Many Peaks divests Queensland exploration permits

Many Peaks Minerals (ASX: MPK) is divesting its 80% ownership in two Queensland exploration permits to focus on its flagship projects in Côte d’Ivoire.

The sale is pursuant to a sale agreement entered into with EMX Broken Hill.

Simultaneously, Many Peaks has also confirmed it will not be exercising its rights to execute and option to acquire a 100% interest in the Yarrol and Mr Steadman projects in Queensland.

The sale agreement and termination of the option agreement are part of Many Peaks’ strategic review which aims to ensure it remains dedicated to gold and copper exploration while concentrating on large-scale opportunities in Côte d’Ivoire — a region known for its rich gold terrains.

Many Peaks executive chairman Travis Schwertfeger commented on the company’s decision to divest its Queensland assets.

“Our decision to divest the gold assets and terminate option agreements in Queensland allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders,” he said.

“The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits and Côte d’Ivoire has proven to be a favourable jurisdiction for development and production.”

Many Peaks has already completed the first surface geochemical campaign at the Baga gold project and an 8810m drill campaign at the Odienne project.

Samples from both programs have been sent for analysis with results expected over the next few weeks.