Toubani's Kobada Project Poised for Gold Resource Upgrade

Toubani Resources (ASX:TRE) has intersected 71 metres at 1.86 g/t gold in resource definition drilling at its Kobada Gold Project in Mali. The drilling is designed to expand and upgrade the current 2.4 million ounce resource estimate, with results to be used in a second-quarter resource upgrade and ore reserve studies for a definitive feasibility study update.

Is Toubani's Kobada Project Poised for a Resource Upgrade?

Toubani Resources Ltd. (ASX: TRE) has unveiled promising results from resource definition drilling at its Kobada Gold Project in southern Mali, striking a significant intersection of oxide gold mineralization. This discovery raises questions about the potential expansion and enhancement of the project's resource estimate.

Impressive Drill Results

The company's drilling efforts have unearthed 71 meters of oxide gold at a grade of 1.86 grams per tonne (g/t) from a depth of 79 meters. This intersection highlights the high-grade, shallow nature of the mineralization at Kobada. Notably, the results include several standout intercepts:

• 15 meters at 4.04 g/t
• 7 meters at 7.67 g/t, including 1 meter at 49.3 g/t
• 32 meters at 1.46 g/t, including 1 meter at 10.9 g/t and 1 meter at 22.6 g/t
• 3 meters at 12.4 g/t
• 3 meters at 7.53 g/t, including 1 meter at 21.3 g/t
• 4 meters at 3.96 g/t and 1 meter at 7.50 g/t

Resource Expansion and Upgrade

These drilling results will form the basis for a second-quarter resource upgrade, which is expected to underpin ore reserve studies as part of an updated definitive feasibility study for the project. The current resource estimate for Kobada stands at 2.4 million ounces of gold over a 4.5-kilometer strike, with the majority being oxide mineralization suitable for open-pit mining.

Advancing a Simplified Project

Toubani Resources CEO Phil Russo emphasizes the significance of these findings, stating that they "support us meeting this objective as we look to de-risk Kobada and advance an increased scale, technically simple oxide gold project." The company aims to unlock the value of the project through the next phase of engineering studies, leveraging the positive drilling results to reduce uncertainties and enhance the project's feasibility.

Confirming Oxide Mineralization Depth

The latest drilling results provide further evidence of the extensive depth of oxide mineralization at Kobada. The presence of high-grade intersections at significant depths suggests the potential for a substantial resource upgrade.

Ongoing Drilling Program

To date, 55 drill holes have been completed, totaling 5,605 meters. Results have been received from 30 holes in the northern and central portions of the Kobada deposit. The drilling program is expected to be completed shortly, with results anticipated through April 2024 to inform the resource update in Q2 2024.