Many Peaks will also assume a royalty deed for a 1% net smelter return (NSR) royalty payable to Resolute. Credit: Artyom Korshunov on Unsplash.

Many Peaks Minerals has signed a binding share sale agreement with Turaco Gold to acquire an 89% interest in CDI Holdings (Guernsey), a move that will significantly consolidate its mining interests in Cote d’Ivoire.

The agreement will also trigger Turaco’s drag-along right in its joint venture (JV) with Predictive Discovery, enabling Many Peaks to acquire the remaining 11% interest and achieve full ownership of CDI Holdings.

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CDI Holdings, an 89% subsidiary of Turaco held jointly with Predictive Discovery, is the holding company for two wholly owned Ivorian entities.

These entities include an Ivorian subsidiary that is part of a JV with Gold Ivoire Minerals SARL in Cote d’Ivoire.

The subsidiary has earned a 65% interest and retains an exclusive right to earn up to an 85% interest by funding projects within four mineral licences in Cote d’Ivoire to feasibility study.

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The transaction will be settled through the issuance of 5,617,978 fully paid ordinary shares in Many Peaks.

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Upon completion of the deal, Many Peaks will also assume a royalty deed for a 1% NSR royalty payable to Resolute (Treasury).

The acquisition also includes the Ferke Gold Project and the Odienne Project.

Ferké Gold Project is located in northern Cote d’Ivoire, covering 300km² in a granted exploration permit licence, while Odienné is located in north-west Cote D’Ivoire and comprises two granted exploration permits covering a combined area of 758km².

Many Peaks executive chairman Travis Schwertfeger said: “The Ferke and Odienne Projects in Cote d’Ivoire deliver Many Peaks a strong foundation of exploration success in Cote d’Ivoire with the potential to build significant high-grade ounces in the near term.

“Both projects are already covered with systematic geochemical coverage and high-resolution geophysics, which have led to demonstrated gold mineralisation confirmed in drilling.

“Leveraging over $4m of previous expenditure in recent years has generated multiple targets ready for follow-up, including extension targets, providing Many Peaks with a transformational acquisition with near-term resource potential viable.”