Toubani Resources Ltd (ASX:TRE) has struck a broad intersection of oxide gold in resource definition drilling at the Kobada Gold Project in southern Mali, unearthing 71 metres at 1.86 g/t gold from 79 metres of depth.
The resource definition drilling is designed to expand and upgrade the Kobada mineral resource estimate, which currently stands at 2.4 million ounces of gold over a 4.5-kilometre strike and this is mostly oxide mineralisation amenable to open-pit mining.
Results from this round of drilling will be used in a second-quarter resource upgrade, which will underpin ore reserve studies to be completed as part of a definitive feasibility study update for the project.
Advancing a simple oxide gold project
“A fantastic start to our targeted resource definition drill program with high-grade, shallow oxide mineralisation intercepted across the deposit with one of the best intersections seen to date at Kobada of 71 metres at 1.86 g/t – a timely reminder of the potential of the Kobada deposit as well as the regional prospectivity in which we hold a dominant land position,” Toubani Resources CEO Phil Russo said.
“The objective of the program is to unlock dormant value in the project through the next phase of our engineering studies and the results seen so far will support us meeting this objective as we look to de-risk Kobada and advance an increased scale, technically simple oxide gold project."
TRE says the latest drilling results confirm the extensive depth of the oxide mineralisation at Kobada, with best intersections including:
- 71 metres at 1.86 g/t gold from 79 metres including 15 metres at 4.04 g/t;
- 7 metres at 7.67 g/t from 35 metres including 1-metre at 49.3 g/t;
- 32 metres at 1.46 g/t from 94 metres including 1-metre at 10.9 g/t and 1-metre at 22.6 g/t;
- 3 metres at 12.4 g/t from 30 metres;
- 3 metres at 7.53 g/t from 47 metres including 1-metre at 21.3 g/t; and
- 4 metres at 3.96 g/t gold from 12 metres and 1-metre at 7.50 g/t from 19 metres.
To date, 55 drill holes have been completed for a total of 5,605 metres. Results have been received from 30 holes in the northern and central portion of the Kobada deposit
Excellent progress has been made with the program, which is expected to be completed shortly.
Results are anticipated to be received through April 2024 to inform a resource update in Q2 2024.