Turaco Gold (ASX:TCG) launched a maiden JORC-compliant useful resource estimate for its Afema gold challenge in West Africa on Tuesday (August 27), additionally reporting metallurgical testwork outcomes.
The useful resource of two.52 million ounces of gold covers the Woulo Woulo, Jonction and Anuiri deposits, with 60 % being within the indicated class. The corporate mentioned the report is an interim estimate as work is ongoing.
Respectively the deposits maintain 1.25 million ounces, 660,000 ounces and 660,000 ounces of gold.
Different deposits on the Afema property embrace Asupiri, Brahima, Adiopan and Toilesso. They had been excluded from the useful resource estimate as they’re nonetheless topic to additional drilling and metallurgical testwork.
“Expenditure and acquisition prices (inclusive of all deferred milestone funds) equate to lower than US$7 per ounce attributable to Turaco,” shared Justin Tremain, managing director at Turaco.
“Following the wonderful metallurgical outcomes at Jonction, with 76 % and 85 % leach gold extractions achieved, the same systematic metallurgical testwork program has commenced on Anuiri. Testwork will then be undertaken on the extra deposits which have been excluded from the (mineral useful resource estimate),” he added.
Afema is positioned in Southeast Cote d’Ivoire, and Turaco notes that small-scale mining occurred on the Afema shear through the Nineties. Throughout that point 125,000 ounces of gold had been produced on the web site earlier than operations ceased in 1998.
In April, Turaco acquired a 51 % curiosity in Taurus Gold Afema Holdings, the proprietor of Afema Gold, which owns the granted mining allow for Afema. Turaco has the precise to extend its stake to 70 %.
Mineralisation at Afema stays open in all instructions in any respect deposits, the corporate mentioned.
It expects to start exploration drilling inside not too long ago granted exploration permits within the coming weeks. It would goal new discoveries close to the Woulo Woulo, Jonction and Anuiri deposits.
“Additional outcomes from drilling at Woulo Woulo are anticipated shortly. Two rigs will proceed to function,” mentioned Tremain.
Don’t overlook to comply with us @INN_Australia for real-time information updates!
Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
