ASX-listed Turaco Gold has reported an updated independent Joint Ore Reserve Committee- (Jorc-) mineral resource estimate (MRE) of 3.55-million ounces for the Afema project, in south-eastern Côte d’Ivoire.

The company notes that the entire reported MRE is located within the granted Afema mining permit and represents over 40% growth on the maiden MRE announced in August 2024, at a higher gold grade.

Turaco reports improved gold recoveries across all deposits from systematic metallurgical testwork and MRE growth delivered at a cost of less than $8/oz inclusive of all regional exploration and corporate costs.

The MRE reported 0.5 g/t gold lower cut-off within constrained openpit shells – the previous MRE was unconstrained – with coherent higher-grade gold shoots at Jonction and Anuiri reported at a 1.5 g/t gold lower cut-off beneath the pit shells.

The company notes that mineralisation at all deposits remains ‘open’ with extensional drilling currently being undertaken at Asupiri and Anuiri.

Drilling is also underway on parallel structures at Woulo Woulo and potential high-grade shoot repetitions along strike of Jonction, including Toilesso – results pending.

Turaco says that the MRE of 3.55-million ounces excludes substantial gold mineralisation recently drilled at several prospects, all within 10 km, including Begnopan which is located between Jonction and Anuiri, where shallow gold mineralisation – average 70 m vertical – has been drilled across 2.5 km of strike with recent drilling results.

This includes 34 m at 3.44 g/t gold from 65 m; 8 m at 5.28 g/t gold from 46 m; 6 m at 6.12 g/t gold from 73 m; 15 m at 2.29 g/t gold from 51 m; 6 m at 3.66 g/t gold from 76 m; 9 m at 2.22 g/t gold from 26 m; 1 m at 29.53 g/t gold from 34 m and 17 m at 1.48 g/t gold from 49 m.

Additionally, Baffia, located 3 km north-west of Jonction, a 3.5 km by 2.5 km geochemical anomaly over an interpreted multi-phase intrusive, with first pass drilling results returning 32 m at 1.69 g/t gold from 12 m;  21 m at 1.79 g/t gold from 104 m; 10 m at 1.95 g/t gold from 22 m.

The ‘Niamienlessa Trend’, over 10 km trend of anomalous gold-in-soils where recent shallow drill results at Affienou and Niamienlessa SW included 12 m at 6.72 g/t gold from 18 m; 27 m at 1.30 g/t gold from 34 m; 15 m at 2.11 g/t gold from 22 m; 13 m at 1.23 g/t gold from 22 m; 26 m at 1.04 g/t gold from 71 m; 16 m at 1.18 g/t gold from 32 m; 7 m at 3.78 g/t gold from 115 m; 23 m at 1.19 g/t gold from 64 m; 10 m at 2.46 g/t gold from 94 m; and 10 m at 2.15 g/t gold from 47 m.

Moreover, the ‘Herman Trend’ is a sub-parallel trend to the Woulo Woulo MRE with similar alteration style drilling along 300 m of strike and geophysics indicating it remains open for over 1 km under shallow cover.

Drill results include 6 m at 6.32 g/t gold from 64 m; 14 m at 1.45 g/t gold from 87 m; 15 m at 2.11 g/t gold from 93 m; 12 m at 2.19 g/t gold from 39 m; 12 m at 1.5 g/t gold from 51 m; 8 m at 2.37 g/t gold from 85 m; 8 m at 2.78 g/t gold from 16 m; and 5 m at 2.45 g/t gold from 43 m.

Turaco says these prospects, together with untested anomalies and infill and extensional drilling at the MRE deposits, provide a strong pipeline for continued MRE growth at Afema, where three drill rigs remain on double shift.

The company notes that over 7 000 m of drill assays are pending and a further 8 000 m of assays are not included in the MRE update.

Turaco says it is targeting a further update to the Afema MRE by the end of this calendar year, adding that a prefeasibility study (PFS) is expected to begin, targeting a five-million-tonne- to six-million-tonne-a-year development, expected to be completed by the first half of the 2026 calendar year.

The company says that an environmental- and social-impact assessment has begun with the appointment of Earth Systems as lead consultant, targeting final submission by end of 2026.

MD Justin Tremain says this 3.55-million-ounce gold resource estimate positions the Afema project as one of the largest undeveloped gold projects in West Africa and comes just over one year since Turaco’s acquisition.

“We have confidence in delivering further resource growth in the short term and will continue with our multi-rig drilling programme. In addition, we will now commence a PFS to demonstrate what we believe will be compelling development economics for Afema.

“All deposits within the 3.55-million-ounce MRE remain open. Furthermore, the resource estimate excludes several areas of known gold mineralisation based on drilling recently undertaken by Turaco which, combined with other untested anomalies, provide great confidence in delivering a further substantial growth by the end of the 2025 calendar year,” says Tremain.