Gold Mining Journal – Turaco Set to Grow Well-studied Licence

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# Gold Mining Journal – Turaco Set to Grow Well-studied Licence

Source: https://turacogold.com.au/wp-content/uploads/GoldMiningJournal154JanuaryToMarch2024Web40.pdf
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# Gold Mining Journal – Turaco Set to Grow Well-studied Licence
AFRICA
Turaco set to grow
well-studied licence
by Michael Cameron Tremain said the company would start work at Afema a soon as
the deal was approved and aimed to mete out a JORC-compliant
T
resource before the middle of the year, as per the company’s
uraco Gold Ltd has its eye on a quick turnaround at the Afema
arrangement with Côte d’Ivoire’s Ministry of Mines.
gold project in Côte d’Ivoire after acquiring a majority position
in the project in November. “We hope to commence drilling immediately on the Woulo
Woulo discovery,” he said. “It’s only been drilled down to about
Afema – in the West African country’s south-east – hosts several
120m, so we want to drill that a bit deeper and also collect some
deposits and prospects identified in historical drilling and mining
samples for detailed metallurgical test work. There has been
as well as artisanal workings along a 25km shear structure, giving
some preliminary test work which indicated the deposit is not
Turaco plenty of reason to expand the licence area. It has also
refractory.
applied for an adjacent 1,040sq km of greenfield exploration
ground.
Fresh rock intercepts from previous drilling at Afema returned
64m @ 3.08 g/t from 80m and 33m @ 7.53 g/t from 118m, as well
as oxide hits of 40.6m @ 7.13 g/t from surface and 24m @ 9.95 g/t
from 18m. These all fall within the approved mining permit area
and mineralisation remains open.
Turaco agreed to purchase a 70% stake in Afema November from
Endeavour Mining plc and has seen its share register light up on
the news. Managing director Justin Tremain said the company
was in a good financial position thanks to a loyal shareholder
base and institutional support from the likes of Sprott Asset
Management and other well-regarded institutional investors.
“We’ve got some very supportive shareholders who have
backed the same board and management team across prior
companies,” Tremain told GMJ. “This team led Exore Resources
in Côte d’Ivoire, which was acquired by Perseus [Mining Ltd]
and before that, Renaissance Minerals and Emerald Resources
[Ltd] in Cambodia. So, there are shareholders who have been
supporting the team for a long period of time.”
Turaco has eight Côte d’Ivoire projects with Afema close to a number
Turaco opened a round of funding a week after the purchase of gold mines in neighbouring Ghana
agreement and Tremain said the company was able to reach it’s
$6.6 million goal easily. Afema has reportedly produced 125,000oz gold historically
“The intention was to raise less than that, but there was very and unlisted Taurus Gold Ltd drilled 1,200 holes for 78,500m
strong demand,” he said. “That funding will go towards the initial in the 1990s. More recent drilling by Teranga Gold Corporation
acquisition payment to Endeavour and towards putting together a focused on nearby Woulo Woulo and included intersections of
JORC resource in a relatively short period of time.” 25m @ 4.44 g/t from 112m and 66m @ 1.58 g/t from 48m.
Turaco agreed to acquire Endeavour’s 51% stake in the project, Tremain said Côte d’Ivoire was the best jurisdiction in West
as well as a further 19% from private company Sodim Ltd in a Africa for a junior gold explorer. Afema is 120km east of the port
staged deal. An upfront cash consideration of $US1.5 million city of Abidjan and is expected to benefit from improvements to
and 46.5 million Turaco shares will account for Endeavour’s infrastructure with a new major bitumen highway traversing the
interest, while Sodim will receive $US380,000 within 12 months project’s southern boundary nearly complete.
of the purchase. Turaco can increase its stake to 65% by making “To be only an hour and a half out of Abidjan makes it a very
a further $US2.5 million payment and delivering a PFS with a easy place to be working,” Tremain said. “That [highway] is a
JORC-compliant resource of 2 moz gold within 30 months. This fantastic piece of infrastructure for us and then there is also
interest can be grown again to 70% within 12 months for another one of Côte d’Ivoire’s main hydropower schemes adjoining the
$US3.75 million cash. Turaco must also make a $US1.5 million northern part of the project area, which we will ultimately look to
milestone payment upon announcement of a JORC-compliant take advantage of come development.”
resource of 1 moz @ 1.2 g/t gold.
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