Many Peaks to purchase Baga Gold Project in Cote D’ivoire

Many Peaks Minerals has signed a 24-month option agreement with Atlantic Resources to acquire 100% of the Baga Gold Project in Côte d’Ivoire.

The Baga Gold Project comprises two permits spanning 644km². This largely unexplored area is believed to have high potential for orogenic gold deposits due to its complex structural features. The acquisition will increase Many Peaks’ landholding in the region to 1,919km².

Many Peaks will pay $40,000 to Atlantic Resources upon signing and issue 500,000 shares. If Many Peaks opts not to exercise the agreement or terminates it within the first 12 months, it must issue an additional 500,000 shares to Atlantic Resources. The option to acquire Atlantic Resources is contingent upon several conditions, including successful due diligence and relevant approvals. If Many Peaks exercises the option within the 24-month period, it will issue six million shares to Atlantic Resources.

Baga Gold Project

Upon exercising the option, Many Peaks has agreed to a milestone payment structure with Atlantic. This includes a payment of $1 for each ounce of gold identified in the maiden resource estimate, with a maximum cap of $1 million.

Travis Schwertfeger, Many Peaks’ executive chairman, expressed enthusiasm for the acquisition, emphasizing the project’s complementary nature to their existing portfolio in Côte d’Ivoire and the potential for operational synergies and value addition through exploration success.

“Located in a region that has demonstrated its potential to host world-class gold deposits, this acquisition aligns with our commitment to adding shareholder value through innovative and cost-effective exploration, discovery and resource development,” said Travis Schwertfeger.