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Toubani Resources Auger Drilling Confirms Further Gold Mineralization on the Kobada Est Permit of the Kobada Gold Project in Mali, Africa.

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Toubani Resources (TSXV:TRE) (OTCPink:AGGFF) (FSE:3A61) Auger Drilling Confirms Further Gold Mineralization on the Kobada Est Permit of the Kobada Gold Project in Mali, Africa. The company is primarily focused on the development of the Kobada Gold Project in Southern Mali, a low capital and low operating cost gold project with the potential to produce more than 100,000 ounces of gold per annum.Significant gold intersections above 0.3 g/t in Target E include drill hole E-423 which returned 20.69 g/t Au over 8.0 m from 2.0 m to 10.0 m, which included 78.9 g/t Au over 2.0 m and 3.14 g/t Au over 2.0 m.

Additional Information:

Company: Toubani Resources Inc
Website: https://www.toubaniresources.com
Stock Symbol: TSXV:TRE
Date Published: Aug 2, 2022
Transcript: Available

Video Transcript:

Toubani Resources (TSXV:TRE) (OTCPink:AGGFF) (FSE:3A61), previously known as African Gold, has provided an update on its Kobada Gold Project in Mali, Africa’s 3rd largest gold producing nation.

The company is primarily focused on the development of the Kobada Gold Project in Southern Mali, a low capital and low operating cost gold project with the potential to produce more than 100,000 ounces of gold per annum.

As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering the potential to increase resources.

The focus of the auger drilling campaign was on previously identified target areas, based on the termite soil geochemical sampling and geophysical interpretations, in the larger Kobada Est permit.

The holes were laid out on fences either 200 m apart or 400 m apart with the holes being spaced 50 m along the fence lines, with all 345 holes drilled vertically to a depth of 20 m.

The holes were sampled in 2 m increments with 3,439 samples sent to the Laboratory.

Targets A to F were testing the Kobada Est Shear for mineralisation while targets M, H, Q and L were testing soil geochemical anomalies and possible side shears.

Significant gold intersections above 0.3 g/t in Target E include drill hole E-423 which returned 20.69 g/t Au over 8.0 m from 2.0 m to 10.0 m, which included 78.9 g/t Au over 2.0 m and 3.14 g/t Au over 2.0 m and drill hole E-412 which returned 1.81 g/t Au over 8.0 m from 10.0 m to 18.0 m, including 3.94 g/t Au over 2.0 m and drill hole E-417 which returned 2.42 g/t Au over 2.0 m from 0.0 m to 2.0 m.

The strongest results are associated with the central portion of the shear with the southern and northern extents indicating auger geochemical anomalies above 40 ppb (green shaded polygons) with evidence of vein quartz (orange shaded polygons) being identified in the samples.

The 40 ppb background grade is based on the histogram of 2,722 samples which indicates that the lower background grade is at 40 ppb.

Target E, the central portion of the Kobada Est Shear, is showing the best potential for elevated mineralisation with Target Q also returning some promising results.

This image shows the auger drilling collars for Target E with the 40 ppb geochemical anomalies, vein quartz presence, and gold intersections.

The 40 ppb anomaly is approximately 1,200 m by 500 m as a surface expression with a higher grade 0.5 g/t anomaly with an approximate strike of 720 m.

Target E could still extend further north and also seems to widen based on the 40 ppb anomaly and the presence of vein quartz.

This oblique view of the strip logs in Leapfrog software for Target E auger holes shows the elevated mineralisation above 40 ppb as disks.

Management believes there is a possibility that the mineralisation is dipping to the west, but this still needs to be confirmed as the geology is still not understood.

Initial drilling results identified Target E as the highest priority area for additional drilling to test these anomalies further.

Additional drilling is currently underway to test the possible northern extension of Target E.

Follow up AC or RC drilling will be required in future to test the possible lateral and strike extensions to get a better understanding of the geology in this area.

In addition to Target E, Targets Q and L results suggest additional follow up work required.

Danny Callow, President and CEO, stated: “Our auger drilling campaign is the next step of regional exploration to meet conditions on our two exploration permits (Kobada Est and Faraba). The wide spaced drilling programme was designed to identify trends above the background gold grade which then warrants further follow up with targeted drilling. We are very pleased with the results from the initial drilling, particularly in Target E where substantial high-grade intersections occurred. We have targeted additional drilling along strike in this area. These results are extremely encouraging and show the future upside exploration potential of our sizeable land package. It should be noted that this drilling is in an area previously untested, and therefore identifies further upside from what has been reported before. Our success with the drill bit, that has seen a 40% increase in overall resource, and а 140% increase in reserves shows that the Kobada and adjacent concessions are highly prospective and require further exploration to further increase resources and ultimately reserves.”

The shares are currently trading at $0.15.

For more information please visit the company’s website, www.ToubaniResources.com, contact Danny Callow, President & CEO, at 27-76-411-3803 or by email at Danny.Callow@ToubaniResources.com, or Daniyal Baizak, VP Corporate Development at 647-835-9617 or by email at DBaizak@ToubaniResources.com.