Turaco Gold (ASX:TCG) has exercised its option to acquire exploration permit PR1074, in connection to its Afema Project in Côte d’Ivoire.
The option provides Turaco with the right to fully acquire PR1074 from Pioneer Minerals SARL, extending Afema’s project area by 30% to over 1,600km².
Spanning 366km², the permit area covers extensions of the mineralised Sefwi Greenstone Belt and is adjacent to Afema’s existing project area.
Managing Director Justin Tremain says the acquisition further strengthens Turaco’s control over the majority of the interpreted extension of the Sefwi Belt and “further enhances exploration potential at the Afema project”.
Following the grant of the permit, Turaco has secured a 12-month option over the permit for US$100,000 ($145,136), payable in shares.
To acquire 100% of the permit within the 12 months, Turaco will issue 2.25 million shares and grant a 2% net smelter return.
The Afema Project hosts a total mineral resource estimate of 4.65 million ounces across seven deposits, comprising 72.2 million tonnes at 1.20 grams per tonne gold in the indicated category and 44.5 million tonnes at 1.30g/t gold inferred.
Turaco also declared a probable ore reserve of 1.91 million ounces based on a US$2,000 per ounce gold price assumption, as reported.
The company says it now plans to carry out planned exploration programs starting with stream sediment and soil sampling across PR1074 to generate future drill targets.
It expects to update the total Afema resource estimate by the end of calendar year 2026.
Turaco Gold is a gold explorer and developer focused on advancing its flagship Afema Project in West Africa.
Write to Paula Fabe at Mining.com.au
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