-- Many Peaks Minerals' (ASX:MPK) Ivory Coast-based Ferke gold project has all the elements for a highly economic development project, Euroz Hartleys said in a note on Monday, after the company posted an upbeat mineral resource estimate from the project.
The company announced a maiden mineral resource estimate of 1.3 million ounces of gold at 1.5 grams per tonne for its Ouarigue prospect area in the project, compared with Euroz Hartleys' forecast of 1 million ounces of gold at 1.2 grams per tonne.
The investment firm said there is room for upside after the company stated the deposit remains open at depth, hinting potential for further growth, and highlighted additional exploration upside across a 37-kilometer gold trend at the site.
Reverse circulation drilling at the Ferke South permit is also expected to begin after the grant of permit, a key prospective area "missed by the market," the firm added.
Euroz Hartleys maintained a speculative buy rating and raised the price target to AU$1.90 from AU$1.38.