TORONTO, May 16, 2023 (GLOBE NEWSWIRE) -- Toubani Resources, Inc (ASX: TRE) (“Toubani Resources” or the “Company”) is pleased to announce the Kobada West discovery, a never-before drilled target less than 1km from the Kobada Main deposit in southern Mali. The Kobada project hosts 3.1Moz in Mineral Resources which occurs over a 4.5km strike length and is predominantly oxide and open pittable.
- First ever drill holes at Kobada West have delineated continuous, near surface oxide gold mineralisation with consistent grades and thicknesses section-to-section
- Kobada West is interpreted to lie on a parallel structure less than 1km west of the Kobada Main deposit, yet no previous drilling had been undertaken and is outside of the current Mineral Resource
- Recent drilling has identified shallow, oxide mineralisation on every section drilled to date over the current strike length of 600 metres which remains open along strike and at depth
- Significant intersections include:
- 9m at 1.72g/t incl. 2m at 6.26g/t
- 1m at 11.3g/t and 5m at 1.26g/t
- 5m at 1.24g/t and 3m at 0.93g/t
- 11m at 0.55g/t, 2m at 2.66g/t and 3m at 1.12g/t
- Kobada West results confirm gold mineralisation has been intersected at all of the five planned extensional targets drilled by Toubani in 2023, extending overall strike extent of mineralisation defined by drilling at the project from 5km to 11km
- Drilling results affirm Toubani’s overall strategy of an oxide-dominant project of scale at Kobada with optimisation work streams underway
Chief Executive Officer, Phil Russo commented: “The consistency and continuity of mineralisation at Kobada West is very pleasing to see and is validation that the more we drill at Kobada, the more mineralisation is uncovered. Further, to discover this extensive mineralisation right next door to the main Kobada resource is a fantastic result. For a project of scale and maturity like Kobada to still be able to make new discoveries is such a rare combination and with our 2023 drill program now intersecting new mineralisation across all planned targets, we have had an exceptional success rate. Toubani’s vision of defining a long-life, oxide-dominant project of scale is supported by our drilling success to date and we look forward to demonstrating this potential as our optimisation efforts advance in the coming months.”
Drilling Results and Commentary
Kobada West is located on a parallel structure just 1km north-west of the Kobada Main Deposit (Figure 1). The target area was identified by the presence of artisanal workings as well as historical surface sampling. The number of holes drilled at this target was increased during the drill program due to recent artisanal activity observed by Toubani’s geologists as well as logging of the initial drill holes.
Drilling was carried out on four sections spaced 200 metres apart as shown on Figure 2. Shallow oxide gold mineralisation was intersected on every section, over a strike length of 600m with good continuity section to section, and consistent grade and thickness. Gold mineralisation remains open along strike and depth. Results are detailed in Appendix 1 and include:
- 9m at 1.72g/t from 63m incl. 2m at 6.26g/t from 63m (KW1/22_P003)
- 1m at 11.3g/t from 129m and 5m at 1.26g/t from 116m (KW22_P003)
- 5m at 1.24g/t from 78m, 4m at 0.67g/t from 88m and 3m at 0.93g/t from 106m (KW22_P009)
- 11m at 0.55g/t from 16m, 2m at 2.66g/t from 58m and 3m at 1.12g/t from 63m (KW22_P002)
- 2m at 0.51g/t from 92m and 2m at 3.22g/t from 124m (KW1/22_P006)
- 1m at 5.50g/t from 103m (KW1/22_P001)
- 5m at 0.80g/t from 90m (KW1/22_P005)
Exploration and Optimisation Work Program
Toubani’s 13,750m drill program has recently been completed with outstanding results due in the coming weeks from Kobada North, Kobada Junction and Foroko. The success at Kobada West has seen the overall strike extent of mineralisation at Kobada defined by RC drilling significantly increased to 11km, from 5km previously.
At Kobada West, we are planning step out drilling along strike to the north and south to test for extensions to this new gold discovery as well as infill RC drilling to reduce the section spacing to 100m for resource modelling.
Optimisation work streams continue to advance with an update due later in the June quarter. The Company is investigating the potential of an oxide-dominant project of scale at various throughput scenarios.
This announcement has been authorised for release by the Board.
For more information:
|Phil Russo||Jane Morgan|
|Chief Executive Officer and Executive Director||Investor and Media Relations|
|+61 (0) 478 138 627||+61 (0) 405 555 618|
About Toubani Resources Inc
Toubani Resources (ASX: TRE) is an exploration and development Company with a focus on becoming Africa’s next gold producer with its advanced Kobada Gold Project. The Company has a highly experienced Board and management team with a proven African track record in advancing projects through exploration, development and into production.
For more information regarding Toubani Resources visit our website at www.toubaniresources.com.
Competent Person’s Statement
The information in this press release relating to geology and Exploration Results is based on information compiled, reviewed and assessed by Mr. Bill Oliver, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr. Oliver is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Oliver consents to the inclusion of the information in the form and context in which it appears.
The information in this press release relating to the Mineral Resources at the Kobada Deposit is extracted from Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022 (Prospectus) which is available on the ASX announcements platform. The Company confirms that it is not aware of any new information or data that materially affects the information relating to the Mineral Resources at the Kobada Deposit included in the Prospectus and all material assumptions and technical parameters underpinning the Mineral Resources estimate in the Prospectus continue to apply and have not materially changed.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the listing on the Australian Securities Exchange, the expansion of mineral resources and reserves, and drilling and exploration plans of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1. Kobada RC Drilling Data and Results
|KW1/22_P001||Kobada West 1||546584||1293558||392||55||295||140||103||104||1||5.5|
|KW1/22_P003||Kobada West 1||544494||1293601||390||55||295||140||6||8||2||0.38|
|KW1/22_P004||Kobada West 1||546460||1293615||388||55||295||140||6||7||1||1.00|
|KW1/22_P005||Kobada West 1||546483||1293361||385||55||295||135||8||9||1||0.42|
|KW1/22_P006||Kobada West 1||546431||1293390||373||55||295||140||92||94||2||0.51|
|KW1/22_P007||Kobada West 1||546399||1293411||379||55||295||140||NSI|
|KW1/22_P008||Kobada West 1||546340||1293436||378||55||295||140||NSI|
NSI – No Significant Intersection
Appendix 2. The following tables are provided to ensure compliance with JORC Code requirements for the reporting of Exploration Results from the Kobada Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
|Criteria||JORC Code explanation||Commentary|
|Sampling techniques||Drilling samples collected using reverse circulation (RC) percussion drilling.|
The entire sample is collected , homogenised and split to achieve a sample of approximately 2kg which is submitted for analysis.
Analysis is carried out in an independent commercial laboratory using fire assay.
|Drilling techniques||Reverse Circulation drilling using 127mm face sampling hammer|
|Drill sample recovery||RC samples are weighed to quantify recovery|
Recovery is also noted in the sampling sheet.
|Logging||Geological logging of RC drilling is completed to an acceptable standard for use in Mineral Resource estimation.|
Logging is both qualitative (weathering, colour, lithology, alteration) and quantitative (% veining, sulphides)
All drilling reported (100%) has been logged.
|Sub-sampling techniques and sample preparation||All RC samples are split using a riffle splitter with one split (approximately 1 to 2 kg) collected for laboratory testing and the remaining amount after splitting is retained in the bulk bag for future reference. All samples were sampled dry.|
Sample moisture is noted in the sampling sheet.
Appropriate sampling procedures are used to ensure representivity.
It is believed that the sample size is in line with standard practice and is appropriate to the grain size of the material being sampled.
|Quality of assay data and laboratory tests||Samples were submitted to the SANAS and ISO/IEC 17025 accredited SGS Laboratory in Bamako. Samples were tested by fire assay with an AAS finish. Samples < 3.0 kg were dried in trays, crushed to a nominal 2 mm using a jaw crusher, and then < 1.5 kg were split using a Jones-type riffle splitter. Reject sample was retained in the original bag and stored. The sample was pulverised in an LM2 pulveriser to a nominal 85 % passing 75 µm. An approximately 200 g subsample was taken for assay, with the pulverised residue retained in a plastic bag. All the preparation equipment was flushed with barren material prior to the commencement of the job. A 50 g subsample was fused with a litharge-based flux, cupelled, and the prill is dissolved in aqua regia, and gold is determined by flame AAS (Detection Limit 0.01 ppm).|
Every 10th sample is a CRM, blank or duplicate. It is believe that acceptable levels of accuracy and precision have been achieved based on the control samples.
|Verification of sampling and assaying||Significant intersections have been estimated by consultants to the company and cross checked.|
Twinned holes are not being used in the current programme which aims to test for mineralisation away from previously drilled areas.
All data is entered into logging templates using codes on site and validated in appropriate software.
No adjustment to assay data has been carried out.
|Location of data points||The drillhole collars have been located with a Garmin handheld GPS with a ± 5 m accuracy|
Co-ordinates presented are in UTM format using the WGS84 datum (zone 29N)
A high-definition stereo satellite survey was conducted in 2020 over the main mineralised body to assist with the updated topography for the geological modelling and to improve the accuracy of artisanal mining depletions. This survey is deemed of sufficient quality to utilise in the Mineral Resource estimation.
|Data spacing and distribution||Drillholes are being drilled at spacings between 50 and 100m on section, with sections 200 – 400 metres apart.|
Drill spacing is intended to provide an initial test for mineralisation and may not be sufficiently close spaced for inclusion in a Mineral Resource estimation.
|Orientation of data in relation to geological structure||Drilling orientation is planned perpendicular to the regional structural trend (NNE).|
No sampling bias is expected.
The measures taken to ensure sample security.
|Industry best practice has been applied to the drilling sampling processes carried out. Drilled samples were transported in a manner to prevent loss or cross-contamination. All samples were stored in a secure storage facility pending dispatch to laboratory in Bamako. In line with protocol, two people were used to transport the samples directly to the laboratory. Once at the laboratory, the samples were subject to the standard security measures of the laboratory.|
|Audits or reviews||No audits have been completed.|
Section 2 Reporting of Exploration Results
(Criteria in this section apply to all succeeding sections.)
|Criteria||JORC Code explanation||Commentary|
|Mineral tenement and land tenure status||African Gold Group Mali SARL, a wholly-owned subsidiary of TRE, holds a mining permit No. PE 15/22 encompassing an area of 135.7 km² for the Kobada project area valid to 30 July 2045. Two adjacent exploration permits are also held, namely Kobada-Est (No. PR 18/957 over 77 km² valid to 15 August 2024 for three years) and Faraba (for which renewal was granted under Arrêté No. 2021-3226/MMP-SG effective 6 April 2021 for a further three years.|
An environmental permit No. 2021-0045 MEADD-SG was issued on 18 October 2021 relating to the oxides project. An ESIA amendment is underway development and mining of the sulphides portion of the Project.
|Exploration done by other parties||Bureau de Recherches Géologiques et Minières conducted historical exploration in 1982 to 1988, which respectively identified and delineated the Kobada Shear Zone through geochemistry surveys and latter diamond drilling. La Source undertook RC drilling in 1996, followed in 2002 and 2004 respectively by RC and air core drilling by Cominor. IAMGold completed diamond and RC drilling in 2009.|
Previous exploration by Toubani Resource is detailed in the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022
|Drill hole Information||Refer Appendix 1|
|Data aggregation methods||Averaging is weighted based on length, with all samples 1m in downhole length.|
All results > 0.3g/t are reported in Appendix 1 with high grade intervals (> 1g/t) reported separately.
No metal equivalent results are reported.
|Relationship between mineralisation widths and intercept lengths||Downhole lengths are presented in Appendix 1. True widths have not been calculated. |
Drillholes are designed to intersect the mineralised shear zones as close to perpendicular as is possible.
|Balanced reporting||All meaningful information has been included in the body of the text and all results are presented in Appendix 1.|
|Other substantive exploration data||All material data and information is detailed in the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022.|
|Further work||As detailed in the text – drilling is ongoing at the project and further drilling will be planned to follow up these results.|