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.

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.

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.”