Many Peaks Minerals (ASX:MPK) exercised its option to acquire a 100% stake in the Baga gold project in Ivory Coast, resulting in the company acquiring all of the issued capital of Atlantic Resources Côte d'Ivoire, subject to settlement conditions, according to a Wednesday Australian bourse filing.

The consideration payable upon settlement includes 1.5 million fully paid ordinary shares in Many Peaks, and either a cash payment of $1 million or shares valued at $1 million, at Many Peaks' election. Settlement is scheduled to occur within two months after the option exercise date.

Results from an initial soil geochemistry program delivered multiple soil anomalies, with 7,588 soil samples collected in a wide-spaced reconnaissance program.

A maiden auger drilling program is being conducted, targeting 2,300 holes for an estimated 14,000 meters of drilling to test gold anomalism.

Many Peaks' shares jumped nearly 4% in early trading on Wednesday.