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Toubani Resources: Kobada East Discovery Confirmed by Maiden RC Drilling

25.04.2023 | GlobeNewswire

Toubani Resources: Kobada East Discovery Confirmed by Maiden RC Drilling

TORONTO, April 25, 2023 - Toubani Resources Inc. (ASX: TRE; TSX-V: TRE) ("Toubani Resources" or the "Company") is pleased to provide further results from the ongoing drilling program at its 3.1Moz Kobada Gold Project in southern Mali. The Mineral Resources¹ occur over a strike length of 4.5km and are open pittable¹.

Highlights

Kobada East discovery made in 2022 by auger sampling has been confirmed by maiden RC drilling program - a significant milestone
Drilling has identified shallow, oxide mineralisation below the auger anomaly over a strike length of 400 metres
Kobada East Shear extends for over 18km on Toubani's tenure
Significant intersections include:
- 6m at 0.85g/t incl. 2m at 1.70g/t (KE22_P013)
- 1m at 3.58g/t (KE22_P007)
- 1m at 3.35g/t (KE22_P008)
Results are typical of the mineralisation style seen across Kobada with the intersections mirroring those observed at the Kobada Main deposit in its initial drill phases
Mineralisation remains open along strike to the north and south as well as at depth
Four of five planned high-value exploration targets tested so far have now intersected new areas of mineralisation and extended strike outside the current Mineral Resource

Chief Executive Officer, Phil Russo commented: "These results demonstrate the potential for Toubani to delineate new discoveries within the Kobada project. Four of our five planned regional targets in this current drill program have now intersected new areas of mineralisation, an excellent result. In many ways, these intersections at Kobada East, as well those reported so far for Kobada North and Gosso, are reminiscent of the early drilling results at Kobada Main where numerous 1m to 2m intervals were intercepted, reflecting the mineralisation style seen across the project. We're excited to continue the program with further results anticipated shortly from the remaining targets areas, while in parallel study work to investigate the optionality at Kobada and range of development scenarios progresses in earnest."

Figure 1: Plan showing location of Kobada East within the Kobada gold project

Drilling Results and Commentary

At Kobada East, two fences of RC drilling were completed across an auger anomaly defined during a regional program in 2022². High grade results were previously received from the Kobada East target (earlier denoted as Target E), including:

20.69 g/t Au over 8.0 m from 2.0 m to 10.0 m (Auger 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 (Auger 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)

Drilling at Kobada East was carried out on sections spaced 400 metres apart within the 800m long anomaly as shown on Figure 2. Results are detailed in Appendix 1 and include:

6m at 0.85g/t from 79m incl. 2m at 1.70g/t (KE22_P013 - southern section)
1m at 3.58g/t from 9m (KE22_P007 - northern section)
1m at 3.35g/t from 26m (KE22_P008 - northern section)
4m at 0.41g/t from 86m (KE22_P006 - northern section)

Confirmation of sub surface mineralisation at Kobada East, below the auger anomalism, is a significant milestone. The tenor of mineralisation indicates that a continuous mineralised system is present at Kobada East, with similar results documented from early drill programs at the Kobada Main deposit.

All intersections reported occur in oxide mineralisation, improving the viability of the mineralisation. Future RC and AC drilling programs will be carried out to confirm the potential scale of mineralisation at Kobada East and to identify potential "hotspots" along the shear zone where shearing has concentrated multiple gold-bearing veins. The Kobada East Shear extends for over 18km on Toubani's tenure.

Figure 2: Plan showing Kobada East (Target E) RC and auger drilling locations and results

Figure 3: Kobada East (Target E) cross-section

Forward Exploration Work Program

At Kobada East, future drilling will be carried out on a regular spacing within the Kobada East anomaly with the aim of defining and extending the delineated mineralisation.

AC drilling will also be carried out to identify potential extensions to mineralisation along strike along the Kobada East shear, of which some 18km lies within Toubani's licenses, to ensure a comprehensive test below the auger sampling.

In the current program, drilling has now been completed at Kobada West, a previously undrilled structure parallel to Kobada Main which hosts substantial artisanal workings. Results are anticipated shortly.

Drilling has moved to targets identified by recently completed drilling at Kobada North and "Kobada Junction" which lies at the interpreted junction between the Kobada and Foroko shears. Significant artisanal workings are evident yet little to no previous drill testing has occurred with the program at these prospects well advanced.

This announcement has been authorised for release by the Board.

For more information:

Phil Russo	Jane Morgan
Chief Executive Officer and Executive Director	Investor and Media Relations
+61 (0) 478 138 627	+61 (0) 405 555 618
phil.Russo@toubaniresources.com	jm@janemorganmanagement.com.au

About Toubani Resources Inc

Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development Company with a focus on becoming Africa's next gold producer with its advanced Kobada Gold Project. The Company has a highly experienced Board and management team with a proven African track record in advancing projects through exploration, development and into production.

For more information regarding Toubani Resources visit our website at www.toubaniresources.com.

Competent Person's Statement

The information in this press release relating to geology and Exploration Results is based on information compiled, reviewed and assessed by Mr. Bill Oliver, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr. Oliver is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Oliver consents to the inclusion of the information in the form and context in which it appears.

The information in this press release relating to the Mineral Resources at the Kobada Deposit is extracted from Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022 (Prospectus) which is available on the ASX announcements platform. The Company confirms that it is not aware of any new information or data that materially affects the information relating to the Mineral Resources at the Kobada Deposit included in the Prospectus and all material assumptions and technical parameters underpinning the Mineral Resources estimate in the Prospectus continue to apply and have not materially changed.

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 listing on the Australian Securities Exchange, 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 Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic 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

Appendix 1. Kobada RC Drilling Data and Results

Hole ID	Target	Easting	Northing	RL	Dip	Azi	Depth	From (m)	To (m)	Length	Au (g/t)
KE22_P001	Kobada East	552225	1282320	338	55	295	140		NSI
KE22_P002	Kobada East	552172	1282343	349	55	295	140		NSI
KE22_P003	Kobada East	552115	1282379	336	55	295	140		NSI
KE22_P004	Kobada East	552076	1282400	355	55	295	140	110	111	1	0.41
KE22_P005	Kobada East	552002	1282420	354	55	295	117		NSI
KE22_P006	Kobada East	551948	1282446	351	55	295	140	1	2	1	0.40
								86	90	4	0.41
KE22_P007	Kobada East	551884	1282469	361	55	295	140	9	10	1	3.58
KE22_P008	Kobada East	551839	1282490	359	55	295	140	26	27	1	3.35
								70	71	1	0.65
KE22_P009	Kobada East	551794	1282505	366	55	295	140		NSI
KE22_P010	Kobada East	552050	1281970	371	55	295	140		NSI
KE22_P011	Kobada East	551993	1281991	369	55	295	140		NSI
KE22_P012	Kobada East	551943	1282016	369	55	295	140	107	108	1	0.44
KE22_P013	Kobada East	551887	1282035	367	55	295	136	79	85	6	0.85
							incl.	81	83	2	1.70
KE22_P014	Kobada East	551831	1282055	374	55	295	140		NSI
KE22_P015	Kobada East	551775	1282082	374	55	295	140		NSI

NSI - No Significant Intersection

Appendix 2. The following tables are provided to ensure compliance with JORC Code requirements for the reporting of Exploration Results from the Kobada Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Drilling samples collected using reverse circulation (RC) percussion drilling. The entire sample is collected , homogenised and split to achieve a sample of approximately 2kg which is submitted for analysis. Analysis is carried out in an independent commercial laboratory using fire assay.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Reverse Circulation drilling using 127mm face sampling hammer
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC samples are weighed to quantify recovery Recovery is also noted in the sampling sheet.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	Geological logging of RC drilling is completed to an acceptable standard for use in Mineral Resource estimation. Logging is both qualitative (weathering, colour, lithology, alteration) and quantitative (% veining, sulphides) All drilling reported (100%) has been logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	All RC samples are split using a riffle splitter with one split (approximately 1 to 2 kg) collected for laboratory testing and the remaining amount after splitting is retained in the bulk bag for future reference. All samples were sampled dry. Sample moisture is noted in the sampling sheet. Appropriate sampling procedures are used to ensure representivity. It is believed that the sample size is in line with standard practice and is appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Samples were submitted to the SANAS and ISO/IEC 17025 accredited SGS Laboratory in Bamako. Samples were tested by fire assay with an AAS finish. Samples < 3.0 kg were dried in trays, crushed to a nominal 2 mm using a jaw crusher, and then < 1.5 kg were split using a Jones-type riffle splitter. Reject sample was retained in the original bag and stored. The sample was pulverised in an LM2 pulveriser to a nominal 85 % passing 75 µm. An approximately 200 g subsample was taken for assay, with the pulverised residue retained in a plastic bag. All the preparation equipment was flushed with barren material prior to the commencement of the job. A 50 g subsample was fused with a litharge-based flux, cupelled, and the prill is dissolved in aqua regia, and gold is determined by flame AAS (Detection Limit 0.01 ppm). Every 10th sample is a CRM, blank or duplicate. It is believe that acceptable levels of accuracy and precision have been achieved based on the control samples.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Significant intersections have been estimated by consultants to the company and cross checked. Twinned holes are not being used in the current programme which aims to test for mineralisation away from previously drilled areas. All data is entered into logging templates using codes on site and validated in appropriate software. No adjustment to assay data has been carried out.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	The drillhole collars have been located with a Garmin handheld GPS with a ± 5 m accuracy Co-ordinates presented are in UTM format using the WGS84 datum (zone 29N) A high-definition stereo satellite survey was conducted in 2020 over the main mineralised body to assist with the updated topography for the geological modelling and to improve the accuracy of artisanal mining depletions. This survey is deemed of sufficient quality to utilise in the Mineral Resource estimation.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Drillholes are being drilled at spacings between 50 and 100m on section, with sections 200 - 400 metres apart. Drill spacing is intended to provide an initial test for mineralisation and may not be sufficiently close spaced for inclusion in a Mineral Resource estimation.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Drilling orientation is planned perpendicular to the regional structural trend (NNE). No sampling bias is expected.
Sample security	The measures taken to ensure sample security.	Industry best practice has been applied to the drilling sampling processes carried out. Drilled samples were transported in a manner to prevent loss or cross-contamination. All samples were stored in a secure storage facility pending dispatch to laboratory in Bamako. In line with protocol, two people were used to transport the samples directly to the laboratory. Once at the laboratory, the samples were subject to the standard security measures of the laboratory.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits have been completed.

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	African Gold Group Mali SARL, a wholly-owned subsidiary of TRE, holds a mining permit No. PE 15/22 encompassing an area of 135.7 km² for the Kobada project area valid to 30 July 2045. Two adjacent exploration permits are also held, namely Kobada-Est (No. PR 18/957 over 77 km² valid to 15 August 2024 for three years) and Faraba (for which renewal was granted under Arrêté No. 2021-3226/MMP-SG effective 6 April 2021 for a further three years. An environmental permit No. 2021-0045 MEADD-SG was issued on 18 October 2021 relating to the oxides project. An ESIA amendment is underway development and mining of the sulphides portion of the Project.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Bureau de Recherches Géologiques et Minières conducted historical exploration in 1982 to 1988, which respectively identified and delineated the Kobada Shear Zone through geochemistry surveys and latter diamond drilling. La Source undertook RC drilling in 1996, followed in 2002 and 2004 respectively by RC and air core drilling by Cominor. IAMGold completed diamond and RC drilling in 2009. Previous exploration by Toubani Resource is detailed in the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022
Geology	Deposit type, geological setting and style of mineralisation.	• The Project is located in the Bagoe Formation on the north-central edge of the Birimian rock units that form part of the Leo Rise in the southern part of the West African Craton. The Project is situated on the western flank of the Bougouni Basin, composed primarily of sedimentary rocks with minor tholeiitic volcano-sedimentary intercalations. • The Kobada gold deposit is a quartz-carbonate veined mesothermal orogenic gold deposit hosted within a greenstone belt. Gold is present in the laterite, saprolite, unaltered rock as sulphides, and in the quartz veins. Placer-style deposits occur and have largely been exploited by artisanal miners. • Mineralisation extends for a minimum strike of 4 km and is associated with narrow, irregular, high-angle quartz veins and with disseminated sulphides in the wall rock and vein selvages. Mineralisation occurs as free gold, whereas in sulphides mineralisation includes the occurrence of arsenopyrite, pyrite and rarely chalcopyrite. Arsenopyrite is localised near vein selvages and as fine-grained disseminated patches within the host rock. Pyrite occurs in finely disseminated patches within the host rocks, generally as traces up to 3 % by volume with up to 10 % locally in the wall rock at centimetre-scale intervals adjacent to the quartz veins.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer Appendix 1
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Averaging is weighted based on length, with all samples 1m in downhole length. All results > 0.3g/t are reported in Appendix 1 with high grade intervals (> 1g/t) reported separately. No metal equivalent results are reported.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	Downhole lengths are presented in Appendix 1. True widths have not been calculated. Drillholes are designed to intersect the mineralised shear zones as close to perpendicular as is possible.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to figures within this report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All meaningful information has been included in the body of the text and all results are presented in Appendix 1.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All material data and information is detailed in the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	As detailed in the text - drilling is ongoing at the project and further drilling will be planned to follow up these results.

¹Combined Measured, Indicated and Inferred Mineral Resource of 103.57Mt at 0.94g/t. 2021 DFS is based on open pit mining. Refer to the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022.
² Refer "Auger Drilling Confirms Further Gold Mineralization on the Kobada Est Permit", published 2nd August 2022

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