Toubani Resources Auger Drilling Confirms Further Gold Mineralization on the Kobada Est Permit of the Kobada Gold Project

TORONTO, Aug. 02, 2022 - Toubani Resources, Inc. (formerly African Gold Group, Inc.) (TSX-V: TRE, FRA: 3A61) (“Toubani Resources” or the “Company”) is pleased to provide an update on the auger drilling campaign on the Kobada Est permit area of its Kobada Gold Project located in southwestern Mali, Africa. The update is based on the auger drilling completed to date, which commenced on April 7, 2022 and is still ongoing. Additional exploration activities are also planned for the Faraba permit area once this initial auger drilling at Kobada Est has been completed.


Highlights:

- Significant gold intersections above 0.3 g/t in Target E

-- 20.69 g/t Au over 8.0 m from 2.0 m to 10.0 m (Drill hole E-423)
Including 78.9 g/t Au over 2.0 m
Including 3.14 g/t Au over 2.0 m

-- 1.81 g/t Au over 8.0 m from 10.0 m to 18.0 m (Drill hole E-412)
Including 3.94 g/t Au over 2.0 m

-- 2.42 g/t Au over 2.0 m from 0.0 m to 2.0 m (Drill hole E-417)

- 720 m by 150 m, 0.5 g/t gold anomaly on Target E

- Target E potential for extension and widening to the north

Toubani Resource’s President and CEO, Mr. Danny Callow, 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.”


2022 Kobada Est Auger Drilling Campaign

The 2022 Kobada Est auger drilling campaign commenced on April 7, 2022 with a local Malian drilling company (Kounfaga Mining Services SARL) and has completed 6,878 m of drilling to date. The auger 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. All 345 holes were drilled vertically to a depth of 20 m. The auger drillholes, with a 4.4-inch spiral, were sampled in 2 m increments resulting in 3,439 samples being sent to the Bamako SGS Laboratory. Drilling is continuing to test areas of interest.

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 aim was to delineate shallow anomalous geochemical areas (testing the top 20 m) and potentially identify mineralised areas and evidence of structures. This would assist in determining the potential of mineralisation on the Kobada Est permit along the Kobada Shear and assist in the sighting of the follow-on AC or RC drilling campaigns.

Figure 1 shows the auger drilling programme, testing ten target areas, along the Kobada Est Shear (Targets A, B, C, D, E and F) and additional areas of interest (Targets L, Q, H, and M) with the geophysical interpretation as background.

https://ml.globenewswire.com/Resource/Download/e18e952e-3d06-422f-8d72-d2a65c6e8f39
Figure 1: 2022 Auger Drilling Programme and Targets over the Kobada Est Permit.


Auger Drillhole Results

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. 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. This can be seen in Figures 2 and 3 which have the TMI aeromagnetics as background. 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.

https://ml.globenewswire.com/Resource/Download/a7ede6c8-7bf4-45de-996d-da3263752cd0
Figure 2: Auger Drilling Results over the Southern Portion of the Kobada Est Shear (Target A to D)

https://ml.globenewswire.com/Resource/Download/92d332b0-b894-468c-bb9c-367fab82b968
Figure 3: Auger Drilling Results over the Northern Portion of the Kobada Est Shear (Target F).

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.

Figure 4 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 is evident in Figure 5.

https://ml.globenewswire.com/Resource/Download/3bb691ac-b184-4d90-a63d-78cc91a0bc8e
Figure 4: Auger Drilling Results over the Central Portion of the Kobada Est Shear (Target E).

https://ml.globenewswire.com/Resource/Download/a66981bd-a35c-405c-bfcd-39aec25a0a43
Figure 5: Target E Potential Northern Extension and Widening to the North.

Figure 6 is an oblique view of the strip logs in Leapfrog software for Target E auger holes showing the elevated mineralisation above 40 ppb as disks. 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. TRE geologists will be doing follow up surface geology work to assist in the geological interpretations.

https://ml.globenewswire.com/Resource/Download/339d99a6-0086-4784-b4c9-50c8e621f4aa
Figure 6: Oblique View of the Elevated Mineralisation in the Auger Drillholes in Target E

The significant gold intersections above 0.3 g/t are shown in Table 1. These intersections occur in four of the Target areas (Target B, E, M and L). Target E has three auger drillholes that have elevated gold grades over 8 m in two of the holes.

The 0.3 g/t grade is based on the mineralisation halos that are used to constrain the main Kobada estimation and used to delineate the geological model.

                                        COMBINED     WEIGHTED
                FROM    TO   GRADE   MINERALISED      AVERAGE
TARGET   BHID    (m)   (m)   (g/t)    LENGTH (m)   GRADE (g/t)
B       B-313     16    18    0.44            2          0.44
E       E-423      2     4    0.32
E       E-423      4     6   78.90            8         20.69
E       E-423      6     8    3.14
E       E-423      8    10    0.39
E       E-412     10    12    3.94            8          1.81
E       E-412     12    14    1.86
E       E-412     14    16    1.11
E       E-412     16    18    0.34
E       E-417      0     2    2.42            2          2.42
M       M-677      8    10    1.62
M       M-677     10    12    0.65            6          0.91
M       M-677     12    14    0.46
L       L-665      0     2   10.10            2          10.1

Table 1: Significant Mineralised Intersections above 0.3 g/t Gold.


Quality Assurance / Quality Control

The auger drillhole collars were sighted using a Garmin handheld GPS. The auger drilling was sampled every metre and then 2 m composites were created, and riffle split for assay samples. All samples were analysed at SGS (Bamako) Laboratory, which is a SANAS (South African National Accreditation System) accredited laboratory (facility accreditation number T0762). A strict QA/QC program was applied to all samples: which include insertion of either certified reference material (CRM’s), a blank sample or duplicate every 20th sample (i.e., a rate of approximately 5% of submitted samples). The gold analyses were by fire-assay on 50 grams aliquot with AAS finish. The QAQC samples were monitored per batch and all QAQC samples have passed. Of the 3,439 auger samples, QAQC samples used during sampling comprised 60 standards/certified reference material made up of low grade AMIS0571 (0.59 g/t) and AMIS0569 (0.27 g/t), medium grade AMIS0441 (2.44 g/t) and high-grade AMIS 0559 (12.01 g/t). 78 Blank AMIS0681 samples and 59 field duplicates were inserted into the sample batches.


Future Exploration Work

The initial auger drilling results have identified Target E as the highest priority area for additional drilling to test these anomalies further. Additional auger 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.

https://ml.globenewswire.com/Resource/Download/ee2b97cc-5211-402f-9439-6e0c50df71ba
Figure 7: Future Testing of Target E


Qualified Person

The technical and scientific information in this press release has been prepared, reviewed and approved by Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA, a director of Minxcon (Pty) Ltd. with respect to mineral resources, who is a Qualified Person as defined by National Instrument 43-101.


About Toubani Resources Inc

Toubani Resources is a TSX Venture Exchange (TSX-V: TRE) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production.

Toubani Resource’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2021 definitive feasibility study and is targeting gold production of 100,000 oz 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 for an increase in resource. For more information regarding Toubani Resources visit our website at www.toubaniresources.com.



For more information:

Toubani Resources Inc.
Danny Callow, President and Chief Executive Officer
+(27) 76 411 3803
Danny.Callow@toubaniresources.com

Daniyal Baizak, Vice President, Corporate Development
+1 (647) 835 9617
Dbaizak@toubaniresources.com



Cautionary statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the auger drilling campaign, the expansion of mineral resources and reserves, and drilling and exploration plans of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals from regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; any pandemics and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.