Toubani Resources Poised For MRE Update As High-Grade Gold Hits Roll In

West African explorer Toubani Resources Ltd (ASX:TRE) continues its gold streak at the Kobada Gold Project in southern Mali as the company delivers further high-grade hits calling for an MRE update at the project.

Notably, these final assays from the resource definition drill program highlighted some near surface high-grade oxide results, including:

  • 1 metre at 100g/t gold from 17 metres;
  • 13 metres at 6.23g/t gold from 88 metres, including 1 metre at 23.5g/t gold from 53 metres; and
  • 5 metres at 7.19g/t gold from 53 metres, including 1 metre at 23.5g/t gold from 53 metres.

With the assays in hand, Toubani is targeting an updated mineral resource estimate (MRE) for Kobada with the objective of converting oxide inferred resources to indicated classification.

“We look forward to delivering this next milestone in our strategy as we move to demonstrate the Kobada Gold Project at an increased production scale and a competitive capital and operating cost structure,” said CEO Phil Russo

Toubani’s shares jumped 21.43% in the past month to A$0.17 with a market cap of A$27.7 million.

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Drill program

Toubani completed a focused resource definition drilling program between February and May 2024 to test key areas of near-surface, open pittable oxide mineralisation which falls within or immediately adjacent to preliminary pit designs.

Russo added: “The resource definition drill program is a key milestone to have successfully completed.

“These results will inform an update of our Mineral Resource Estimate for Kobada with the objective of converting oxide Inferred resources to Indicated classification.”

Interestingly, the Kobada project hosts 2.4 Moz in mineral resources which occurs over a 4.5km strike length and is predominantly oxide and open pittable.

What next

As the final assays are in, Toubani can now begin updating the MRE for the Kobada Gold Deposit.

All data from the 2024 resource definition program has been loaded into the company’s master database by its independent geological database manager.

Entech Pty Ltd have again been engaged to update the August 2023 MRE with the focus of the update being upgrading of resources from Inferred to Indicated classification.

What’s more, the MRE update will feed into updated pit optimisation studies and mine design / schedules which will inform the DFS Update currently in progress and due for delivery later in 2024.

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