Turaco’s Metallurgical Gains Signal Critical Step Toward Afema Feasibility

Context and Significance of Metallurgical Advances

Turaco Gold Limited (ASX: TCG) has announced a notable step forward in its metallurgical test work at the Afema Project in southeastern Côte d’Ivoire. The company’s systematic approach to testing has yielded improved gold recoveries across multiple deposits, including Jonction, Anuiri, Asupiri, and Woulo Woulo. These advances not only enhance the economic potential of the project but also underpin an imminent update to the Afema Project’s JORC Mineral Resource Estimate (MRE), currently standing at 2.52 million ounces.

Metallurgical performance is a critical determinant of project viability, influencing both capital and operating costs. Turaco’s recent results demonstrate that the application of ultra-fine grinding combined with flotation concentrate leaching can achieve gold extractions averaging between 84% and 90% for Jonction, Anuiri, and Asupiri deposits. Meanwhile, Woulo Woulo continues to impress with gold extractions ranging from 87% to 95%, coupled with notably low cyanide consumption.

Technical Highlights and Deposit-Specific Outcomes

The metallurgical test work employed a proven flowsheet involving flotation of a low mass sulphide concentrate (~3-5% mass recovery), ultra-fine grinding, oxidative leaching, and cyanide leaching. This approach, successfully used by industry peers such as Emerald Resources and Centamin, has delivered excellent flotation recoveries exceeding 90% gold recovery to concentrate at low mass recoveries across the deposits.

At Jonction, bulk composite tests returned an overall leach gold extraction of 92.6%, a significant improvement from previously reported figures of 76% to 85%. Anuiri’s bulk composite extraction averaged 86.8%, with some variability attributed to non-ideal oxidative leach conditions in certain samples. Asupiri, not yet included in the current resource estimate, showed promising results with average gold extractions around 87.5%, supporting its imminent incorporation into the resource update.

Woulo Woulo’s optimisation and variability testing is well advanced, confirming that gold extraction is relatively insensitive to cyanide concentration, with optimal cyanide consumption as low as 0.49kg/t of ore feed. This low reagent usage is a positive indicator for operational cost efficiency.

Independent Review and Forward Outlook

Independent metallurgical consultant Stuart Smith of Aurifex Pty Ltd reviewed the test work and concluded that the program followed an appropriate and logical process, with results considered excellent. He noted that further optimisation of reagent additions and flotation conditions is expected to improve recoveries even more.

Turaco’s Managing Director, Justin Tremain, highlighted the methodical nature of the test work and the metallurgical team’s success in achieving high gold extractions. He confirmed that optimisation and variability test work will now extend to Jonction and Anuiri deposits, with additional comminution testing and grind size sensitivity studies planned to elevate the metallurgical assessment to a Pre-Feasibility Study (PFS) level.

Looking ahead, Turaco also intends to advance metallurgical test work on other emerging deposits within the Afema Project, including Begnopan, further broadening the project’s resource base and economic potential.

Implications for the Afema Project and Investors

The improved metallurgical recoveries materially enhance the value proposition of the Afema Project. Higher gold extractions translate directly into increased payable ounces and potentially lower processing costs due to the low mass flotation concentrate approach. The imminent JORC resource update, which will incorporate Asupiri and reflect these metallurgical gains, is expected to significantly increase the project’s gold inventory beyond the current 2.52 million ounces.

For investors, these developments mark a critical milestone in de-risking the project and advancing it towards feasibility. The combination of robust recoveries, low reagent consumption, and ongoing optimisation efforts positions Turaco well to unlock value and attract further investment interest.