Nov 13, 2024

Turaco Gold Hits 12m @ 6.72g/t Au in New Discovery at Niamienlessa, Côte d'Ivoire

Introduction:

Turaco Gold Limited (ASX: TCG) (Market Cap: $222M | Last Close: $0.27 | Cash: $15M) has reported highly encouraging initial drill results from its maiden drilling program along the previously undrilled +10 kilometer 'Niamienlessa Trend' at its Afema Project in southeast Côte d'Ivoire, highlighted by 12m @ 6.72g/t Au from 18m.

Drill Results:

12m @ 6.72g/t Au from 18m (including 6m @ 11.85g/t Au from 18m) (NIARC0035)
27m @ 1.30g/t Au from 34m (including 12m @ 2.24g/t Au from 39m) (NIARC0036)
15m @ 2.11g/t Au from 22m (including 8m @ 3.41g/t Au from 23m) (NIARC0038)
13m @ 1.23g/t Au from 22m (NIARC0041)
26m @ 1.04g/t Au from 71m (NIARC0043)‍
16m @ 1.18g/t Au from 32m (NIARC0045)

Project Overview:

The Afema Project is located in southeast Côte d'Ivoire. The Niamienlessa Trend is interpreted to be a continuation of the well-endowed 'Asanko' trend in Ghana. The southern +10 kilometers of Niamienlessa has not seen any past drilling, with multiple high-tenor gold-in-soil and trench anomalies identified.

Turaco recently announced a maiden JORC Mineral Resource Estimate for the Afema Project of 2.52Moz gold comprising the Woulo Woulo, Jonction and Anuiri deposits. The Niamienlessa SW discovery is located in close proximity (less than 10km) to these three deposits, providing potential for additional resource growth.

Program Details:

Initial exploration drilling commenced at the 'Niamienlessa SW' prospect, with 16 shallow RC holes totaling ~2,000m drilled. Results reported are from the first 10 holes, testing two sub-parallel trends with high tenor gold-in-soil anomalies extending across 2 kilometers and 1.6 kilometers respectively. Drilling has only tested the top ~80 meters from surface, with predominantly oxide mineralization intercepted and confirmation of broad mineralization extending into fresh rock.

Understanding These Results:

The initial drilling results demonstrate shallow, high-grade gold mineralization in a newly discovered zone. The mineralization dips shallowly towards the southeast and is characterized by silicification with fine disseminated sulfides in the transitional and fresh mineralization.

The intercept of 26m @ 1.04g/t Au from 71m in fresh rock (NIARC0043) indicates that broad mineralization remains open at depth. These results highlight the potential for resource growth beyond the current 2.52Moz MRE.

Management Commentary:

Justin Tremain, Managing Director of Turaco Gold, stated:

“It is highly encouraging to return shallow results such as 12m @ 6.72g/t gold from initial, first pass drilling along the Niamienlessa Trend. This drilling is in close proximity to the Company’s maiden JORC resource estimate of 2.52Moz and provides further evidence of the significant resource growth potential at Afema. There has been no historical drilling along the southern +10 kilometres strike of the trend which is characterised by highly anomalous gold-in-soils and excellent past trenching results. The most extensive artisanal mining activity is located at the ‘Affienou’ prospect, towards the southern end of the Niamienlessa Trend, where maiden drilling recently commenced.”

Next Steps & Catalysts:

RC drilling is ongoing with first pass drilling currently underway at the untested 'Affienou' prospect at the south of the Niamienlessa Trend. The Affienou prospect is characterized by extensive high tenor soil anomalism, positive trench results, and significant active artisanal mining activity.

Two diamond rigs are now operating on-site targeting shallow extensions to mineralization on the Afema Shear at the Jonction, Anuiri and Asupiri deposits. Soil sampling and auger programs are ongoing at the Baffia, Kotoka and Koffikro prospects in preparation for maiden drill testing in the coming months.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,622/oz (November 12, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

Gold continues to be a sought-after commodity, with West Africa emerging as a significant gold-producing region. Côte d'Ivoire, as a stable jurisdiction with developing mining infrastructure, is attracting increased exploration and development interest from gold companies.

Conclusion:

Turaco Gold's initial drilling success at Niamienlessa SW demonstrates the considerable exploration upside at the Afema Project. With high-grade, shallow intercepts in close proximity to the existing 2.52Moz resource, the company is positioning itself to grow its resource base through both new discoveries and extensional drilling of known deposits.

Sources:

TCG Drill Results Announcement

Additional Figures:

Australia

ASX

PGE

Nov 5, 2024