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.

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

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):