Toubani Resources Raises A$3.85M As It Moves Toward Delivering Kobada DFS

Toubani Resources Ltd (ASX: TRE) is set to move towards delivering a DFS for its Kobada Gold Project in Mali following the completion of a share placement.

The company raised A$3.85 million by placing shares at A$0.115 each to sophisticated, professional and institutional investors.

Additionally, Non-Executive Director, Tim Kestell, has subscribed for shares worth A$150,000.

Kobada DFS

The Kobada project hosts a resource of 2.4 million ounces of gold which occurs over a 4.5km strike length and is predominantly oxide and open pittable.

 Toubani Chief Executive Officer Phil Russo said: “The funding enables Toubani to complete the technical work streams necessary to deliver our DFS including updating our Mineral Resource following our highly targeted resource definition drilling, as well as Ore Reserve studies and finally, completion of an increased scale, predominantly oxide and technically simple Kobada DFS.

High-grade gold hits

 Toubani recently hit high-grade oxide gold intersections from drilling at Kobada, with assays of up to 19 metres at 20.6g/t gold from 105 metres.

Watch: Toubani Resources MD Phil Russo Discusses With JustStocks Video Of ‘Compelling Value’ In Its Kobada Gold Deposit

Drilling will wrap up shortly with the results to feed into an updated resource estimate this quarter.

Given the results seen so far, Toubani will investigate the potential to define higher-grade zones during its resource update work.

The updated resource will underpin ore reserve studies as part of the DFS update.

 

 

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