Toubani Resources (ASX:TRE) is expecting its drilling results will support an updated Mineral Resource Estimate (MRE) in Q2 2024 to underpin ore reserve studies at the Kobada Gold Project in southern Mali.
The $17.4-million market capitalisation company is carrying out an MRE update and ore reserve study, as part of a Definitive Feasibility Study (DFS) update.
In February 2024, a resource definition drill program was conducted to test key areas of near-surface open pittable oxide mineralisation, which falls within or immediately adjacent to preliminary pit designs.
To date, 114 drillholes for 10.95m have been completed.
Results have been received from 11 drillholes in the central portion of Kobada, with hole KBRC24_044 intersecting with 19m @ 20.6 grams per tonne (g/t) gold from 69m, including 2m @ 178g/t.
CEO Phil Russo says drilling was designed to de-risk, convert, and unlock the value in Kobada.
“Given the headline results which we have received, we will investigate the potential to define higher grade zones during our resource update work to compliment the bulk mining approach of the broader deposit,” Russo says.
“If successful, this will further highlight the range of optionality and potential we see at Kobada over and above the optimised project, we are excited to define in our upcoming DFS.”
Toubani Resources is focused on developing West Africa’s next gold mine — the Kobada Project.
Write to Aaliyah Rogan at Mining.com.au
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