Many Peaks Minerals announced that it has significantly increased the estimated mineral resources at its Ferké project. The resources have grown by 57%, now totaling 2.07 million ounces of gold, or approximately 65 tonnes. This substantial upgrade enhances the development prospects of the project as the company gears up to initiate mine planning in 2027, with a construction decision anticipated by early 2028.
In April, the Australian company reported its initial resource estimate of 1.3 million ounces, primarily based on the Ouarigue deposit. The recent increase in estimates incorporates underground resources for the first time, providing a more comprehensive understanding of the deposit’s potential.
The expanded resource base will enable Many Peaks to conduct a preliminary economic assessment (PEA). This assessment will define the technical and financial parameters for prospective mining operations at Ferké. Following the PEA, the company plans to conduct a feasibility study in 2027. This study will delve deeper into the project’s development needs, marking a crucial step towards actualizing the mine.
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Unlike preliminary economic assessments, feasibility studies include mineral reserves, which are deposits that can be profitably extracted after considering various constraints. Many Peaks is optimistic that the characteristics of the Ouarigue deposit will allow a significant portion of its resources to be converted into reserves.
Many Peaks notes that Ferké’s geological structure shares similarities with established mining operations, such as the Bonikro mine in Côte d’Ivoire, operated by Allied Gold. These geological similarities could facilitate efficient open-pit mining and boost resource-to-reserve conversion rates.
According to Travis Schwertfeger, Managing Director of Many Peaks Minerals, “The geometry of the deposit is comparable to that of other intrusion-related mining operations, such as Bonikro in Côte d’Ivoire or Okvau in Cambodia. This supports efficient open-pit mining. The combination of geometry and high average grades results in a substantial amount of ounces per vertical metre within a compact footprint, setting favorable conditions for a high resource-to-reserve conversion rate.”
The development timeline for the Ferké project hinges on several technical milestones, the outcomes of which remain uncertain. The preliminary economic assessment, anticipated by the end of 2026, will offer initial insights into the project’s economic feasibility and development potential.
In the broader context, Côte d’Ivoire is aiming to increase its annual gold production to 100 tonnes over the next decade, up from an anticipated 59.33 tonnes in 2025. The government expects new mining projects, including Ferké, to play a pivotal role in achieving this target, aligning with the country’s strategy to expand its gold industry.
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The African Mining Market is a source of insightful information on mining & industrial markets, and developments in Africa.
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