Turaco Gold secures option to acquire 70% stake in Afema Gold Project

Turaco Gold Limited (ASX: TCG) has announced its acquisition of a 51% interest in the Afema Gold Project, marking a significant development in its expansion strategies. The acquisition, made from Endeavour Mining, comes with concurrent agreements involving Sodim Ltd, granting Turaco the right to increase its stake to 70% post-feasibility study completion. These agreements hinge on the Government’s approval and extension of the mining convention terms linked to the Mining Permit.

Key Details:

• Location and Infrastructure: The Afema Gold Project is strategically located in southeast Cote d’Ivoire, near the Ghanaian border, and is well-connected by a nearly completed major highway from Abidjan to Ghana. The proximity to major hydro-power schemes further enhances its value.
• Mining Permit and Exploration: The project, under a Mining Permit valid until December 2033, covers an area of 227km², with an additional 1,040km² under exploration permit applications. This extension brings the total project area to 1,267km².
• Historical Mining and Exploration: Previous small-scale mining along the Afema Shear yielded significant gold production in the 1990s. Extensive drilling by Teranga Gold Corporation and Taurus Gold Ltd has established a foundation for future resource definition and exploration.

Comments from Turaco’s Managing Director:

Justin Tremain, Managing Director of Turaco, emphasizes the potential of the Afema Project, noting its prime location, substantial past drilling activities, and the exploration potential. He highlights Cote d’Ivoire’s stable political environment and growing gold mining industry, indicating a promising future for the project.

The story of Turaco Gold Limited’s acquisition of the Afema Gold Project is not just about expanding a portfolio; it’s about strategic positioning in a region ripe with potential. With infrastructure developments and historical data backing the project, the focus now shifts to the completion of the feasibility study and subsequent resource estimation, potentially cementing Turaco’s presence as a major player in the gold mining sector in Cote d’Ivoire.