Toubani delivers bonanza-grade gold hit at Mali project

Toubani Resources has returned a 2m hit grading a massive 178 grams per tonne gold from just 69m after receiving a set of impressive assays from resource definition drilling at its Kobada project in Mali.

The bonanza-grade 2m sample was assayed using the screen fire method and was contained within a wider 19m intercept going 20.6g/t gold from 69m as the company seeks to shore up a 2.4 million-ounce resource at the African operation.

Wider segments show 48m grading 2.84g/t gold from 85m including 2m at 12g/t from 89m and a deeper 3m section returning 7.38g/t from 113m. Shallower hits delivered 3m going 9.12g/t gold from just 14m including 1m at 26.1g/t from 14m.

“If successful, this will further highlight the range of optionality and potential we see at Kobada.”

Toubani Resources chief executive officer Phil Russo

Management kicked off its latest round of drilling back in February to test key areas of near-surface, open-pittable oxide mineralisation within or immediately adjacent to preliminary pit designs identified in a 2021 definitive feasibility study (DFS).

Toubani Resources chief executive officer Phil Russo said: “Given the headline results which we have received, we will investigate the potential to define higher-grade zones during our resource update work to complement the bulk mining approach of the broader deposit. If successful, this will further highlight the range of optionality and potential we see at Kobada over and above the optimised project we are excited to define in our upcoming DFS.”

A total of 114 holes have been completed to date covering 10,947m, with the campaign set to wrap up in just days. The resource definition program is designed to update its current 2.4 million-ounce resource estimate for the deposit that is tabled for release this quarter.

The resource estimate will then underpin a new DFS update that will build on the previous study released three years ago.

The latest results build on two broad intercepts of 27m at 1.23g/t gold and 21m at 2.97g/t which also contains an impressive 10m section grading 4.37g/t gold revealed early last week. It also included 7m at 11g/t gold from just 17m including a 1m section at a whopping 55.9g/t.