Afema Project’s Gold Resource Hits 3.55Moz at 1.2g/t, Drilling and PFS Underway

Resource Growth and Project Overview

Turaco Gold Limited (ASX: TCG) has delivered a substantial update to its Afema Project in southeastern Côte d’Ivoire, reporting a 40% increase in its JORC Mineral Resource Estimate (MRE) to 3.55 million ounces of gold at an average grade of 1.2 grams per tonne. This growth, achieved just over a year since Turaco’s initial acquisition, elevates Afema to one of the largest undeveloped gold projects in West Africa.

The updated resource consolidates four key deposits, Woulo Woulo, Jonction, Anuiri, and Asupiri, all situated within a granted mining permit. The expansion added over 1 million ounces at a notably low all-in cost of less than US$8 per ounce, inclusive of regional exploration and corporate overheads, underscoring efficient capital deployment.

Drilling and Metallurgical Advances

Turaco’s aggressive drilling campaign continues with three rigs operating double shifts, focusing on extensional targets and parallel structures around the main deposits. Over 7,000 meters of assay results are pending, with further 8,000 meters of drilling assays yet to be included in the resource update. Notably, several nearby prospects such as Begnopan, Baffia, the Niamienlessa Trend, Herman Trend, and Toilesso remain outside the current MRE but show promising high-grade intercepts, hinting at further resource upside.

Complementing the resource growth, systematic metallurgical test work has demonstrated robust gold recoveries across all deposits. Recoveries range from approximately 84% to over 90%, with Woulo Woulo oxide material achieving up to 95% extraction via conventional cyanide leaching. These results bolster the economic potential of the project and provide confidence in processing pathways.

Development Pathway and Environmental Progress

Following the resource upgrade, Turaco has initiated a pre-feasibility study (PFS) targeting a 5-6 million tonnes per annum development scenario, with completion expected in the first half of calendar year 2026. This study aims to define the project’s economic parameters and mine plan, leveraging the improved resource base and metallurgical profile.

In parallel, Turaco has commenced its environmental and social impact assessment (ESIA), appointing Earth Systems as lead consultant. Earth Systems brings extensive regional experience, having facilitated permitting for other major gold projects in Côte d’Ivoire. The Afema Project benefits from existing infrastructure, including a recently completed major highway connecting Abidjan to Ghana and proximity to hydro-power schemes, which should aid in project development and operational logistics.

Geological Context and Resource Classification

The Afema Project lies at the confluence of the Paleoproterozoic Sefwi-Bibiani and Asankrangwa gold belts, hosting orogenic gold mineralisation within structurally complex shear zones. The resource estimate incorporates both open pit and underground components, with underground potential identified at Jonction and Anuiri deposits. The resource classification reflects drilling density and geological confidence, with approximately half the resource classified as Indicated.

Turaco’s use of advanced estimation techniques, including Multiple Indicator Kriging and Ordinary Kriging, alongside rigorous quality control and validation, ensures a robust and credible resource model. The company’s adoption of PhotonAssay technology for sample analysis further enhances assay accuracy and efficiency.

Looking Ahead

With a strong resource foundation, ongoing drilling success, and advancing development studies, Turaco Gold is positioning Afema as a compelling new gold project in West Africa. The company’s strategy to aggressively expand resources while progressing technical and environmental studies sets the stage for potential value creation in the near term.