Many Peaks Minerals has signed an option agreement with Atlantic Resources to acquire 100% of the latter.

Atlantic Resources owns the Baga Gold Project in Côte d’Ivoire. The project comprises two permits that span 644km².

The area is largely unexplored and is believed to have high potential for orogenic gold deposits due to its complex structural features.

This acquisition will increase Many Peaks’ landholding in the region to 1,919km².

To secure this 24-month option agreement, Many Peaks is required to pay $40,000 to Atlantic Resources upon signing and will 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.

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The option to acquire Atlantic Resources is contingent upon several conditions, including successful due diligence and relevant approvals.

If Many Peaks decides to exercise the option within the 24-month period, it will issue six million shares to Atlantic Resources.

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 $1m.

Many Peaks executive chairman Travis Schwertfeger said: “Having quickly established ourselves in Côte d’Ivoire and successfully initiating exploration activity within weeks following acquisition of the exciting Odienné and Ferké projects, the company is very pleased to identify an additional opportunity further bolstering our pipeline of projects for growth within the same jurisdiction.

“The Baga Gold Project is complementary to the existing portfolio in Côte d’Ivoire providing several operational synergies delivering opportunities for an increase in positive results to the market and significant leverage to adding value 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.”