West Africa-focused gold explorer Toubani Resources (ASX:TRE) has intersected more gold in its resource definition drilling program at the 2.4-million-ounce Kobada Gold Project in Mali.
The latest results from a further 24 holes show continued wide, “high-grade” oxide mineralisation, according to Toubani.
Drilling intersected 57m @ 2.48 grams per tonne (g/t) gold from 85m, including 1m @ 25.7g/t and 9m @ 5.08g/t gold; as well as 24m @ 5.75g/t gold from 131m, including 2m @ 57.4g/t gold.
Toubani says the broad, high-grade intersections occur across the northern, central and southern areas of the 4.5km long Kobada deposit.
CEO Phil Russo says Toubani’s attention is now firmly on the upcoming resource update and Definitive Feasibility Study milestones, with the drilling program now complete.
The resource update is expected to be released in the current quarter.
“Our strategy to advance and de-risk Kobada towards shovel-ready status is moving forward with increasing confidence,” Russo says.
“Coupled with the positive outlook for gold and the favourable landscape for advanced gold development assets in West Africa, this is indeed an exciting time for Toubani.”
The gold price hit a fresh record this week, surging to US$2,443 ($3,664) an ounce over continued inflation concerns and geopolitical uncertainty.
Following the latest round of drilling, Toubani’s goal is to improve the confidence in the resource and underpin studies for the definition of a new reserve.
The company wants to shift more of the 500,000 inferred ounces into the higher confidence indicated category.
Over 60% of the current 2.4-million-ounce contained resource is already in the indicated category, while the remainder is inferred.
Drilling was undertaken between February and May to test key areas of near-surface, open pittable oxide mineralisation which falls within or immediately adjacent to preliminary pit designs.
Toubani says results from the first 54 holes demonstrated the existence of shallow high-grade gold mineralisation in these areas including an intercept of 2m @ 178g/t from within a broader intercept of 19m @ 20.6g/t.
Write to Angela East at Mining.com.au
Images: Toubani Resources
