Toubani Resources Inc. (TSX-V:TRE) saw its shares put in a healthy performance as they commenced trading today, Monday, November 28, 2022, on the Australian Securities Exchange (ASX) under the code TRE.
Shares were admitted to the Official List of the ASX on November 24, 2022, and trading commenced at 1.30pm AEDT today, with the stock rising by 12.5% to A$0.225.
The company raised A$6 million at A$0.20 per share as part of the equity listing, bringing in a broad base of new investors, predominantly from Australia. Toubani said it is now well-funded to execute its comprehensive drilling campaign.
READ: Toubani Resources encouraged by Kobada Est area drilling at its Kobada gold project in Mali
Trading of the company's shares on the TSX Venture Exchange (TSXV) will continue also under the ticker TRE.
The company said its management and the board believe that the dual listing on the ASX will raise the profile of its Kobada Project in a robust resources market where gold exploration companies have in recent times attracted significant investor interest.
Toubani said it intends to commence exploration on the Kobada project, with drilling activities expected to commence shortly. The focus of the 2022/2023 drilling campaign will be on the previously identified target areas, based on soil geochemical sampling, artisanal mining, geophysics trends and historical drillholes, in the larger Kobada mining permit area.
The aim of the drilling campaign is the following:
- Extending the mineralised zone of the main shear zone (MSZ) to the south and north
- Testing the continuity of a second mineralised zone to the east of the main Kobada orebody
- Drilling around historical artisanal mining where there are extensive workings
- Testing new potential gold mineralised zones
- Follow-up auger drilling anomalies showing strong gold mineralisation
The company believes the flagship project to be largely de-risked based upon the results of the study, and further exploration will build on the substantial baseline of 3.1 million ounces total resource, and 1.2 million ounces of reserves.
As well as the initial Kobada Gold Project mining concession, other highly prospective exploration locations have been identified on the Kobada, Faraba and Kobada Est concessions based upon systematic regional exploration techniques. These additional exploration areas are part of the targeted drilling campaign as outlined above, with a view to increase strike length and grow resource ounces.
Contact the author at jon.hopkins@proactiveinvestors.com