Turaco Gold's Aggressive Drilling Campaign at Afema Gold Project Shows Promising Results
TURACO GOLD LIMITED (TCG) Share Update July 2024 Monday 29th
Turaco Gold Ramps Up Drilling at Afema Gold Project
Turaco Gold Limited (ASX: TCG) has significantly ramped up its drilling activities at the Afema Gold Project in south-east Côte d’Ivoire during the June 2024 quarter. The company completed over 14,000 meters of diamond and RC drilling across more than 80 holes as part of its program to deliver a maiden JORC resource estimate in the September quarter.
Instant Summary:
- Completed over 14,000 meters of diamond and RC drilling.
- Three exploration permits granted at the Afema Project.
- Metallurgical test work advanced across all deposits.
- Significant drilling results at Woulo Woulo and Afema Shear.
- Turaco ends June quarter with approximately A$18.2 million in cash.
Drilling Activities
During the June quarter, Turaco Gold completed over 14,000 meters of diamond and reverse circulation (RC) drilling across more than 80 holes at the Afema Gold Project. This extensive drilling campaign is part of the company's efforts to deliver a maiden JORC resource estimate in the upcoming September quarter.
The drilling activities were focused on the Woulo Woulo and Afema Shear deposits. At Woulo Woulo, approximately 10,000 meters of RC and diamond drilling were completed, with results reported for 43 holes. These results demonstrated the consistency and broad width of gold mineralization, with notable intercepts including 74m @ 1.09g/t gold and 105m @ 1.61g/t gold.
Exploration Permits and Metallurgical Test Work
In addition to the drilling activities, Turaco Gold was granted three new exploration permits at the Afema Project. These permits will allow the company to commence exploration drilling within these areas in the September quarter. The total granted project area now stands at 1,040 square kilometers.
Metallurgical test work was also advanced across all deposits within the Afema Gold Project. The test work confirmed excellent gold extractions, with results showing 93.9% extraction for oxide mineralization, 88.2% for transitional, and 89.4% for fresh mineralization. These results were achieved through baseline cyanide leach test work.
Corporate Developments
On the corporate front, Turaco Gold completed a heavily oversubscribed equity placement, ending the June quarter with approximately A$18.2 million in cash. The company also finalized the sale of its Odienne and Ferke projects to Many Peaks Minerals Ltd, receiving 5,000,000 shares in Many Peaks as part of the transaction.
The aggressive drilling campaign and positive results at the Afema Gold Project are likely to boost investor confidence in Turaco Gold. The granting of new exploration permits and successful metallurgical test work further strengthen the project's potential. The company's strong cash position following the equity placement also provides a solid foundation for continued exploration and development activities.
Investor Reaction:
Investors and analysts have reacted positively to the news, highlighting the significant drilling results and the potential for a maiden JORC resource estimate in the near future. The company's strong cash position and strategic focus on the Afema Gold Project are seen as key factors driving future growth.
Conclusion:
Investors should keep an eye on Turaco Gold's upcoming announcements, particularly the maiden JORC resource estimate expected in the September quarter. The company's continued exploration and development activities at the Afema Gold Project, supported by a strong cash position, make it a promising investment opportunity in the gold mining sector.