Many Peaks Minerals' (ASX:MPK) Ferke gold project in the Ivory Coast is a highly economic development project, according to a Monday note by Euroz Hartleys.

The project is open at depth with mineable widths and consistent mineralisation that has recently been identified to extend, lifting its exploration potential, Euroz said.

It also has "excellent" follow-up drill targets, Euroz added.

The company's management also has a proven track record, Euroz noted, adding that the recent appointment of Matthew Scully as Chief Operating Officer supports confidence in the project.

Euroz has a speculative buy rating on the company with an AU$1.38 per share price target.