Turaco Gold (ASX: $TCG) completes acquisition of Afema Project and commences aggressive drilling program

Turaco Gold Limited (ASX: $TCG) completed the acquisition of the Afema Project in south-east Cote d'Ivoire during the quarter ended 31 March 2024. The company immediately embarked on an aggressive drilling program to expedite the delineation of a maiden JORC mineral resource estimate. Over 3,500m of diamond and RC drilling has already been completed with two rigs continuing to operate on double shift. Turaco ended the March Quarter with cash of approximately A$6.7 million, with a US$1.5 million (A$2.2 million) acquisition payment made to Endeavour Mining shortly after the end of the Quarter for the Afema Project. Rationalisation of the exploration portfolio in Cote d'Ivoire was also finalized with the divestment of the Odienne, Ferke, Boundiali, and Tongon North Projects. The 2024 Annual General Meeting of shareholders will be held on Monday, 27 May 2024 at 10am (WST).

Executive Commentary on Afema Project Acquisition and Drilling Program

The completion of the acquisition of the Afema Project marks a significant milestone for Turaco Gold. The aggressive drilling program has already yielded encouraging assay results, with several +50 gram metre (gm) results reported from the initial eight core holes drilled at the Jonction and Anuiri deposit. The metallurgical test work undertaken at Woulo Woulo deposit has confirmed excellent gold extractions of 93.9%, 88.2%, and 89.4% on oxide, transitional, and fresh mineralisation respectively. The rapid gold leach kinetics with most of the gold dissolution occurring within 4 hours is a promising sign for the project's future prospects.

Summary of Afema Project Acquisition and Drilling Program

Turaco Gold (ASX: $TCG) successfully completed the acquisition of the Afema Project and immediately commenced an aggressive drilling program, which has already shown promising results. The assay results from the initial drilling at the Jonction and Anuiri deposit have demonstrated the scale and tenor of gold mineralisation along the Afema Shear, with all deposits remaining open. The excellent metallurgical test work at Woulo Woulo deposit further reinforces the potential of the project. The company's rationalization of the exploration portfolio and the upcoming Annual General Meeting indicate a focused approach towards advancing the Afema Project and the Eburnea Project. With a strong cash position and strategic divestments, Turaco Gold is well-positioned to pursue its exploration and development activities in Cote d'Ivoire.