Toubani Resources Ltd (ASX:TRE) has received further promising results from targeted resource definition drilling at the Kobada Gold Project in southern Mali.
Between February and May 2024, Toubani completed a focused resource definition drilling program to test key areas of near-surface oxide mineralisation within or adjacent to preliminary pit designs.
Standout results
The Kobada project, which hosts 2.4 million ounces of mineral resources over a 4.5-kilometre strike length, is primarily comprised of oxide and open-pittable resources.
The first 54 holes demonstrated shallow high-grade mineralisation, with standout results including 71 metres at 1.86 g/t gold and 19 metres at 20.6 g/t, among the top 20 intersections at Kobada based on gram-metre metrics.
Highlights from the latest drill results include:
- 57 metres at 2.48 g/t gold from 85 metres, including 1 metre at 25.7 g/t and 9 metres at 5.08 g/t;
- 24 metres at 5.75 g/t from 131 metres, including 2 metres at 57.4 g/t;
- 51 metres at 2.72 g/t from 123 metres and 16 metres at 1.45 g/t from 176 metres; and
- 6 metres at 5.32 g/t from 107 metres and 36 metres at 2.56 g/t from 117 metres.
These intersections, spread across the northern, central and southern areas of the Kobada deposit, build on the strong earlier results.
"Sustained momentum"
Drilling has wrapped and final results are on the way. These will form part of an updated mineral resource estimate (MRE) expected in the second quarter of 2024, supporting ongoing definitive feasibility study (DFS) updates.
Toubani CEO Phil Russo said: “We are delighted to see sustained momentum in our drilling results, particularly further broad, high-grade intersections across the northern, central and southern areas of the deposit.
“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."
Next steps
With drilling on the 120-hole, 11,785-metre program now complete, Toubani will focus on compiling and validating final assay batches reported by SGS Laboratories.
This data will inform an updated MRE for the Kobada deposit, planned for the second quarter of 2024, feeding into pit optimisation studies and mine design for the DFS update due later in 2024.
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