Afema Gold Project
Emerging Multi Million Ounce Gold Project
Cote d'Ivoire
Diggers and Dealers | August 2024
This presentation has been approved for release to the ASX by the Board of Turaco Gold Ltd
Page 1 | turacogold.com.au |
Corporate Snapshot | ASX:TCG
Share Price (2 Aug 24) | Shares on Issue | |
$0.22 | 750M | Top 100 |
Market Capitalisation | Investments & Receivable1 | Shareholders |
A$165M | A$5M | >80% |
Cash (30 Jun 24) | Enterprise Value | |
A$18M | A$142M |
Management | 7% |
Endeavour Mining Plc | 6% |
Institutional | 18% |
High Net Worth (>$500k) | 45% |
Other | 24% |
$0.25 | ||||||||||||
A$18m | ||||||||||||
Raise at 16c | ||||||||||||
$0.20 | A$6.6m | |||||||||||
Ministerial | ||||||||||||
Raise at 9c | ||||||||||||
Approval of | ||||||||||||
$0.15 | Acquisition | 74m @ 1.09g/t | ||||||||||
52m @ 1.32g/t | ||||||||||||
Agreement to | ||||||||||||
Acquire Afema | First Drilling | 61m @ 1.64g/t | ||||||||||
$0.10 | ||||||||||||
67m @ 8.43g/t | 59m @ 1.49g/t | |||||||||||
30m @ 5.18g/t | 87m @ 1.04g/t | |||||||||||
45m @ 2.53g/t | ||||||||||||
$0.05 | 22m @ 4.99g/t | |||||||||||
105m @ 1.61g/t | 28m @ 2.23g/t | |||||||||||
75m @ 1.01g/t | ||||||||||||
$0.00 | ||||||||||||
1/08/2023 | 1/09/2023 | 1/10/2023 | 1/11/2023 | 1/12/2023 | 1/01/2024 | 1/02/2024 | 1/03/2024 | 1/04/2024 | 1/05/2024 | 1/06/2024 | 1/07/2024 | 1/08/2024 |
1 5M shares in Many Peaks Minerals Ltd, 0.3M share in Awale Resources Ltd, $1.2M of shares in Aurum Resources Ltd payable for Boundiali South permit and potential US$1.5M receivable from Fortuna Mining Corp for residual 20% interest in Tongon North
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Board and Management
Justin Tremain
John Fitzgerald
Alan Campbell
Bruce Mowat | Rob Seed |
Elliot Grant
Daouda Zombo (Zombo)
Managing Director
- Experienced resources company director and executive
- Previously Managing Director of Exore Resources Ltd (Cote d'Ivoire) until its takeover by Perseus Mining Ltd
- Founding Managing Director of Renaissance Minerals Ltd (Cambodia) until its takeover by Emerald Resources, where he served as Executive Director
Non-Exec Chair
- Highly experienced mining financier having held senior positions with various Investment Banks
- Non-ExecutiveDirector of Northern Star Resources Ltd, Chair of Medallion Metals Ltd and former Chair of Exore Resources Ltd
Non-Exec Director
- +30 yrs in global exploration and mining for major and junior companies
- Former Managing Director of Papillon Resources Ltd (Fekola discovery) which was acquired by B2 Gold Ltd
Non-Exec Director
- +30 years of exploration experience
- Resolute Mining Ltd's General Manager - Exploration
- Extensive West African exploration and mine operating experience
Chief Operating Officer
- +25yrs experience in Africa, Southeast Asia and Australia
- Responsible for multiple economic gold and base metal discoveries
- Led resource delineation and feasibilities on several West Africa gold projects (Burkina Faso and Guinea) over +10 years
Chief Geologist
- 15yrs experience in West Africa exploration (Burkina Faso and Cote d'Ivoire).
- Previously Exploration Manager at Exore Resources Ltd, Teranga Gold Corporation and Gryphon Minerals Ltd
Exploration Manager
- Geologist, Masters Econ. Geology (Quebec)
- +15 years' experience in West Africa
- Previously Gryphon Minerals, Teranga Gold Corporation and Endeavour Mining
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The Right Address | The Country
Cote d'Ivoire
Without question, Cote d'Ivoire is a premier jurisdiction of West Africa
- West African gold production more than doubled in past 10 years to 17Moz pa (Aust. 10Moz pa)
• West African discovery scale & grade | 67Moz at 1.5g/t discovered in last 10yrs from 15 discoveries (Aust. 19Moz at 0.9g/t)
- Cote d'Ivoire the key contributor to this growth & discoveries with production +500% in past 10yrs to ~1.8Moz pa
- Remains severely underexplored with >34% of West Africa's Birimian greenstone
- Nine operating gold mines (Barrick, Endeavour, Perseus, Fortuna, Tietto, Allied Gold) and three at DFS/development decision (Montage Gold, Centamin, Endeavour)
- Rapid permitting & low capex per ounce | Endeavour's Lafigue Gold Mine 4 years from drilling to construction
- Excellent infrastructure | HV transmission lines, hydro power, bitumen roads, skilled local workforce
- Highest rated sovereign in sub-Sahara Africa (S&P Global Rating BB-/positive)
- IMF economic growth forecast 6.5% pa in 2024 (up from 6.2% pa in 2023). Second largest economy in West Africa with highest GDP per capita
- West African leading standout in 2023 Frasers Investment Attractiveness Index (4th highest ranking in Africa) +12 years political stability and low security risk
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Afema Gold Project
World Class Terrain
- Total project area >1,250km2 in southeast Cote d'Ivoire
- Central granted Mining Permit covering 227km2
- Three recently granted contiguous Exploration Permits covering 812km2
- Mining Permit valid to Dec 2033 (20-year renewal thereafter to Dec 2053)
- Supported by a Mining Convention
- Exploration Permits 12-years of tenure (Jun 2036)
- West Africa's best infrastructure
- 120km drive from Abidjan and port facilities | 2-hourdrive
- New highway traverses southern project area connecting Cote d'Ivoire to Ghana
- Adjacent to major Cote d'Ivoire hydropower scheme with HV transmission lines
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The Right Address | Afema Project Location
Convergence of World Class Gold Belts
- Covers the extension and convergence of two of Ghana's most prolific gold belts into southeast Cote d'Ivoire
- Afema-Bibani-Chiranoshear marking eastern margin of Sefwi belt
- Asankragwa shear within the Kumasi basin
- Deposits along eastern margin extension of the Sefwi-Bibiani Belt host to deposits such as Bibiani (6.5Moz) and Chirano (5.5Moz)
- Asankragwa shear host to deposits such as Obotan (6Moz) and Essase (6Moz)
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The Right Address | Afema Project Geology
Target Rich Environment
- >US$40 million of past exploration expenditure within the Mining Permit
- > 250,000m of past drilling along the +25km 'Afema Shear'
- Past production of 125,000 ounces at >3g/t from shallow heap leach pits in 1990's
- Several drilled deposits along the +25km Afema Shear,
- All drilled deposits remain OPEN in every direction
- Multiple equally compelling structures, each extending 5-25kms, untested with drilling
- No known drilling within Exploration Permits | extensive geochemical sampling (+23,000 samples) with several well-defined,large-scale drill targets
- Extensions of the Afema Shear (Toilesso - Kotoka) and known deposits (Jonction-Anuiri-Asupiri-Woulo Woulo)
- Nianemlessa-AffienouShear
- Extensions and repetitions of the Woulo Woulo splay
- Intrusive contact anomalies
- Bafia
- Koffikro
- Ayame
Multi rig drilling program underway | >13,000m RC/DD drilling June quarter
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Afema Shear
Multi Million Ounce Gold System
- +25kms of the eastern margin of the extension of the Sefwi Gold Belt in Ghana - a truly worldclass gold belt
- Multiple structures across a ~3km width
- The entire focus of 250,000m of historical drilling, confirming a multi-millionounce gold system
- Fifteen known drilled deposits of which only two have been tested with deeper drilling
- Jonction
- Anuiri
- +5kms of untested prospective geology between Jonction and Anuiri with high tenor gold-in-soils
- Recent new shallow discovery at Woulo Woulo on a north-south splay off the Afema Shear
- Systematic metallurgical test work program underway across each deposit
- Maiden JORC resource estimate imminent
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Afema Shear | Jonction Deposit
- Positioned at the northern end of the Afema Shear
- ~300m strike extent
- Continuous high-grade(3-5g/t) shoot plunging to the south
- Potential additional high-grade shoots to the north and south
- Gold associated with pyrite
- Drill results include1:
- 40.6m @ 7.13g/t gold from 0m
- 24m @ 9.95g/t gold from 18m
- 14.5m @ 10.68g/t gold from 55.5m
- 12m @ 12.39g/t gold from 192.25m
- 17m @ 3.21g/t gold from 87m
- 9m @ 5.49g/t gold from 106m
- 14m @ 5.05g/t gold from 87.5m
- 12m @ 6.83g/t gold from 415m
- 16.4m @ 5.46g/t gold from 442.4m
OPEN in all directions
Jonction Long Section (looking west showing southerly plunging high grade shoot)
1 Refer ASX announcements dated 21 November 2023 and 17 April 2024
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