West Africa-focused explorer Toubani Resources (ASX:TRE) has increased the oxide ounces, confidence and grade within its Kobada Gold Project in southern Mali more than it expected.
Shallow, free-dig resources in the higher confidence indicated category have grown 44% to 1.4 million ounces of contained gold.
The grade of these resources has risen 10% to 0.87 grams per tonne (g/t).
This takes total indicated resources to 71 million tonnes @ 0.87g/t for 2 million contained gold ounces.
Over 80% of the initial inferred oxide resources have now been moved into the indicated category.
CEO Phil Russo says the delivery of the updated mineral resource estimate (MRE) now means that Kobada is “study ready”.
“The successful delivery of the 2024 MRE is a fantastic result that exceeded the company’s expectations in ounces converted and increases in grade – two key drivers of the upcoming DFS,” he says.
“Our vision is to reposition Kobada as a reduced technical risk, low strip, bulk-tonnage, oxide-dominant open pit development project of scale.
“Having converted over 80% of our oxide inferred ounces, we now have 1.4 million ounces of oxide material in indicated resources on which to base the DFS update, 44% more than in the previous MRE.
“With almost 50Mt of such material, as well as a 10% increase in estimated grade in the new MRE, the improved tonnage and grade profile is anticipated to improve the results of the forthcoming DFS update.”
Russo says there is still “significant upside” within the Kobada Main deposit, especially at depth below the current resource and across the +50km regional-scale shear zones known to host mineralisation within the broader project.
“Toubani’s drilling has already proven the presence of mineralisation at prospects like Kobada West and Gosso,” he says.
“With the recent additions to the board and owners’ team, Toubani is well placed to advance Kobada as an asset capable of producing at scale and competitive operating costs.”
The satellite deposits, Kobada West and Gosso, have not yet been included in the resource.
Around 40km of the +50km regional-scale shear zones are yet to be drill tested.
Toubani is now focusing on completing a DFS update for delivery in September.
Write to Angela East at Mining.com.au
Images: Toubani Resources
