation.
| Interval | From (m) | Downhole width (m) | Grade (g/t Au) | Est. true width (m) |
|---|---|---|---|---|
| FNDC166 (full intercept) | 633.0 | 188.9 | 3.58 | 95.3 |
| Zone 1 | 633.0 | 37.0 | 4.34 | 18.6 |
| Zone 2 | 690.50 | 10.9 | 4.74 | 5.5 |
| Zone 3 | 717.40 | 38.8 | 3.27 | 19.5 |
| Zone 4 | 775.15 | 46.75 | 7.02 | 23.5 |
| Including (within Zone 4) | 815.0 | 1.85 | 109.8 | 0.9 |
FNDC166 drilled the mineralised Ouarigue intrusion at an oblique angle. The company describes this as a targeted approach to support modelling the grade distribution of the veined intrusion.
FN135W01 wedge hole
FN135W01 is a wedge hole collared from within the FNDC135 drill hole. It intersected the mineralised intrusion approximately 24m up-dip of FNDC135, returning 59.2m @ 2.30g/t gold from 556.8m (estimated true width 52.4m).
That includes 34.2m @ 3.34g/t gold from 579.8m, and 4m @ 20.8g/t gold.
Up-hole assays from the previously reported FN135W03 also returned 4.8m @ 1.83g/t gold from 585.8m. This extends mineralisation above the earlier 37.3m @ 2.59g/t gold from 599.7m.
Intercepts are downhole lengths, reported at a 0.3g/t Au lower cut-off. Economic parameters for any future resource assessment at depth have not yet been determined, and the announcement makes no representation that the results will necessarily increase or upgrade the existing MRE.
Regional and extensional RC drilling
Assays were received for a further 39 reverse circulation (RC) holes. These split into 31 regional reconnaissance holes (3,350m) and 7 Ouarigue extensional holes (1,017m).
Headline RC results include:
- FNRC285: 9m @ 4.33g/t gold from 30m (3km south of Ouarigue)
- FNRC286: 3m @ 3.78g/t gold from 33m and 2m @ 12.6g/t gold from 146m
- FNRC307: 4m @ 3.75g/t gold from 55m
- FNRC310: 6m @ 2.22g/t gold from 28m
- FNRC273: 30m @ 0.52g/t gold from 18m
The first two are regional reconnaissance results. The last three come from the Ouarigue extensional drilling.
Regional intersections on widely spaced lines define a prospective trend extending approximately 1km, located 3-4km south of Ouarigue. Further drilling is required to establish continuity, geometry and extent of mineralisation between these intersections.
At Ouarigue, RC drilling along the northern and southern extent of the MRE was completed on nominal 25m line spacing. The closer spacing is intended to support assessment of a potential upgrade of this part of the MRE from Inferred to Indicated classification, subject to a subsequent Mineral Resource Estimate by a Competent Person.
Assays are still pending for 3 reconnaissance holes (452m) and 25 Ouarigue holes (3,235m), anticipated within the coming month.
What is a Mineral Resource Estimate and why does it matter?
A Mineral Resource Estimate is a formal calculation of how much mineralisation a deposit contains, and at what grade. It is prepared under the JORC Code by a Competent Person.
Resources are classified by confidence. Inferred is the lower confidence category, while Indicated reflects greater confidence in the continuity of mineralisation. Closer-spaced drilling gives more data points, which is why the company ran drilling on 25m lines at Ouarigue.
A data cut-off is the point where new results stop being added so modelling can begin. For you as an investor, resource size and confidence matter because the company says they underpin study work and its path toward a development decision.
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Next steps and timeline
The data cut-off for the planned MRE update has now been reached, with geological modelling and resource estimation underway for completion in the current quarter.
Key milestones outlined by the company:
- End of the December 2026 quarter: targeted pre-feasibility-level open-pit study work
- Under consideration: an integrated economic assessment including Scoping Study-level evaluation of underground development options
- 2027: definitive feasibility study
- Early 2028: support for a future development decision
- Coming month: additional RC drilling along the >37km Leraba trend is expected to commence
- Ferké South: RC drill tests anticipated after grant of permit, pending an Ivorian presidential decree
- By year-end: planned 60,000m of DC, RC and AC drilling across Côte d’Ivoire expected to be completed
The pipeline of pending assays, the MRE update and the study work gives shareholders a steady run of potential news flow. Each item remains subject to results and the company’s stated plans.
Ready To Learn More About Many Peaks Minerals’ Ferké Gold Project?
Deep drilling at Ouarigue has returned 46.75m @ 7.02g/t gold, with high-grade mineralisation continuing well beneath the current 1,323,000-ounce Mineral Resource. With an MRE update, study work and further assay results on the horizon, the Ferké Gold Project has a steady run of potential news flow ahead.
Explore the Many Peaks Minerals company profile to see the latest announcements and project updates. Find out how the Ferké opportunity could fit your investment strategy.