The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Toubani Resources (TRE) reports an update to the MRE for its Kobada gold project in southern Mali
  • The MRE now stands at 87Mt at 0.86 grams g/t gold for 2.4 million ounces
  • The 2.4Moz MRE includes 1.5Moz of shallow ‘free dig’ oxide resources which will drive a DFS update
  • The company is aiming to appoint an engineering lead for its DFS update this quarter
  • TRE shares last traded at 15 cents

Toubani Resources (TRE) has unveiled the results of an independent, external review and update of the mineral resource estimate (MRE) at its Kobada gold project in southern Mali.

The MRE now stands at 87 million tonnes (Mt) at 0.86 grams per tonne (g/t) gold for 2.4 million ounces.

More than 1.5 million ounces (Moz) have been categorised into an indicated category, and the MRE overall will underpin a definitive feasibility study (DFS) update, focused on optimising the oxide phase of the project.

The 2.4Moz MRE includes 1.5Moz of shallow ‘free dig’ oxide resources which will drive a DFS update.

“The company’s vision is to reposition Kobada as a reduced technical risk, low strip, bulk-tonnage, oxide-dominant open pit development project of scale,” TRE CEO Phil Russo said.

“We now have a strong baseline of validated indicated oxide and fresh material to underpin the DFS update targeting a higher throughput and lower cost development project,” Mr Russo added.

The company is aiming to appoint an engineering lead for its DFS update this quarter.

All deposits currently remain open at depth and travel along strike, and Toubani remains confident that significant exploration upside remains outside of its known targets.

There are approximately 40 kilometres of more than 50 kilometres of regional-scale shear zones that are yet to be drill tested, with programs set to commence this quarter.

TRE shares last traded at 15 cents.

TRE by the numbers
More From The Market Online
The Market Online Video

Daily ASX Market Close: Index slides as basketball fan makes $40 million bid for Perth Wildcats, May 30, 2024

The ASX200 continued to slide today, shedding another half a per cent off the back of…
The Market Online Video

Daily ASX Market Update: Materials drags market under – May 30, 2024

The ASX200 is trading down as predicted, around half a per cent.

Sports Entertainment Group jumps 15% as firm bids to buy Perth Wildcats for $40M

Sports Entertainment Group announced on Thursday it has received a non-binding offer to buy WA basketball…
The Market Online Video

Market Update: ASX turns green with real estate flowering

The ASX200 is trading up around 0.7 per cent.