Afema Gold Project
2.5Moz and Growing Rapidly
Emerging Multi Million Ounce Gold Project Cote d'Ivoire
Precious Metals Summit | Beaver Creek
This presentation has been approved for release to the ASX by the Board of Turaco Gold Ltd
SeptemberPage 1 2024 | turacogold.com.au |
Corporate Snapshot | ASX:TCG
Share Price (9 Sept '24) | Shares on Issue | |
$0.25 | 751M | Top 100 |
Market Capitalisation | Investments & Receivable1 | Shareholders |
A$188M | A$5M | >80% |
Management | 7% |
Endeavour Mining Plc | 6% |
Institutional | 18% |
High Net Worth (>$500k) | 45% |
Other | 24% |
Cash (30 Jun 24) | Enterprise Value | |||||||||||
A$18M | A$165M | |||||||||||
$0.30 | 2.5Moz Maiden | |||||||||||
Exploration | JORC Resource | |||||||||||
$0.25 | Permits | |||||||||||
A$18m | Granted | |||||||||||
Raise at 16c | ||||||||||||
$0.20 | A$6.6m | Minister | ||||||||||
Raise at 9c | Approves | |||||||||||
Acquisition | 186m @ 1.65g/t | |||||||||||
Agreement | ||||||||||||
$0.15 | 84m @ 1.73g/t | |||||||||||
to Acquire | 74m @ 1.09g/t | |||||||||||
Afema | 52m @ 1.32g/t | |||||||||||
$0.10 | First Drilling | |||||||||||
67m @ 8.43g/t | 61m @ 1.64g/t | |||||||||||
30m @ 5.18g/t | 59m @ 1.49g/t | |||||||||||
45m @ 2.53g/t | 22m @ 4.99g/t | 87m @ 1.04g/t | ||||||||||
$0.05 | ||||||||||||
105m @ 1.61g/t | 28m @ 2.23g/t | |||||||||||
$0.00 | 75m @ 1.01g/t | |||||||||||
2/09/23 | 2/10/23 | 2/11/23 | 2/12/23 | 2/01/24 | 2/02/24 | 2/03/24 | 2/04/24 | 2/05/24 | 2/06/24 | 2/07/24 | 2/08/24 | 2/09/24 |
1 5M shares in Many Peaks Minerals Ltd, 0.3M share in Awale Resources Ltd, $1.2M of shares in Aurum Resources Ltd payable for Boundiali South permit and potential US$1.5M receivable from Fortuna Mining Corp for residual 20% interest in Tongon North
Page 3 | turacogold.com.au |
Board and Management
Justin Tremain
John Fitzgerald
Alan Campbell
Bruce Mowat | Rob Seed |
Elliot Grant
Daouda Zombo (Zombo)
Managing Director
- Experienced resources company director and executive
- Previously Managing Director of Exore Resources Ltd (Cote d'Ivoire) until its takeover by Perseus Mining Ltd
- Founding Managing Director of Renaissance Minerals Ltd (Cambodia) until its takeover by Emerald Resources, where he served as Executive Director
Non-Exec Chair
- Highly experienced mining financier having held senior positions with various Investment Banks
- Non-ExecutiveDirector of Northern Star Resources Ltd, Chair of Medallion Metals Ltd and former Chair of Exore Resources Ltd
Non-Exec Director
- +30 yrs in global exploration and mining for major and junior companies
- Former Managing Director of Papillon Resources Ltd (Fekola discovery) which was acquired by B2 Gold Ltd
Non-Exec Director
- +30 years of exploration experience
- Resolute Mining Ltd's General Manager - Exploration
- Extensive West African exploration and mine operating experience
Chief Operating Officer
- +25yrs experience in Africa, Southeast Asia and Australia
- Responsible for multiple economic gold and base metal discoveries
- Led resource delineation and feasibilities on several West Africa gold projects (Burkina Faso and Guinea) over +10 years
Chief Geologist
- 15yrs experience in West Africa exploration (Burkina Faso and Cote d'Ivoire).
- Previously Exploration Manager at Exore Resources Ltd, Teranga Gold Corporation and Gryphon Minerals Ltd
Exploration Manager
- Geologist, Masters Econ. Geology (Quebec)
- +15 years' experience in West Africa
- Previously Gryphon Minerals, Teranga Gold Corporation and Endeavour Mining
Page 4 | turacogold.com.au |
The Right Address | The Country
Cote d'Ivoire
Without question, Cote d'Ivoire is a premier jurisdiction of West Africa
- West African gold production more than doubled in past 10 years to 17Moz pa (Aust. 10Moz pa)
- West African discovery scale & grade | 67Moz at 1.5g/t discovered in last 10yrs from 15 discoveries (Aust. 19Moz at 0.9g/t)
- Cote d'Ivoire the key contributor to this growth & discoveries with production up +500% in past 10yrs to ~1.8Moz pa
- Remains severely underexplored despite >34% of West Africa's Birimian greenstone
- Nine operating gold mines (Barrick, Endeavour, Perseus, Fortuna, Tietto, Allied Gold) and three at DFS/development decision (Montage Gold, Centamin, Endeavour)
- Rapid permitting & low capex per ounce | Endeavour's Lafigue Gold Mine 4 years from drilling to construction
- Excellent infrastructure | HV transmission lines, hydro power, bitumen roads, skilled local workforce
- Highest rated sovereign in sub-Sahara Africa (S&P Global Rating BB-/positive)
- IMF economic growth forecast 6.5% pa in 2024 (up from 6.2% pa in 2023). Second largest economy in West Africa with highest GDP per capita
- West African leading standout in 2023 Frasers Investment Attractiveness Index (4th highest ranking in Africa) +12 years political stability and low security risk
Page 5 | turacogold.com.au |
Afema Gold Project
World Class Terrain
- Total project area >1,250km2 in southeast Cote d'Ivoire
- Central granted Mining Permit covering 227km2
- Three newly granted contiguous Exploration Permits covering 812km2
- Mining Permit valid to Dec 2033 (20-year renewal thereafter to Dec 2053)
- Supported by a Mining Convention
- Exploration Permits 12-years of tenure (Jun 2036)
- West Africa's best infrastructure
- 120km drive from Abidjan and port facilities | 2-hourdrive
- New highway traverses southern project area connecting Cote d'Ivoire to Ghana
- Adjacent to major Cote d'Ivoire 50MW hydropower scheme with HV transmission lines
Page 6 | turacogold.com.au |
The Right Address | Afema Project Location
Convergence of World Class Gold Belts
- Covers the extension and convergence of two of Ghana's most prolific gold belts into southeast Cote d'Ivoire
- Afema-Bibani-Chiranoshear marking eastern margin of Sefwi belt
- Asankragwa shear within the Kumasi basin
- Deposits along eastern margin extension of the Sefwi-Bibiani Belt host to deposits such as Bibiani (6.5Moz) and Chirano (5.5Moz)
- Asankragwa shear host to deposits such as Obotan (6Moz) and Essase (6Moz)
Page 7 | turacogold.com.au |
The Right Address | Afema Project Geology
Maiden 2.5Moz JORC Resource and Set to Grow
Afema Project JORC 2012 Mineral Resource Estimate1 | |||
Deposit | Tonnes | Gold Grade | Ounces |
Woulo Woulo (0.5g/t cut-off) | 42.6Mt | 0.9g/t | 1,250,000 |
Jonction (0.7g/t cut-off) | 10.1Mt | 2.0g/t | 660,000 |
Anuiri (0.7g/t cut-off) | 11.6Mt | 1.6g/t | 600,000 |
Total | 2,520,000 |
(figures may not add up due to appropriate rounding)
1 Refer ASX announcements dated 27 August 2024
- Maiden JORC Resource <6 months from Turaco's acquisition at a cost (incl. total acquisition costs) of less than US$7 per attributable ounce
- 60% of JORC Resource reported in the 'Indicated' category
- Located entirely within the granted Mining Permit
- Only 3 deposits included | Excludes several drilled deposits along the +25km Afema Shear (+250,000m drilling)
- All deposits remain OPEN in every direction
- Compelling exploration
- Multiple mineralised structures, each extending 5-25kms, untested with drilling
- No known drilling within Exploration Permits | extensive geochemical sampling (+23,000 samples) with several well-defined, large-scaledrill targets
- Northern extensions of the Afema Shear (Toilesso - Kotoka)
- Nianemlessa-AffienouShear
- Extensions and repetitions of the Woulo Woulo splay
- Intrusive contact anomalies (Bafia, Koffikro, Ayame, etc)
Page 8 | turacogold.com.au |
Afema Shear
Multi Million Ounce Gold System
- +25kms of the eastern margin of the extension of the Sefwi Gold Belt in Ghana - a truly worldclass gold belt
- Multiple structures across a 2-3kmwidth
- ~250,000m of historical drilling along the Afema Shear confirming a multi-millionounce gold system
- Fifteen known drilled deposits along the Afema Shear of which only two have been tested with deeper drilling
- Jonction
- Anuiri
- +5kms of untested prospective geology between Jonction and Anuiri with high tenor gold-in-soils
- Recent new shallow discovery at Woulo Woulo on a north- south splay off the Afema Shear
- Systematic metallurgical test work program across each deposit by Turaco
Page 9 | turacogold.com.au |
Afema Shear | Jonction Deposit
Jonction JORC 2012 Mineral Resource Estimate1
Cut-Off Classification | Tonnes | Gold Grade | Ounces |
0.7g/t 0.5g/t
Indicated | 5.9Mt | 2.0g/t | 390,000 |
Inferred | 5.8Mt | 1.6g/t | 310,000 |
Total | 11.7Mt | 1.8g/t | 700,000 |
Indicated | 5.2Mt | 2.2g/t | 370,000 |
Inferred | 4.9Mt | 1.8g/t | 290,000 |
Total | 10.1Mt | 2.0g/t | 660,000 |
(figures may not add up due to appropriate rounding)
- Located at the northern end of the Afema Shear
- ~24,000m drilling (22,000m DD / 2,000m RC) on 30-40m spacing
- Continuous high-grade shoot up to 40m width, plunging to the south with 490,000 ounces at 3.0g/t at lower cut-offof 1.5g/t1
- OPEN in all directions
- Potential additional high-grade shoots along strike to the north and south
- 77% - 85% total gold recovery from fresh mineralisation through grind, sulphide flotation, concentrate UFG & cyanide leaching1
- Very low 2.6% to 4.7% mass recovery to concentrate at >94% gold recovery
- No 'preg robbing' carbon
Jonction Long Section (looking west showing southerly plunging high grade shoot)
1 Refer ASX announcements dated 27 August 2024
Page 10 | turacogold.com.au |
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