TURACO GAINS MAJORITY STAKE IN AFEMA GOLD PROJECT

Expanding Reach in Cote d’Ivoire’s Gold-Rich Region

Turaco Gold (ASX:TCG) announces acquiring 70% of the Afema Gold Project in southeast Cote d’Ivoire. This project, situated within the confluence of two major gold belts, boasts over 250,000m of drilling and extensive mineral discoveries. Key findings include the Woulo Woulo area, revealing substantial shallow, broad mineralisation.

The acquisition encompasses a strategic area of 1,267km^2, supported by robust infrastructure, including proximity to hydropower and major highways. Under the agreement, Turaco will pay US$1,500,000 and issue 46,500,000 shares to Endeavour Mining Plc, which will hold a 9% stake in Turaco.

Justin Tremain, Turaco’s Managing Director, emphasized the project’s potential:

We believe Afema has the potential to be ‘company making’ for Turaco and can quickly evolve into one of Cote d’Ivoire’s major multi-million ounce gold projects.

The project is ideally located in the southeast of Cote d’Ivoire and benefits from exceptional infrastructure being just 1.5 hrs drive from the capital Abidjan.

The Afema Project has seen a substantial amount of past drilling primarily focused on the Afema Shear, just one of several mineralised structures. This drilling has delineated gold mineralisation that will form the basis of a short term JORC resource estimation. The exploration potential from both extensions to this known mineralisation and elsewhere in the project area is incredibly exciting.

Cote d’Ivoire is a politically stable and safe country to operate in and has seen significant growth in the gold mining industry with the development of several new mines and new discoveries in recent years.

Read the full announcement

Goldman

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