- Toubani Resources (TRE) discovers multiple gold shear zones at its Kobada project in southern Mali
- The finds came following a recently concluded phase one drilling campaign
- TRE is gearing up for more drilling in the near future to expand the mineral resource ahead of a DFS update later this year
- The company believes it has widespread shallow gold occurrences allowing for open pit mining, a cheaper operation than going underground
- Toubani shares last traded at 19 cents
Toubani Resources (TRE) has confirmed the discovery of multiple large mineralised shear zones containing gold at its Kobada project in southern Mali.
The multiple shear zones were discovered as a result of the company’s recently concluded phase one drilling campaign.
The drill run extended the total strike length from five kilometres to 11 kilometres. Shallow gold conducive to an open pit operation was intersected at all targets tested by drillers across the campaign.
The company’s geotechs are confident there is still 40 kilometres worth of land still yet to be drill tested.
Toubani also announced it’s keeping an eye on Kobada West, one-kilometre northwest of the main Kobada deposit, where shallow gold has also been encountered.
Kobada North and South respectively, as well as another prospect called Gosso, have also added to the company’s overall strike length.
On top of that, Toubani geotechs are also now eyeing a newly confirmed discovery logged in 2022, putting the Kobada East target on the map.
A drill program is planned for the second half of this year to drill for both resource estimate expansion, and, general exploratory drilling. An updated definitive feasibility study (DFS) for the project is due before the year’s end.
“Our phase one drilling campaign provides us the confidence that with systematic exploration, a portfolio of projects providing supplementary resources to the Kobada Main deposit can be defined,” Toubani CEO Phil Russo said.
“We believe that significant untapped value lies in optimising and growing Kobada and this is why we announced the commencement of the DFS Update workstream earlier this month.”
Toubani shares last traded at 19 cents.