Turaco Gold's Initial Drilling Success at Niamienlessa: A New Gold Discovery
TCG (TCG) Share Update November 2024 Tuesday 12th
Turaco Gold Announces Promising Initial Drilling Results at Niamienlessa
Turaco Gold Limited (ASX: TCG) has announced promising results from its maiden drilling program along the Niamienlessa Trend within the Afema Project in southeast Côte d'Ivoire, revealing significant gold mineralization.
Instant Summary:
- 12m @ 6.72g/t gold from 18m in Hole NIARC0035.
- 27m @ 1.30g/t gold from 34m in Hole NIARC0036.
- Discovery located near Afema MRE of 2.52Moz.
- RC drilling ongoing at the Affienou prospect.
Introduction to the Discovery
Turaco Gold Limited has reported initial drilling results from the Niamienlessa Trend, part of its Afema Project. The maiden drilling campaign has uncovered a moderately dipping zone of shallow gold mineralization, marking a significant step forward for the company.
Results from the first ten reverse circulation (RC) holes at the Niamienlessa SW prospect have been highly encouraging. Notably, Hole NIARC0035 yielded 12 meters at 6.72 grams per tonne (g/t) gold from a depth of 18 meters, including a higher grade section of 6 meters at 11.85 g/t gold.
Details of the Drilling Program
The drilling targeted two sub-parallel anomalies extending over 2 kilometers and 1.6 kilometers. These anomalies were identified through soil sampling and trenching, which had previously indicated the presence of gold.
Further results are pending, but the initial findings suggest a broad mineralization extending into fresh rock, with most of the mineralization intercepted in the oxide zone up to 80 meters from the surface.
Strategic Location and Ongoing Exploration
The Niamienlessa SW discovery is strategically located within 10 kilometers of the Afema Project's existing deposits, which have a combined JORC Mineral Resource Estimate of 2.52 million ounces of gold. This proximity suggests potential for additional resource growth.
RC drilling is also underway at the Affienou prospect, where substantial artisanal mining activity has been observed. The presence of three drill rigs, including two diamond rigs, highlights Turaco's commitment to advancing its exploration efforts.
The announcement of significant gold intercepts is likely to have a positive impact on Turaco Gold's stock, as it demonstrates the potential for resource expansion at the Afema Project. The discovery enhances the project's attractiveness and could lead to increased investor interest.
Investor Reaction:
Analysts are likely to view these results favorably, as they confirm the exploration potential of the Niamienlessa Trend. The proximity to existing resources and the ongoing drilling activities further bolster the company's growth prospects.
Conclusion:
Investors should keep an eye on Turaco Gold's future announcements as further drilling results are released. The company's strategic exploration efforts could significantly enhance its resource base, offering potential upside for shareholders.