Boundiali Gold Project

(89% Turaco)

(refer to ASX announcement dated 21 May 2021)
The Boundiali Gold Project covers two contiguous granted exploration permits covering 572km2. The southern exploration permit is held 89% by Turaco in joint venture with Predictive Discovery Limited (ASX:PDI) (Turaco-Predictive JV) and is the focus of exploration work and includes the ‘Nyangboue’ gold discovery, Turaco’s primary focus for the Boundiali Gold Project. The adjoining northern exploration permit is registered in the name of a joint venture company with a 35% shareholding held by the Turaco-Predictive JV and the remaining 65% shareholding held by a local joint venture partner.

The project is positioned on the highly prospective Boundiali greenstone belt which hosts Resolute’s Syama gold operation and Tabakoroni deposit in Mali. On the belt’s southern extension into Cote d’Ivoire several smaller high-grade deposits have been discovered, including Perseus Mining Ltd’s Sissingue gold operation and Bagoe deposits and Montage Gold’s recent 4Moz Kone gold discovery (https://www.montagegoldcorp.com/projects/morondo/) to the southwest where it merges with the Senoufo belt.

Turaco’s management team has demonstrated exploration success on the Boundiali belt with the discovery of the Antoinette and Veronique deposits by Exore Resources Ltd (acquired by Perseus in September 2020) and believe the Boundiali belt remains prospective for further discoveries, including world class deposits.

The Boundiali project area covers the under explored southern extension of the Boundiali belt where a highly deformed synclinal greenstone horizon traverses finer grained basin sediments and to the west Tarkwaian clastic rocks lie in contact with a granitic margin.

Boundiali Gold Project – Geology and Gold-in-Soils Anomalies

Boundiali Gold Project – Soil Geochemistry

Several phases of soil sampling defined three large gold anomalies on the southern permit:

  • Nyangboue – >6km strike length gold-in-soils anomaly associated with the greenstone horizon in the north-east corner of the southern Boundiali permit and open into the Boundiali northern permit
  • Nyangboue South – >2km strike length gold-in-soils anomaly ~6km along southern strike to Nyangboue
  • Gbemou – >1.5km strike length gold-in-soils anomaly in the north-west of the Boundiali south permit

Nyangboue – RC Drilling

Drilling undertaken during 2016 & 2017 included results (refer Predictive ASX announcements dated 23 June 2016, 25 July 2016, 8 August 2016, 17 May 2017, 29 May 2017, 27 May 2019):

  • 20m @ 10.45g/t gold fr 38m (BRC0004S BIS)
  • 30m @ 8.30g/t gold fr 39m (NDC007)
  • 28m @ 4.04g/t gold fr 3m and 6m @ 3.29g/t gold fr 47m (BRC003)
  • 9m @ 7.90g/t gold fr 99m (BRC006)
  • 27m @ 2.42g/t gold fr 27m (BRC175)
  • 28m @1.55g/t gold fr 1m (BRC048)
  • 4.5m @ 6.59g/t gold fr 75m (NDC001)
  • 9m @ 2.86g/t gold fr 68m (BRC183)

Turaco commenced RC drilling at Nyangboue in September 2021 (Refer to ASX Announcement 12 November 2021) and has completed 29 RC holes for 3,215m in a phase one program.

These 11 drill holes reported come from 1,159m drilled into the central strike of the Nyangboue prospect. These holes were designed to reduce drill spacing down to 80m x 40m spacing to better resolve higher grade zones within the mineralisation and aid preliminary JORC Resource estimate modelling.

Results included:

  • BDRC004 6m @ 1.91g/t gold from 59m & 8m @ 1.65g/t gold from 84m within 103m @ 0.59g/t gold from 22m
  • BDRC005 17m @ 1.49g/t gold from 116m
  • BDRC006 14m @ 1.96g/t gold from 17m including 9m @ 2.62g/t gold from 17m
  • BDRC007 9m @ 1.67g/t gold from 46m
  • BDRC008 15m @ 1.19g/t gold from 52m including 6m @ 2.46g/t gold from 61m

Assays are pending for a further 18 holes (2,056m) designed to test the presence of subparallel zones identified in sub-optimally orientated historical reconnaissance drilling and to test for shallow extensions to the south of the central Nyangboue strike.

Nyangboue RC Drill Hole Plan

Long-section interpretation of the geologically constrained dominant mineralised surface has highlighted several northerly down-plunge targets at shallow depths (<150m) which will be targeted with further RC and DD drilling.

Nyangboue Long Section Looking East

Mineralisation encountered occurs as discrete higher-grade zones within a broad low-grade envelope within a folded sedimentary package. Extensive sulphide and carbonate alteration occurs with higher grade zones being associated with structurally controlled zones of quartz veining. Oxidation extends to approximately 50m vertical depth and being a sedimentary protolith is soft and friable. On some sections there appears to be some secondary dispersal of gold within oxidation, but further drilling is required to determine to what extent.

Mineralisation is hosted in a sedimentary package comprising alternating sandstones and shales with minor intraformational conglomerates. Broad zones of relatively low-grade disseminated mineralisation envelope higher grade zones which are in some instances associated with quartz veining with visible gold. Screen-fire assays are also planned to assess nugget effects in higher-grade zones where visible gold has been noted.

Nyangboue Cross Section (BRC005, BDRC006, BDRC007) Looking North