Toubani Resources begins drilling program | Daily News Byte

Highlights

• Drilling equipment was quickly mobilized to the site to begin the dry season drilling campaign
• The 2022/2023 exploration drilling program focuses on targeting highly prospective areas, particularly around strike extension

TORONTO, Dec. 11, 2022 (GLOBE NEWSWIRE) — Toubani Resources, Inc. (ASKS: TRE; TSKS-V: TRE) (“Toubani Resources” or “Company”) is pleased to announce that it has commenced a 10,750 meter drilling program at Kobada Gold’s flagship project in southern Mali. The 2022/2023 drilling campaign is designed to focus on targeting highly prospective strike extension from the existing resource base.

The 10,750 meter drilling program will mark the first drilling campaign following the dual listing on the Australian Securities Exchange (“ASKS”) and will focus on previously identified target areas, based on geochemical soil sampling, artisanal mining, geophysical trends and historical drilling, in the larger Kobada mining license area. The objective of the drilling campaign is as follows:

• Examination of the mineralized zone of the main shear zone (“Ministry of Foreign Affairs”) in the south and north
• Continuity testing of a second mineralized zone east of the main Kobada ore body
• Drilling around historic artisanal mining where extensive workings exist
• Testing of new potential mineralized gold zones
• Drilling anomaly follow-up showing strong gold mineralization

Figure 1 shows the drilling program, testing four target areas, along the Kobada Shear (Target 1, 2, 3 and 4), one target on the Gosso Shear (Target 5) and the Kobada Est concession (Target 6).

Figure 1: Drilling program and targets 2022/2023

A comprehensive drilling program is designed to target all known anomalies at the Kobada Gold Project. The program will be revised according to the results of the current exercise program.

In line with the company’s policy of using high-quality local service providers, the contract for the upcoming drilling campaign has been awarded to a West African-focused drilling company based in Mali. ETASI, with its specialized staff, is recognized as one of the leading providers of specialist drilling services in the region.

President and CEO of Toubani Resource, Mr. Danny Callow, commented:
“We are delighted to see the exercises return to Kobada after a very well-supported ASKS slate.” We believe the near-term value is in the drill bit with more than 50 km of identified shear zones yet to be tested. The drilling campaign will focus on highly prospective areas around the existing resource, particularly looking at extending the length of the mineralized strike to establish upside to the resource. We will focus our campaign on exiting known mineralization, as well as following up on areas that have shown potential through our regional exploration results. These are exciting times for Toubani and we look forward to testing the upside potential through this research program.

We have spent the past three years focusing on defining and improving the quality of the resource and are pleased to have a total resource already defined of 3.1 million ounces, of which 1.7 million ounces are in the Measured and Indicated category. Our previous success with the drill bit (resource growth of more than 40% since the end of 2019) gives us confidence that there are many more ounces to be defined on this feature. We look forward to updating the market with the ongoing results of this campaign in due course.”

The CEO has approved this announcement for publication.

Agent compensation – ASKS listing

Australia’s leading resource brokers, Canaccord Genuity (Australia) Limited (“Canaccord Australia”) and Foster Stockbroking Pti Ltd., have been appointed as lead manager and co-lead manager for the listing process of ASKS and the placement of 30,000,000 CHESS Depository Shares through the Company’s ordinary shares (“ASKS offer“).

The company announced that Canaccord Australia acted as lead manager for the ASKS Offer and in connection with its services as lead manager, it was paid 6% of the proceeds of the ASKS Offer, which is A$360,000. Canaccord Australia also received the following options, each expiring three years from the date of grant:

About Toubani Resources Inc

Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development company focused on building Africa’s next midstream gold producer. The company has a highly experienced board and management team with a proven track record in the African mining sector managing mines from development to production.

Toubani Resources’ main asset is the Kobada project in southern Mali, which is at an advanced stage of development after a definitive feasibility study was completed in 2021. In addition to the initial Kobada project, other exploration sites have been identified on the Kobada, Faraba and Kobada Est concessions, offering potential for increasing resources. For more information about Toubani Resources, visit our website at www.toubaniresources.com.

For more information:

Qualified person – statement of competent persons

The information in this news release relating to exploration results, geology and mineral resources has been extracted from the company’s prospectus dated September 12, 2022 and published on ASKS on November 25, 2022 (Prospectus) which is available on the ASKS platform for announcements. The information in the Prospectus relating to exploration results, geology and mineral resources is based on, and fairly represents, information obtained by Mr. Uwe Engelmann, a competent person, who is a member of the South African Council for natural scientific professions: expert scientist (reg. no. 400058/08), v. A professional organization included in a list published from time to time on the ASKS website. Mr. Engelman is employed by Minkcon (Pti) Ltd, an independent consulting company. Mr Engelman has sufficient experience, relevant to the style of mineralization and type of deposit under consideration, and to the activity he is undertaking, to qualify as a competent person as defined in the 2012 edition of the “Australian Exploration Reporting Code”. Results, mineral resources and ore reserves.

The company confirms that:

• is not aware of any new information or data that materially affects the information contained in the Prospectus;
• all material assumptions and technical parameters included in the Prospectus continue to apply and have not materially changed; and
• The form and context in which the relevant findings of the competent persons are presented in this announcement have not been materially changed in relation to the Prospectus.

Warning statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information includes, but is not limited to, statements regarding compensation by Canaccord Australia, the expansion of mineral resources and reserves and the Company’s drilling and exploration plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “expected,” “budget,” “planned,” “estimates.” , “anticipates”, “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” , “may” or “shall be taken”, “arise” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied in such forward-looking information, including but not limited to including but not limited to: receiving the necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainty; future prices of mineral raw materials; accidents, labor disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other mining industry risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as expected, estimated or planned. 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 undertakes no obligation to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSKS VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE TSKS VENTURE EXCHANGE POLICIES) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY HEREIN.

The photo accompanying this announcement is available at https://vvv.globenevsvire.com/NevsRoom/AttachmentNg/687ba834-b9a8-4f18-8e58-3d126f879c80