Turaco Gold (ASX:TCG) poses as the next logical takeover target in West Africa as its Afema project has a mineral resource estimate of 102.9 million tonnes at 1.20 grams per tonne gold for 4.06 million ounces, according to a Friday Euroz Hartleys note.

The note added that Turaco benefits from being in a "prime jurisdiction", located Southern Ivory Coast, as Afema sits about 2 hours from Abidjan, the capital, and is the beneficiary of a new sealed highway which crosses the southern part of the project, connecting Abidjan to Ghana.

The research firm added that the ongoing exploration potential of the Turaco Gold ground is "prolific" as Afema sits within a proven gold-rich greenstone with structural extensions from nearby major gold camps.

Euroz Hartleys has maintained its speculative buy rating on Turaco Gold and raised its target price to AU$1.40 from AU$1.05.

The company's shares fell almost 3% in recent Monday trade.