Toubani Resources (ASX:TRE) says completion of its resource definition drilling program is imminent, which will pave the way for improved confidence in the resource at the Kobada Gold Project in Mali and underpin studies for the definition of a maiden reserve.
The goal of the current program is to convert areas of inferred mineralisation to the higher confidence indicated and measured categories.
Over 60% of the current 2.4-million-ounce contained resource is already in the indicated category, while the remainder is inferred.
The resource definition drilling program could increase the mining inventory available in the Definitive Feasibility Study (DFS), which is slated for release in Q3 2024.
Toubani, which has a $16.1 million market capitalisation, plans to deliver an update to the resource in the current quarter before undertaking an updated pit optimisation and mining schedule.
During the first quarter of 2024, Toubani undertook a 10,000m drilling program that returned several near-surface, high-grade gold hits, including a previously reported peak intercept of 2m at 178 grams per tonne from within a broader 19m at 20.6g/t from 105m.
CEO Phil Russo says the latest round of drilling continues to strengthen Toubani’s belief in the inherent value in the Kobada deposit.
“The drilling will underpin the technical workstreams that are underway and build momentum towards completion of the DFS later this year.
At a time of rising gold prices and fewer gold development assets coming through the pipeline, it’s an exciting time to be advancing an enlarged and attractive Kobada project through the development curve.”
Subsequent to completion of the quarter, as previously reported, Toubani attracted a fresh cash injection of $4 million to fund completion of a larger-scale DFS, which is being updated from the 2021 study.
Toubani says initial optimisation studies highlight Kobada as a “substantial, technically simple” oxide development project.
Write to Angela East at Mining.com.au
Images: Toubani Resources
