Toubani Resources Ltd (ASX:TRE) has fielded more promising shallow high-grade oxide gold results from its ongoing resource definition drill campaign that reaffirm the scale potential of the Kobada Gold Project in southern Mali.
With a reported 2.4 million ounces of mineral resources spanning a 4.5-kilometre strike length, the project is mainly characterised by its oxide, open-pittable nature.
Highlights
Some of the highlights from the recent drilling include near-surface, high-grade oxide intersections such as:
- 27 metres at 1.23 g/t gold from 71 metres and 21 metres at 2.97 g/t from 105 metres;
- 7 metres at 11.0 g/t from 17 metres; and
- 28 metres at 1.71 g/t from 122 metres.
These findings build on the initial results that already demonstrated significant high-grade mineralisation, reinforcing the company’s confidence in the project's scale and depth potential.
The drilling campaign, set to conclude in mid-April 2024, aims to refine a mineral resource estimate (MRE) in preparation for an updated definitive feasibility study (DFS) in the second quarter of 2024.
As of today, 91 drill holes have been completed for around 9,309 metres. The results from the first 30 holes, released on March 25, showcased the presence of shallow, high-grade mineralisation.
The continued drilling in the central part of the Kobada deposit further supports the project’s high-grade potential.
The intersection results, which are consistent with historical data, are expected to enhance the geological understanding and resource estimation, potentially leading to an expanded mineral inventory for the project.
More gold potential
Notably, high-grade zones within certain intersections suggest the potential for delineating more substantial gold zones in the upcoming MRE.
Toubani CEO Phil Russo said: “Kobada's potential is clearly evident in our drilling to date as momentum in the resource definition program continues to build.
“Numerous results have now been received of significant width and tenor and these will be included in our mineral resource update this quarter.
“Our confidence is growing in demonstrating Kobada as one of the few remaining, if not the sole, advanced stage, large scale, oxide gold projects in the hands of a single-asset developer with the delivery of an updated feasibility study later this year."