Toubani Resources Inc. (TSX-V:TRE, ASX:TRE) has updated investors on its activities for the period ending December 31, 2022, during which it successfully listed on the ASX, raising A$6 million.
Other highlights during the period include the appointment of a drilling contractor to undertake a targeted 10,750 metre (m) exploration campaign at Kobada in Mali and the appointment of Phil Russo as chief executive officer and executive director.
“We have moved quickly since our ASX listing to strengthen our management team with two key technical appointments to drive our exploration and development activities, and support our in-country team,” Russo said in a statement.
“There is significant potential at Kobada and through a concerted effort on the ground to test several identified target areas previously underexplored, as well as a combined endeavour to aggressively grow the market profile of Toubani, success on multiple fronts is the objective," he added.
READ: Toubani Resources highlights dual listing on ASX and other milestones in year-end shareholder letter
The company said the net proceeds from the capital raised during its listing have been used to support an initial drill program designed to test underexplored and previously untested exploration targets with the view to increasing known gold mineralisation occurrences.
In December, the company announced the appointment of drilling contractor, Etasi & Co Drilling to start the exploration drilling program at its flagship Kobada Gold Project in southern Mali.
The focus of the 2023 drilling campaign is on the previously identified target areas, based on soil geochemical sampling, artisanal mining, geophysics trends and historical drillholes, in the larger Kobada permit area. Results are planned for release in the March quarter of 2023.
During the period, Toubani also appointed Bill Oliver and Kerry Griffin to its technical management team. Oliver is a geologist with over 20 years of experience in the international resources industry working for both major and junior companies, while Griffin is a geologist with over 27 years of experience in various senior and management positions.
The company said that as of December 31 2022, it had a total of US$3.6 million cash net of broker, listing and associated legal fees, as well as restructuring costs, adding that it will file its audited December 31, 2022, financial statements and annual report on or before March 31, 2023.
Toubani Resources is an exploration and development company with a focus on building Africa’s next mid-tier gold producer.
Contact the author at jon.hopkins@proactiveinvestors.com