Turaco Gold has lifted its Afema Project gold resources by 15% to 4.65 million ounces, driven by multiple deposit upgrades and maiden resource declarations. The Pre-Feasibility Study is on track for Q2 2026, underpinned by a strong cash position and ongoing drilling campaigns.
- Afema Mineral Resource Estimate grows 15% to 4.65Moz
- Indicated Resources increase by 23%, boosting project confidence
- Adiopan and Herman deposits drive significant resource additions
- PFS nearing completion with maiden Ore Reserve expected
- Strong cash position of approximately A$60 million
Afema Resource Surges Amid Active Drilling
Turaco Gold Limited (ASX:TCG) has reported a substantial 15% increase in its Afema Project gold resources, now totalling 4.65 million ounces following an updated JORC Mineral Resource Estimate (MRE) released in March 2026. This growth, adding 590,000 ounces since October 2025, is anchored by robust drilling across multiple deposits including Woulo Woulo, Herman, Jonction, Anuiri, and Asupiri. Notably, the maiden resource declaration for the Herman Deposit adds a fresh 100,000 ounces at a higher grade, complementing the bulk tonnage Woulo Woulo resource.
The company has sustained a remarkable MRE growth rate exceeding 100,000 ounces per month since its maiden resource announcement in August 2024, with a 23% uplift in Indicated Resources significantly enhancing resource confidence. This progress supports the imminent Pre-Feasibility Study (PFS), which is nearing completion and slated for release in Q2 2026. The PFS is expected to include a maiden Ore Reserve declaration, underpinned by over 90% of key deposits now classified as Indicated within optimised pit shells.
Drilling momentum remains strong, with approximately 10,000 metres per month across the project, targeting both resource expansion and new discoveries. Adiopan has emerged as a major growth centre within the Asupiri deposit, driving a 300,000-ounce increase in its MRE through extensional drilling that confirmed mineralisation over an additional 1.5 kilometres of strike. The deposit continues to show strong continuity and remains open at depth and along strike, with parallel mineralised structures recently identified. Meanwhile, follow-up drilling along the Niamienlessa–Affienou Trend has confirmed continuous near-surface oxide gold mineralisation, highlighting district-scale potential beyond the current resource footprint.
These developments build on earlier drilling success, as seen in the company’s Afema Resource Surges to 4.65Moz Ahead of Key Feasibility Study announcement, reinforcing the scale and prospectivity of the Afema Shear corridor. Additionally, the recent Promising Drilling Results Boosting Afema at Niamienlessa SW and Affienou West prospects underline the potential for further oxide resource growth within trucking distance of the main deposits.
Deposit Highlights and Metallurgical Progress
The cornerstone Woulo Woulo Deposit now stands at 1.7 million ounces at 1.0 g/t gold, with a 25% increase in Indicated Resources and mineralisation amenable to low strip ratio open pit mining. Adjacent Herman offers a shallow, higher-grade satellite opportunity at 100,000 ounces at 1.6 g/t, with drilling ongoing to test strike extensions. Jonction and Anuiri deposits contribute 650,000 and 570,000 ounces respectively, with Jonction featuring a small but open underground resource component at higher grades.
The Asupiri Deposit, boosted by the Adiopan growth area, now contains 1.32 million ounces at 1.2 g/t, with a 30% increase in total ounces and a 48% rise in Indicated Resources. Metallurgical test work across deposits has yielded strong gold recoveries, ranging from 84% to over 90%, using conventional cyanide leaching and flotation techniques, supporting the technical viability of the project.
Community Engagement and Financial Position
Beyond resource growth, Turaco is advancing community infrastructure, notably funding a ~2km access road with two bridges connecting local villages near the exploration camp. This US$1 million investment has government endorsement and exemplifies the company’s commitment to socio-economic development in the Afema region.
Financially, Turaco ended the quarter with a robust cash balance of approximately A$60 million and listed investments of around A$4.5 million, well-positioned to fund ongoing exploration, resource growth, and feasibility studies. The company reported exploration expenditure of approximately A$7.2 million for the quarter, with no production or development activities undertaken during this period.
Looking ahead, key priorities for the June 2026 quarter include completing the Afema PFS, declaring a maiden Ore Reserve, and continuing resource growth drilling at Adiopan, Herman, and along the Afema Shear. The company also plans to increase the proportion of Indicated Resources to enhance mine plan confidence and progress towards a Definitive Feasibility Study (DFS).
Bottom Line?
Turaco’s steady resource expansion and advancing PFS position Afema as a promising gold development, but upcoming Ore Reserve details will be crucial to validate project economics.
Questions in the middle?
- How will the maiden Ore Reserve impact project financing and development timelines?
- What exploration upside remains along the Niamienlessa–Affienou Trend beyond current drilling?
- Can Turaco sustain its monthly drilling intensity to maintain resource growth momentum?