Turaco Gold's (ASX:TCG) additional drilling results from Adiopan and Asupiri gold deposit areas at its Afema project in the Ivory Coast continue to confirm the prospectivity of the region and resource upside, Euroz Hartleys said in a Wednesday note.

Drilling at Adiopan confirmed a new gold discovery, revealing both an upper and lower zone of mineralization with good mineralized continuity and grade across the oxide and into the fresh mineralization and along strike.

Euroz Hartleys said the confirmation of a discovery at Adiopan is "highly encouraging" and has the potential to significantly increase the project's total mineral resource estimate, which currently sits at 3.6 million ounces at 1.2 grams per tonne (g/t) grade of gold.

Meanwhile, resource drilling at Asupiri improved resource confidence and revealed that the resource is open at depth and along strike, with results including 25 meters at 2.66 g/t grade of gold from 96 meters.

The investment advisory firm maintained a speculative buy rating on Turaco Gold and lifted its price target to AU$1 from AU$0.80.

The company's shares rose nearly 5% in afternoon trade Thursday.