Turaco Gold (ASX:TCG) said the updated mineral resource estimate for its Afema gold project in the Ivory Coast showed a growth of over 40% on the maiden estimate announced in August 2024 at a higher gold grade, according to a Monday Australian bourse filing.
The company reported an updated mineral resource estimate of 3.6 million ounces at 90.8 million tonnes at a grade of 1.2 grams per tonne of gold.
It will start a pre-feasibility study targeting the development of 5 million to 6 million tonnes per annum, per the filing. The study is expected to be completed in the first half.
The estimate excludes substantial gold mineralization that the firm recently explored during drilling at several prospects, the filing said. These prospects, together with untested anomalies as well as infill and extensional drilling at earlier deposits, highlight the potential growth of the estimate.
Turaco Gold's shares jumped almost 5% in recent trading on Monday.
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