Turaco Drills 22,000m, Confirms Baffia Discovery, Prepares 2.52Moz+ Afema Update

Exploration Momentum Accelerates at Afema

Turaco Gold Limited (ASX: TCG) has reported a highly active March 2025 quarter at its Afema Gold Project in southern Côte d’Ivoire, marked by a new discovery and robust drilling results that underpin a forthcoming resource upgrade. The company completed over 22,000 metres of drilling, focusing on key prospects along the Afema Shear, including the newly identified Baffia prospect, as well as Asupiri and Begnopan.

The maiden drilling at Baffia, located just 3 kilometres from the Jonction deposit, returned encouraging broad zones of gold mineralisation such as 32 metres at 1.69 g/t and 21 metres at 1.79 g/t gold. These results validate Baffia as a high-priority target and highlight the broader exploration potential beyond the current resource base.

Confirming Continuity and Expanding Resources

Drilling at Asupiri has confirmed the continuity of gold mineralisation over a 5-kilometre strike length with shallow depths less than 150 metres, supporting the imminent maiden JORC Mineral Resource Estimate (MRE) for this deposit. Begnopan drilling, although received after the MRE cut-off, also demonstrated significant shallow mineralisation, reinforcing the pipeline for future resource growth.

These drilling campaigns, combined with extensive soil sampling and an expanded Induced Polarisation (IP) geophysical survey, are refining the geological understanding and targeting strategy along the Afema Shear, which remains open for further expansion.

Metallurgical Advances Boost Project Economics

Complementing exploration success, metallurgical test work reported post-quarter end revealed improved gold extraction rates ranging from 84% to 95% across multiple deposits including Woulo Woulo, Jonction, Anuiri, and for the first time, Asupiri. These results, achieved through ultra-fine grinding and flotation concentrate leaching, suggest potential for lower capital and operating costs, enhancing the project’s economic outlook.

Corporate Developments and Financial Strength

On the corporate front, Turaco appointed Ian Kerr, an experienced mining engineer with extensive African project expertise, to its board, while long-serving director Alan Campbell announced his retirement. The company also finalised its increased interest in Afema to 80%, issuing 36.3 million shares to its joint venture partner as consideration.

Financially, Turaco ended the quarter with a robust cash position of approximately A$26.4 million and additional listed investments valued at A$2.4 million, providing a solid foundation for ongoing exploration and development activities.

Community and Infrastructure Initiatives

Demonstrating commitment to local communities, Turaco is funding the construction of a new 2-kilometre access road and two bridges connecting villages near its exploration camp. This infrastructure investment, costing around A$750,000, aims to improve accessibility and socio-economic conditions in the Afema region, while facilitating exploration operations.

Looking Ahead

The imminent Afema MRE update is expected to materially increase the project’s gold resource base, incorporating new drilling and metallurgical data. Meanwhile, ongoing drilling and geophysical surveys continue to target extensions and new prospects, setting the stage for sustained resource growth through 2025 and beyond.