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More Mali gold shines light on widening Toubani resource

Toubani Resources drilling at its Kobada gold project in Mali.

Toubani Resources (ASX: TRE) has continued its run of impressive gold hits from drilling at its Kobada project in Mali, with its latest assays returning broad and high-grade intercepts at relatively shallow depths.

The latest highlights from the company’s now-completed resource definition drill campaign show a 57m section grading 2.48 grams per tonne gold from 85m including a 1m hit at 25.7g/t from 115m and a deeper 9m segment going 5.08g/t from 125m.

The program was designed to update Kobada’s current 2.4 million-ounce resource estimate for the deposit that is tabled for release this quarter. The campaign tested key areas of near-surface, open-pittable oxide mineralisation within or immediately adjacent to preliminary pit designs.

Our attention is now firmly on the upcoming resource update and DFS milestones as the drilling program concludes.
Toubani Resources chief executive officer Phil Russo

Additional broad hits from the 120-hole campaign stretching through 11,785m returned 51m at 2.72g/t from 131m including 16m going 1.45g/t from 176m, while another hole unveiled 24m grading 5.75g/t from 121m including 2m reading a whopping 57.4g/t from 143m. Today’s figures come from 24 holes, including 18 from within the southern area of the 4.5km-long deposit, in addition to three holes drilled into both the northern and central zones.

Further positive assays unveiled 6m going 5.32g/t gold from 107m in addition to 16m at 1.45/t from 176m within the same hole, while a 26m hit grading 3.22g/t from 111m including 7m reading 9.12g/t from 125m was also recorded. The final assays from the comprehensive drill campaign are at the laboratory, with results expected to be delivered in coming weeks.

Our attention is now firmly on the upcoming resource update and DFS milestones as the drilling program concludes. Our strategy to advance and de-risk Kobada towards shovel-ready status is moving forward with increasing confidence. 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.
Toubani Resources chief executive officer Phil Russo

Management kicked off its latest round of drilling back in February. The company’s resulting potential resource upgrade is expected to form the building blocks of a new definitive feasibility study (DFS) update that will add to the previous study released three years ago.

Kobada covers a 136-square-kilometre mining permit that is valid through to 2045, in addition to two adjacent exploration concessions. It extends for more than 5km in length, with the existing resource estimate defined within a planned 4.5km-long open pit.

It totals 87 million tonnes at 0.84g/t gold for the 2.4 million ounces.

Today’s results add to an already impressive list of assays recorded at Kobada in recent weeks, with a highlight 19m intercept going 20.6g/t gold from 69m containing a bonanza-grade 2m hit at a massive 178g/t from 69m.

Wider segments from assays delivered last month show 48m grading 2.84g/t gold from 85m including 2m at 12g/t from 89m and a deeper 3m section returning 7.38g/t from 113m. Shallower hits delivered 3m going 9.12g/t gold from just 14m including 1m at 26.1g/t from 14m.

Mali is the fourth-biggest gold producer in Africa, with output expected to continue to increase as more operations come online. The country is a hotspot for several major miners including Barrick Gold, with two gold mines in Mali at its 11 million-ounce Loulo project and the 5.1 million-ounce Gounkoto operation.

Based on its string of solid results from its resource definition drill campaign and with more assays still to come, Toubani could be looking at a significant upgrade to its already impressive Kobada deposit as it drives to join the ranks of gold producers in Mali.

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