Toubani Resources, Inc (ASX: TRE; TSX-V: TRE) (“
Toubani
Resources” or the “
Company”) is pleased
to provide the first set of results from the ongoing drilling
program at its Kobada Gold Project in southern Mali.
Highlights
- Drilling
has extended mineralisation by almost 1km to the north and south of
the Kobada Main Deposit
- Kobada
Main Deposit currently hosts a Mineral
Resource1 of 3.1 million ounces
of gold over a strike length of 4.5km
-
Mineralisation remains open north and south of the Kobada
Main Deposit
-
Excellent first results from the Kobada North 1 target area
with 9m at 1.32g/t and 14m at 1.02g/t
- Further
assay results at Kobada North 2 testing along an additional 1.7km
of strike are pending
- Drilling
continues on site with the focus now moving to step out holes at
the Gosso target, where previous drilling has already intersected
mineralisation
Chief Executive Officer, Phil Russo
commented: “For the first drill holes of the program to
extend mineralisation by 1 km, including 650 meters at Kobada North
alone, is an exceptional result. These results demonstrate both the
scale and the potential of the Kobada district and to be able to
expand the footprint of mineralisation so quickly, while still open
along strike, is a significant step forward in unlocking this
project. We believe we have a very large system across an extensive
and, remarkably, still underexplored belt. We now look forward to
drilling at Gosso, which is currently underway and has returned
excellent initial results in historical drilling.”
Drilling Results and
Commentary
Drilling was designed to test potential
extensions to mineralisation at the Kobada Main Deposit (Figure 1).
Extensive artisanal workings can be found along strike and along
trend from Kobada Main, yet almost no drilling has been
undertaken.
_____________1 Combined Measured, Indicated and
Inferred Mineral Resource of 103.57Mt at 0.94g/t. Refer to the
Company's prospectus dated 12 September 2022 and released on ASX on
25 November 2022
Figure 1: Plan showing location of Kobada
North and Kobada South
At Kobada North 1, two fences
of drilling were completed stepping out 400 metres and 650 metres,
respectively, north of the last fence of drilling within the Kobada
Main resource. The drilling tested below and adjacent to artisanal
workings.
Results are shown on Figure 2 and 3 and detailed
in Appendix 1 with key intersections including:
- 9m at 1.32g/t
from 112 metres including 4m at 2.64g/t (KN1/22_P009)
- 14m at 1.02g/t
from 81 metres including 1m at 2.28g/t and 1m at 3.75g/t
(KN1/22_P008)
- 1m at 7.86g/t
from 59 metres (KN1/22_P007)
With drilling successfully confirming the
continuity of the mineralised system to the north, follow up
drilling will now be planned to systematically test the tenor of
mineralisation along the structure. This will then enable this area
to be included in a forthcoming update to the Kobada Mineral
Resource.
Figure 2: Plan showing Kobada North
targets and Toubani drilling
Figure 3: Kobada North 1 cross-section
showing results from Toubani drilling
At Kobada South, three fences
of drilling were completed. The most southerly of these stepped out
250 metres south from the last fence of drilling within the Kobada
Main resource and successfully intersected mineralisation,
including:
- 3m at 1.81g/t
from 50m and 3m at 1.20g/t from 61m (KS22_P003).
Drilling was also carried out to infill a 500m
gap in drilling at the southern end of the Mineral Resource with
results to inform a resource update planned for later in 2023. Key
results included:
- 1m at 8.35g/t
from 68m (KS22_P012) and 3m at 1.8g/t from 82m (KS22_P014).
In addition, drilling was completed to test
extensions to mineralisation on a parallel lode to the Kobada Main
lode. Intersections of 2m at 0.75g/t from 6m and 4m at 0.52g/t from
40m (KS22_P025) were returned, demonstrating continuity of
mineralisation on this eastern lode for a further 200m. Further
work is planned in future programs to test the potential of this
parallel lode.
All results are shown on Figure 4 and detailed
in Appendix 1.
Figure 4: Kobada South showing Toubani
drilling location and results
Forward Work Program
Following the drilling at Kobada North 1 the
drilling rig has completed two further fences of drilling at Kobada
North 2, which steps out a further 1.7 km along strike to the north
to test for the presence of the mineralised system. The fences are
sited based on interpretation of geophysical data and artisanal
workings. Results are awaited with laboratory turn around times
significantly improved in recent weeks.
The rig is currently drilling at the Gosso
target, which is located on a parallel structure to the Kobada Main
Deposit. Previous drilling at Gosso2 returned results
including:
- 36m at 1.64 g/t
from 72m (KBRC11-140)
- 3.1m at 4.25 g/t
from 34.6m (G20_PH3A_20)
- 3m at 2.59 g/t
from 30m (KBRC11-144)
- 5m at 1.90 g/t
from 133m (KBRC11-142)
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) 478 138 627 |
+ 61 (0) 405 555 618 |
Phil.Russo@toubaniresources.com |
jm@janemorganmanagement.com.au |
About Toubani Resources Inc
Toubani Resources (ASX: TRE; TSX-V: TRE) is an
exploration and development Company with a focus on building
Africa’s next mid-tier gold producer. 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
_____________2 Refer to the Company's prospectus
dated 12 September 2022 and released on ASX on 25 November 2022
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.
Cautionary statements
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Appendix 1. Kobada RC Drilling Data and
Results
Hole ID |
Target |
Easting |
Northing |
RL |
Dip |
Azi |
Depth |
From(m) |
To(m) |
Length |
Au (g/t) |
KN1/22_P004 |
Kobada North 1 |
548080 |
1293602 |
382 |
55 |
295 |
140 |
117 |
119 |
2 |
0.30 |
|
|
|
|
|
|
|
|
120 |
122 |
2 |
0.34 |
|
|
|
|
|
|
|
|
135 |
138 |
3 |
0.72 |
KN1/22_P005 |
Kobada North 1 |
548029 |
1293625 |
375 |
55 |
295 |
140 |
31 |
32 |
1 |
1.52 |
|
|
|
|
|
|
|
|
59 |
60 |
1 |
7.86 |
KN1/22_P007 |
Kobada North 1 |
548179 |
1293841 |
380 |
55 |
295 |
102 |
|
NSI |
|
|
KN1/22_P008 |
Kobada North 1 |
548131 |
1293857 |
377 |
55 |
295 |
140 |
81 |
95 |
14 |
1.02 |
|
|
|
|
|
|
|
incl. |
81 |
82 |
1 |
2.28 |
|
|
|
|
|
|
|
incl. |
85 |
86 |
1 |
3.75 |
|
|
|
|
|
|
|
|
107 |
111 |
4 |
0.50 |
|
|
|
|
|
|
|
|
129 |
130 |
1 |
4.88 |
|
|
|
|
|
|
|
|
135 |
136 |
1 |
0.86 |
KN1/22_P009 |
Kobada North 1 |
548083 |
1293883 |
372 |
55 |
295 |
140 |
27 |
28 |
1 |
1.72 |
|
|
|
|
|
|
|
|
43 |
44 |
1 |
0.86 |
|
|
|
|
|
|
|
|
112 |
121 |
9 |
1.32 |
|
|
|
|
|
|
|
incl. |
112 |
116 |
4 |
2.64 |
|
|
|
|
|
|
|
|
126 |
127 |
1 |
0.86 |
KS22_P001 |
Kobada South |
544332 |
1286489 |
391 |
55 |
295 |
150.00 |
|
NSI |
|
|
KS22_P002 |
Kobada South |
544285 |
1286507 |
397 |
55 |
295 |
72.00 |
63 |
67 |
4 |
0.66 |
KS22_P003 |
Kobada South |
544241 |
1286526 |
389 |
55 |
295 |
140.00 |
36 |
41 |
5 |
0.61 |
|
|
|
|
|
|
|
|
50 |
53 |
3 |
1.81 |
|
|
|
|
|
|
|
|
61 |
64 |
3 |
1.2 |
KS22_P004 |
Kobada South |
544191 |
1286550 |
367 |
55 |
295 |
150.00 |
121 |
123 |
2 |
0.29 |
KS22_P005 |
Kobada South |
544152 |
1286559 |
389 |
55 |
295 |
150.00 |
|
NSI |
|
|
KS22_P006 |
Kobada South |
544107 |
1286577 |
389 |
55 |
295 |
150.00 |
|
NSI |
|
|
KS22_P007 |
Kobada South |
544054 |
1286604 |
391 |
55 |
295 |
150.00 |
17 |
18 |
1 |
0.69 |
KS22_P012 |
Kobada South |
544484 |
1286859 |
385 |
55 |
295 |
124.00 |
0 |
2 |
2 |
0.31 |
|
|
|
|
|
|
|
|
11 |
13 |
2 |
0.53 |
|
|
|
|
|
|
|
|
21 |
27 |
6 |
0.28 |
|
|
|
|
|
|
|
|
42 |
48 |
6 |
0.27 |
|
|
|
|
|
|
|
|
52 |
56 |
4 |
0.31 |
|
|
|
|
|
|
|
|
68 |
69 |
1 |
8.35 |
|
|
|
|
|
|
|
|
74 |
75 |
1 |
1.65 |
|
|
|
|
|
|
|
|
120 |
124 |
4 |
0.5 |
KS22_P013 |
Kobada South |
544434 |
1286877 |
403 |
55 |
295 |
150.00 |
119 |
120 |
1 |
0.38 |
|
|
|
|
|
|
|
|
129 |
130 |
1 |
0.45 |
|
|
|
|
|
|
|
|
149 |
150 |
1 |
1.87 |
KS22_P014 |
Kobada South |
544390 |
1286900 |
401 |
55 |
295 |
127.00 |
15 |
16 |
1 |
1.96 |
|
|
|
|
|
|
|
|
82 |
85 |
3 |
1.8 |
|
|
|
|
|
|
|
incl |
82 |
83 |
1 |
4.94 |
|
|
|
|
|
|
|
|
102 |
103 |
1 |
0.67 |
KS22_P015 |
Kobada South |
544335 |
1286920 |
404 |
55 |
295 |
140.00 |
11 |
16 |
5 |
0.28 |
|
|
|
|
|
|
|
|
56 |
57 |
1 |
1.34 |
KS22_P016 |
Kobada South |
544296 |
1286936 |
407 |
55 |
295 |
150.00 |
|
NSI |
|
|
KS22_P017 |
Kobada South |
544250 |
1286953 |
413 |
55 |
295 |
150.00 |
|
NSI |
|
|
KS22_P018 |
Kobada South |
544517 |
1286953 |
422 |
55 |
295 |
150.00 |
72 |
74 |
2 |
0.27 |
|
|
|
|
|
|
|
|
79 |
80 |
1 |
0.32 |
KS22_P019 |
Kobada South |
544475 |
1286971 |
402 |
55 |
295 |
150.00 |
84 |
85 |
1 |
0.35 |
|
|
|
|
|
|
|
|
111 |
113 |
2 |
0.59 |
|
|
|
|
|
|
|
|
146 |
148 |
2 |
0.32 |
KS22_P024 |
Kobada South |
544825 |
1286935 |
433 |
55 |
295 |
100.00 |
39 |
41 |
2 |
0.74 |
|
|
|
|
|
|
|
|
66 |
68 |
2 |
0.71 |
KS22_P025 |
Kobada South |
544780 |
1286950 |
430 |
55 |
295 |
100.00 |
6 |
8 |
2 |
0.75 |
|
|
|
|
|
|
|
|
40 |
44 |
4 |
0.52 |
KS22_P026 |
Kobada South |
544738 |
1286971 |
412 |
55 |
295 |
100.00 |
15 |
16 |
1 |
0.32 |
KS22_P027 |
Kobada South |
544699 |
1286988 |
423 |
55 |
295 |
100.00 |
17 |
18 |
1 |
0.45 |
|
|
|
|
|
|
|
|
58 |
59 |
1 |
0.46 |
KS22_P029 |
Kobada South |
544599 |
1287029 |
417 |
55 |
295 |
100.00 |
66 |
67 |
1 |
4.29 |
|
|
|
|
|
|
|
|
94 |
95 |
1 |
0.48 |
KS22_P030 |
Kobada South |
544558 |
1287046 |
425 |
55 |
295 |
100.00 |
88 |
89 |
1 |
0.58 |
|
|
|
|
|
|
|
|
96 |
99 |
3 |
0.41 |
KS22_P031 |
Kobada South |
544513 |
1287064 |
430 |
55 |
295 |
100.00 |
89 |
90 |
1 |
0.58 |
|
|
|
|
|
|
|
|
96 |
99 |
3 |
0.41 |
KS22_P032 |
Kobada South |
544463 |
1287084 |
430 |
55 |
295 |
100.00 |
25 |
26 |
1 |
1.72 |
KS22_P033 |
Kobada South |
544415 |
1287106 |
422 |
55 |
295 |
100.00 |
13 |
15 |
2 |
0.39 |
KS22_P034 |
Kobada South |
544369 |
1287122 |
419 |
55 |
295 |
100.00 |
|
NSI |
|
|
KS22_P035 |
Kobada South |
544322 |
1287140 |
419 |
55 |
295 |
100.00 |
25 |
26 |
1 |
0.39 |
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 |
- Nature and quality of sampling (eg
cut channels, random chips, or specific specialised industry
standard measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting
the broad meaning of sampling.
- Include reference to measures taken
to ensure sample representivity and the appropriate calibration of
any measurement tools or systems used.
- Aspects of the determination of
mineralisation that are Material to the Public Report.
- In cases where ‘industry standard’
work has been done this would be relatively simple (eg ‘reverse
circulation drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’). In other
cases more explanation may be required, such as where there is
coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules) may
warrant disclosure of detailed information.
|
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 |
- Drill type (eg core, reverse
circulation, open-hole hammer, rotary air blast, auger, Bangka,
sonic, etc) and details (eg core diameter, triple or standard tube,
depth of diamond tails, face-sampling bit or other type, whether
core is oriented and if so, by what method, etc).
|
Reverse Circulation drilling using 127mm face sampling hammer |
Drill sample recovery |
- Method of recording and assessing
core and chip sample recoveries and results assessed.
- Measures taken to maximise sample
recovery and ensure representative nature of the samples.
- Whether a relationship exists
between sample recovery and grade and whether sample bias may have
occurred due to preferential loss/gain of fine/coarse
material.
|
RC samples are weighed to quantify recoveryRecovery is also noted
in the sampling sheet. |
Logging |
- Whether core and chip samples have
been geologically and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
- Whether logging is qualitative or
quantitative in nature. Core (or costean, channel, etc)
photography.
- The total length and percentage of
the relevant intersections logged.
|
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 |
- If core, whether cut or sawn and
whether quarter, half or all core taken.
- If non-core, whether riffled, tube
sampled, rotary split, etc and whether sampled wet or dry.
- For all sample types, the nature,
quality and appropriateness of the sample preparation
technique.
- Quality control procedures adopted
for all sub-sampling stages to maximise representivity of
samples.
- Measures taken to ensure that the
sampling is representative of the in situ material collected,
including for instance results for field duplicate/second-half
sampling.
- Whether sample sizes are appropriate
to the grain size of the material being sampled.
|
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 |
- The nature, quality and
appropriateness of the assaying and laboratory procedures used and
whether the technique is considered partial or total.
- For geophysical tools,
spectrometers, handheld XRF instruments, etc, the parameters used
in determining the analysis including instrument make and model,
reading times, calibrations factors applied and their derivation,
etc.
- Nature of quality control procedures
adopted (eg standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.
|
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 |
- The verification of significant
intersections by either independent or alternative company
personnel.
- The use of twinned holes.
- Documentation of primary data, data
entry procedures, data verification, data storage (physical and
electronic) protocols.
- Discuss any adjustment to assay
data.
|
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 |
- Accuracy and quality of surveys used
to locate drill holes (collar and down-hole surveys), trenches,
mine workings and other locations used in Mineral Resource
estimation.
- Specification of the grid system
used.
- Quality and adequacy of topographic
control.
|
The drillhole collars have been located with a Garmin handheld GPS
with a ± 5 m accuracyCo-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 |
- Data spacing for reporting of
Exploration Results.
- Whether the data spacing and
distribution is sufficient to establish the degree of geological
and grade continuity appropriate for the Mineral Resource and Ore
Reserve estimation procedure(s) and classifications applied.
- Whether sample compositing has been
applied.
|
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 |
- Whether the orientation of sampling
achieves unbiased sampling of possible structures and the extent to
which this is known, considering the deposit type.
- If the relationship between the
drilling orientation and the orientation of key mineralised
structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
|
Drilling orientation is planned perpendicular to the regional
structural trend (NNE).No sampling bias is expected. |
Sample security |
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 |
- The results of any audits or reviews
of sampling techniques and data.
|
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 |
- Type, reference name/number,
location and ownership including agreements or material issues with
third parties such as joint ventures, partnerships, overriding
royalties, native title interests, historical sites, wilderness or
national park and environmental settings.
- The security of the tenure held at
the time of reporting along with any known impediments to obtaining
a licence to operate in the area.
|
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 |
- Acknowledgment and appraisal of
exploration 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 |
Geology |
- Deposit type, geological setting and
style of mineralisation.
|
- The Project is located in the Bagoe Formation on the
north-central edge of the Birimian rock units that form part of the
Leo Rise in the southern part of the West African Craton. The
Project is situated on the western flank of the Bougouni Basin,
composed primarily of sedimentary rocks with minor tholeiitic
volcano-sedimentary intercalations.
- The Kobada gold deposit is a quartz-carbonate veined
mesothermal orogenic gold deposit hosted within a greenstone belt.
Gold is present in the laterite, saprolite, unaltered rock as
sulphides, and in the quartz veins. Placer-style deposits occur and
have largely been exploited by artisanal miners.
- Mineralisation extends for a minimum strike of 4 km and is
associated with narrow, irregular, high-angle quartz veins and with
disseminated sulphides in the wall rock and vein selvages.
Mineralisation occurs as free gold, whereas in sulphides
mineralisation includes the occurrence of arsenopyrite, pyrite and
rarely chalcopyrite. Arsenopyrite is localised near vein selvages
and as fine-grained disseminated patches within the host rock.
Pyrite occurs in finely disseminated patches within the host rocks,
generally as traces up to 3 % by volume with up to 10 % locally in
the wall rock at centimetre-scale intervals adjacent to the quartz
veins.
|
Drill hole Information |
- A summary of all information
material to the understanding of the exploration results including
a tabulation of the following information for all Material drill
holes:
- easting and northing of the drill
hole collar
- elevation or RL (Reduced Level –
elevation above sea level in metres) of the drill hole collar
- dip and azimuth of the hole
- down hole length and interception
depth
- hole length.
- If the exclusion of this information
is justified on the basis that the information is not Material and
this exclusion does not detract from the understanding of the
report, the Competent Person should clearly explain why this is the
case.
|
Refer Appendix 1 |
Data aggregation methods |
- In reporting Exploration Results,
weighting averaging techniques, maximum and/or minimum grade
truncations (eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
- Where aggregate intercepts
incorporate short lengths of high grade results and longer lengths
of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations
should be shown in detail.
- The assumptions used for any
reporting of metal equivalent values should be clearly stated.
|
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 (> 2g/t) reported separately.No metal
equivalent results are reported. |
Relationship between mineralisation widths and intercept
lengths |
- These relationships are particularly
important in the reporting of Exploration Results.
- If the geometry of the
mineralisation with respect to the drill hole angle is known, its
nature should be reported.
- If it is not known and only the down
hole lengths are reported, there should be a clear statement to
this effect (eg ‘down hole length, true width not known’).
|
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. |
Diagrams |
- Appropriate maps and sections (with
scales) and tabulations of intercepts should be included for any
significant discovery being reported These should include, but not
be limited to a plan view of drill hole collar locations and
appropriate sectional views.
|
• Refer to figures within this report. |
Balanced reporting |
- Where comprehensive reporting of all
Exploration Results is not practicable, representative reporting of
both low and high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
|
All meaningful information has been included in the body of the
text and all results are presented in Appendix 1. |
Other substantive exploration data |
- Other exploration data, if
meaningful and material, should be reported including (but not
limited to): geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or
contaminating substances.
|
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 |
- The nature and scale of planned
further work (eg tests for lateral extensions or depth extensions
or large-scale step-out drilling).
- Diagrams clearly highlighting the
areas of possible extensions, including the main geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.
|
As detailed in the text – drilling is ongoing at the project and
further drilling will be planned to follow up these results. |
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/ca04066b-86f1-4a93-a341-db2ce2fbd114https://www.globenewswire.com/NewsRoom/AttachmentNg/e79faaa2-40c7-4dfc-b6ab-3ea1a9b9c109https://www.globenewswire.com/NewsRoom/AttachmentNg/8aa4e810-72ef-49db-addc-5e422fb15e0ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/2f7840a0-8977-44d8-b6d0-1c16e341f5de
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