Toubani Resources Inc (ASX:TRE, OTC:AGGFF) has completed a successful regional drilling campaign, encountering gold at all seven drill-tested targets and expanding the mineralised strike at the Kobada Gold deposit in Mali to 11 kilometres from five kilometres.
The company struck gold at the Gosso, Kobada East, Kobada North 1 and 2, Kobada West, Kobada South and Junction/Foroko targets, with best results including 1-metre at 24.8 g/t gold and 9 metres at 1.72 g/t gold.
There is still a large exploration opportunity at Kobada, with only 10 kilometres of a 50-kilometre regional-scale shear zone drill tested so far.
“Exciting potential to grow”
“Our Phase 1 drilling campaign provides us the confidence that with systematic exploration, a portfolio of projects providing supplementary resources to the Kobada Main Deposit can be defined,” Toubani Resources CEO Phil Russo said.
“With almost all of the historical drilling to date being focused at Kobada Main, we are only in the early stages of unlocking the significant regional potential of our ground with 11 kilometres of drill-tested strike extent now defined over the 50 kilometres of interpreted structures.
“To intersect areas of mineralisation where there was no previous drilling is a fantastic result and demonstrates the exciting potential to grow our oxide resource base over time.”
Specifically, Toubani intends to target the continuous, near-surface oxide gold of the Kobada West discovery, about a kilometre northwest from the main Kobada deposit.
The company is also interested in investigating strike extensions of the Kobada North and South and Gasso targets, as well as confirming a new discovery at Kobada East.
Potential for more mineralisation at depth
Russo highlighted the “enormous opportunity” to explore beneath the Kobada deposit, where free milling, fresh rock mineralisation has not yet been targeted beyond 100 metres of vertical depth and open across the entire 4.5-kilometre strike.
“We believe that significant untapped value lies in optimising and growing Kobada and this is why we announced the commencement of the definitive feasibility study (DFS) update workstream earlier this month,” Russo continued.
“We are excited to be pursuing that potential while also commencing a supporting parallel drilling program shortly.
“We remain focused on continuing to de-risk Kobada as it advances rapidly along the development path and positions itself as a project of significance in the region.”
Toubani said its drilling in the second half of 2023 would focus on both resource and regional drilling, with plans to convert inferred resource estimates to the higher confidence indicated category and advance regional discoveries toward maiden resource estimates.
Overall, the company intends to continue its dual-track strategy at Kobada with 2023 2H drilling programs forming an integral part of Toubani’s DFS update due later this year.