Turaco Drills Over 15,000m, Raises $35M, Increases Afema Stake to 80%

Exploration Momentum Builds at Afema

Turaco Gold Limited (ASX: TCG) has delivered a robust update for the December 2024 quarter, highlighting substantial progress at its flagship Afema Gold Project in southern Côte d'Ivoire. Following the end of the wet season, the company accelerated its drilling programs, targeting previously undrilled zones along the prolific Niamienlessa Trend and other key prospects.

Notably, maiden drilling at the Niamienlessa SW and Affienou prospects yielded encouraging gold intersections, confirming the presence of shallow, widespread mineralisation over significant strike lengths. These discoveries extend the known mineralised footprint beyond the deposits underpinning the maiden JORC Mineral Resource Estimate (MRE) of 2.52 million ounces announced in August 2024.

New Discoveries and Resource Growth Potential

Subsequent to the quarter’s end, Turaco announced the Baffia discovery, where reconnaissance drilling returned broad zones of gold mineralisation, including 32 metres at 1.69 g/t from near surface. This new zone lies approximately 3 kilometres west of the Jonction deposit, itself a high-grade core within the Afema resource base.

Extensional and infill drilling at Jonction reinforced the continuity of high-grade mineralisation, with results such as 9 metres at 9.88 g/t gold from 288 metres depth. These outcomes bolster confidence in the deposit’s growth potential ahead of an updated MRE expected by mid-2025.

Aggressive Drilling and Exploration Strategy

During the quarter, Turaco completed over 15,000 metres of drilling, employing three rigs operating double shifts. The company is systematically testing multiple targets within a 10-kilometre radius of the initial resource deposits, including Asupiri, Begnopan, Adiopan, and the undrilled contact between Jonction and Anuiri.

Complementing drilling, extensive soil sampling and trenching programs continue to define new anomalies, with over 2,700 soil samples collected in the quarter. An Induced Polarisation (IP) geophysical survey covering 10 kilometres of strike along the Afema Shear is nearing completion, aiming to refine structural controls on mineralisation.

Corporate Developments Strengthen Position

Turaco successfully raised $35 million through a strongly supported share placement at 31 cents per share, providing ample funding to advance exploration and project development. The company also accelerated its acquisition milestones, increasing its interest in the Afema Project to 80% by paying US$14.2 million, split between cash and shares.

This strategic move consolidates Turaco’s control over a dominant landholding exceeding 1,600 square kilometres across the Sefwi greenstone belt, a region known for world-class gold deposits. The company also bolstered its management team with experienced appointments in finance and study management, positioning itself for the next phase of project advancement.

Outlook and Next Steps

Looking ahead, Turaco plans to maintain an aggressive drilling pace through the March quarter, targeting resource growth and new discoveries. The upcoming updated MRE is anticipated to materially increase the gold inventory, incorporating results from recent drilling and metallurgical test work that continues to deliver promising outcomes.

While the Eburnea Gold Project remains on hold, Turaco’s focus on Afema underscores its commitment to unlocking value from this high-potential asset in Côte d'Ivoire’s emerging gold province.