Many Peaks Minerals (ASX:MPK) said that assays for its phase two and three diamond core drilling campaigns returned significant intercepts of gold mineralization at the Ferké gold project in Ivory Coast, according to a Tuesday Australian bourse filing.

Significant intercepts encountered during the drilling included 230 meters at 1.2 grams per tonne grade of gold from 225 meters, as well as 79 meters at 1.46 g/t grade of gold from 238 meters.

The phase three diamond drilling is continuing at the project, with two drill rigs targeting extensions to mineralization and in-fill drilling on the high-grade intrusion-hosted mineralization. Reverse circulation reconnaissance drilling also began at the project at the end of May.

The firm's shares fell 4% in recent trading on Tuesday.