Toubani Resources (ASX:TRE) confirms operations at its Kobada Gold Project were not interrupted by fuel supply and security restrictions in Bamako, Mali, and is now expecting a second drill rig to arrive.
The second rig will be used to accelerate anomaly testing and sterilisation works to pinpoint infrastructure locations.
Toubani, which has a market capitalisation of $138.23 million, shares that other on site work has continued to progress as expected and its Bamako office has been clear of these restrictions, maintaining regular activities.
As reported by Mining.com.au, Toubani last month engaged Ausenco Services to act as the engineering, procurement, and construction management for activities conducted at Kobada.
Maiden engineering activities are now in progress with long lead orders placed for the project.
The company is continuing discussions with Malian authorities to finalise the investment framework required for its licence over the project.
Major shareholder of Toubani Eagle Eye Assets says its follow-on investment for $70 million and US$160 million ($245.93 million) gold stream will “support Toubani in progressing key project milestones in the nearterm and finalising its funding arrangements”.
Prior to drawdown of proceeds from the cash stream, Toubani’s cash position is estimated to sit at $177 million.
Toubani Resources is a gold explorer focused on developing the Kobada Gold Project in West Africa.
Write to Maddison Elliott at Mining.com.au
Images: Toubani Resources
