Afema Gold Project
JORC Resource Estimate
Turaco Gold Limited announced an updated independent JORC Mineral Resource Estimate of 3.55Moz for the Afema Project in southeastern Côte d’Ivoire on the 5th May 2025.
| Afema Project JORC 2012 Mineral Resource Estimate | |||
| Deposit | Tonnes | Gold Grade | Ounces ('000) |
| Woulo Woulo | 50.9Mt | 1.0g/t | 1,600 |
| Jonction | 9.1Mt | 2.1g/t | 610 |
| Anuiri | 9.7Mt | 1.7g/t | 520 |
| Asupiri | 21.1Mt | 1.2g/t | 820 |
| Total | 90.8Mt | 1.2g/t | 3,550 |
Afema Project JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)
- Entire reported MRE is located within the granted Afema mining permit
- Represents over 40% growth on the maiden MRE announced in August 2024, at higher gold grade
- Improved gold recoveries across all deposits from systematic metallurgical test work
- MRE growth delivered at a cost of less than US$8/ounce inclusive of all regional exploration and corporate costs
- MRE reported at 0.5g/t gold lower cut-off within constrained open pit shells (previous MRE was unconstrained) with coherent higher grade gold shoots at Jonction and Anuiri reported at a 1.5g/t gold lower cut-off beneath the pit shells
- Mineralisation at all deposits remains ‘open’ with extensional drilling currently being undertaken at Asupiri and Anuiri. Drilling also underway on parallel structures at Woulo Woulo and potential high-grade shoot repetitions along strike of Jonction, including Toilesso (results pending)
- MRE of 3.55Moz excludes substantial gold mineralisation recently drilled at several prospects, all within 10kms, including:
- Begnopan | located between Jonction and Anuiri, where shallow gold mineralisation (avg. 70m vertical) has been drilled across 2.5kms of strike with recent drilling results including:
- 34m @ 3.44g/t gold from 65m
- 6m @ 6.12g/t gold from 73m
- 6m @ 3.66g/t gold from 76m
- 8m @ 5.28g/t gold from 46m
- 15m @ 2.29g/t gold from 51m
- 9m @ 2.22g/t gold from 26m
- 1m @ 29.53g/t gold from 34m and 17m @ 1.48g/t gold from 49m
- Baffia | located 3kms northwest of Jonction, a 3.5km by 2.5km geochemical anomaly over an interpreted multi-phase intrusive, with first pass drilling results returning:
- 32m @ 1.69g/t gold from 12m
- 10m @ 1.95g/t gold from 22m
- 21m @ 1.79g/t gold from 104m
- The “Niamienlessa Trend” | +10km trend of anomalous gold-in-soils where recent shallow drill results at Affienou and Niamienlessa SW included:
- 12m @ 6.72g/t gold from 18m
- 15m @ 2.11g/t gold from 22m
- 26m @ 1.04g/t gold from 71m
- 7m @ 3.78g/t gold from 115m
- 10m @ 2.46g/t gold from 94m
- 27m @ 1.30g/t gold from 34m
- 13m @ 1.23g/t gold from 22m
- 16m @ 1.18g/t gold from 32m
- 23m @ 1.19g/t gold from 64m
- 10m @ 2.15g/t gold from 47m
- The “Herman Trend” | sub-parallel trend to the Woulo Woulo MRE with similar alteration style with drilling along 300m of strike and geophysics indicating it remains open for +1km under shallow cover. Drill results include:
- 6m @ 6.32g/t gold from 64m
- 15m @ 2.11g/t gold from 93m
- 12m @ 1.50g/t gold from 51m
- 12m @ 1.50g/t gold from 51m
- 14m @ 1.45g/t gold from 87m
- 12m @ 2.19g/t gold from 39m
- 8m @ 2.37g/t gold from 85m
- 5m @ 2.45g/t gold from 43m
- 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
- Over 7,000m of drill assays pending and further 8,000m of assays not included in the MRE update
- Turaco is targeting a further update to the Afema Project MRE by the end of the 2025 calendar year
- Pre-feasibility study (‘PFS’) to commence and expected to be completed H1 CY2026. Environmental and social impact assessment (‘ESIA’) commenced with the appointment of ‘Earth Systems’ as lead consultant, targeting final submission by end of 2026
- Begnopan | located between Jonction and Anuiri, where shallow gold mineralisation (avg. 70m vertical) has been drilled across 2.5kms of strike with recent drilling results including:
Managing Director, Justin Tremain commented:
“This 3.55Moz 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 program. In addition, we will now commence a PFS to demonstrate what we believe will be compelling development economics for Afema.
All deposits within the 3.55Moz 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.”
Woulo Woulo
The Woulo Woulo MRE is 50.9Mt at 1.0g/t gold for 1,600,000 ounces (at lower cut-off of 0.5g/t)
| Woulo Woulo JORC 2012 Mineral Resource Estimate | ||||
| Cut-Off | Classification | Tonnes | Gold Grade | Ounces('000) |
| 0.5g/t | Indicated | 30.3Mt | 0.9g/t | 880 |
| Inferred | 20.6Mt | 1.1g/t | 720 | |
| Total | 50.9Mt | 1.0g/t | 1,600 | |
Woulo Woulo JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)
- Mineralisation at Woulo Woulo has broad widths amenable to low strip ratio open pit mining with ~60% or ~950,000 ounces contained from surface to 200m vertical with ~90% of these ounces classified as ‘Indicated’
- Test work achieved gold extraction 87% to 95% from conventional cyanide leaching with rapid leach kinetics and low cyanide consumption of 0.49kg/t to 0.58kg/t
Jonction
The Jonction MRE comprises 7.0Mt at 1.9g/t for 430,000 ounces (at lower cut-off of 0.5g/t) as ‘open pit resource’ and a further 2.0Mt at 2.7g/t for 180,000 ounces (at lower cut-off of 1.5g/t) as ‘underground resource’, for a total Jonction MRE of 9.1Mt at 2.1g/t gold for 610,000 ounces
| Jonction JORC 2012 Mineral Resource Estimate | ||||
| Cut-Off | Classification | Tonnes | Gold Grade | Ounces ('000) |
| Open Pit 0.5g/t |
Indicated | 5.3Mt | 2.1g/t | 350 |
| Inferred | 1.8Mt | 1.4g/t | 80 | |
| Total | 7.0Mt | 1.9g/t | 430 | |
| Underground 1.5g/t |
Indicated | 0.5Mt | 2.8g/t | 50 |
| Inferred | 1.5Mt | 2.6g/t | 130 | |
| Total | 2.0Mt | 2.7g/t | 180 | |
| Total | Indicated | 5.8Mt | 2.1g/t | 400 |
| Inferred | 3.3Mt | 2.0g/t | 210 | |
| Total | 9.1Mt | 2.1g/t | 610 | |
Jonction JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)
- Over 80% of the ‘open pit’ component ‘Indicated’ with ~60% contained in top 200m
- ‘Underground’ component represents a coherent high-grade core that remains ‘open’ at depth
- Test work at Jonction achieved an average gold extraction of 90.3% from fresh mineralisation through grind, sulphide flotation, ultra fine grinding of a low mass recovery (3.3%) concentrate, oxidative & cyanide leaching
Anuiri
The Anuiri MRE comprises 8.7Mt at 1.6g/t for 440,000 ounces (at lower cut-off of 0.5g/t) as ‘open pit resource’ and a further 1.0Mt at 2.5g/t for 80,000 ounces (at lower cut-off of 1.5g/t) as ‘underground resource’, for a total Anuiri MRE of 9.7Mt at 1.7g/t gold for 520,000 ounces
| Anuiri JORC 2012 Mineral Resource Estimate | ||||
| Cut-Off | Classification | Tonnes | Gold Grade | Ounces ('000) |
| Open Pit 0.5g/t |
Indicated | 6.2Mt | 1.7g/t | 340 |
| Inferred | 2.5Mt | 1.3g/t | 110 | |
| Total | 8.7Mt | 1.6g/t | 440 | |
| Underground 1.5g/t |
Indicated | 0.1Mt | 2.0g/t | 10 |
| Inferred | 0.9Mt | 2.6g/t | 70 | |
| Total | 1.0Mt | 2.5g/t | 80 | |
| Total | Indicated | 6.4Mt | 1.7g/t | 340 |
| Inferred | 3.4Mt | 1.7g/t | 180 | |
| Total | 9.7Mt | 1.7g/t | 520 | |
Anuiri JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)
- Over 90% of Anuiri MRE contained in top 175m with 80% of these ounces ‘Indicated’
- Multiple high-grade ‘underground’ shoots
- Test work at Anuiri achieved an average gold extraction of 84.4% from fresh mineralisation through grind, sulphide flotation, ultra fine grinding of a low mass recovery (4.7%) concentrate, oxidative & cyanide leaching
Asupiri
The maiden Asupiri MRE is 21.1Mt at 1.2g/t gold for 820,000 ounces (at lower cut-off of 0.5g/t)
| Asupiri JORC 2012 Mineral Resource Estimate | ||||
| Cut-Off | Classification | Tonnes | Gold Grade | Ounces('000) |
| 0.5g/t | Indicated | 3.7Mt | 1.3g/t | 150 |
| Inferred | 17.4Mt | 1.2g/t | 670 | |
| Total | 21.1Mt | 1.2g/t | 820 | |
Asupiri JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)
- Over 80% of Asupiri MRE contained in top 110m and over 90% in top 150m
- Test work at Asupiri achieved an average gold extraction of 87.6% from fresh mineralisation through grind, sulphide flotation, ultra fine grinding of a low mass recovery (5.1%) concentrate, oxidative & cyanide leaching
Afema Project Permit Area Geology and Deposit & Prospect Locations
Competent Person’s Statement
The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Elliot
Grant, who is a Member of the Australasian Institute of Geoscientists. Mr Grant is a full-time employee of Turaco Gold Ltd and has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he
is undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration
Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr Grant consents to the inclusion in this report of
the matters based upon his information in the form and context in which it appears.
The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Brian Wolfe, an
independent consultant to Turaco Gold Ltd and a Member of the Australasian Institute of Geoscientists. Mr Wolfe has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is
undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration
Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr Wolfe consents to the inclusion in this report
of the matters based upon the information in the form and context in which it appears.
The information in this report that relates to metallurgical testwork is based on, and fairly represents, information compiled by
Mr Ian Thomas, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Thomas is a part-time employee of
Turaco Gold Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the
“Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code).
Mr Thomas consents to the inclusion in this report of the matters based upon his information in the form and context in which it
appears.
References may have been made in this announcement to certain past ASX announcements, including references regarding
exploration results. For full details, refer to the referenced ASX announcement on the said date. The Company confirms that it is not
aware of any new information or data that materially affects the information included in these earlier market announcements.
