ASX:TRE - Updated MRE Includes 1.5Moz Shallow Free Dig Oxide Resource

View this email in your browser UPDATED MRE INCLUDES 1.5Moz SHALLOW FREE DIG OXIDE RESOURCE TO DRIVE DFS UPDATE Toubani Resources, Inc (ASX: TRE) ("Toubani Resources" or the "Company") is pleased to announce the results of an independent, external review and update of the Mineral Resource Estimate (MRE) for the Kobada Gold Project, located in southern Mali. HIGHLIGHTS Kobada on track towards DFS Update milestone to become the next open pit gold development asset of significance in West Africa Strong foundation set with review and update of MRE completed by respected consultants Entech Pty Ltd 2.4Moz MRE to underpin DFS Update activities optimising the oxide project phase (with 1.5Moz of shallow, free dig oxide resources) as part of a bulk tonnage, low cost oxide dominant project Over 1.5Moz in Indicated categories of 2023 MRE to inform forthcoming DFS Update Significant opportunity for growth in Mineral Resources via drilling targeting: conversion of 0.9Moz of Inferred material, of which 0.5Moz is oxide satellite deposits not included in this MRE such as Kobada West and Gosso All deposits remain open at depth and along strike, as confirmed by Toubani's 2023 drilling results Significant exploration upside remains outside of known targets with approximately 40km of the 50km+ regional-scale shear zones yet to be drill tested Drilling programs set to commence this quarter Appointment of engineering lead for DFS Update study due this quarter Toubani Chief Executive Officer, Phil Russo, commented: "Today's MRE update marks a significant step forward for the Company. We have now delivered the critical review and re-estimation of the 2021 MRE (given the new team now steering Kobada) mentioned in our decision to optimise the 2021 DFS last month. 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. Today's MRE update confirms we are well on our way in delivering on this goal. 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. We see significant opportunity for drilling to drive continued growth in the confidence and size of our Mineral Resource base. We will be targeting conversion of a significant amount of shallow Inferred free dig oxide resources at Kobada Main and Foroko (which was not part of the 2021 DFS). We have resource drilling planned for recent discoveries that were not included in this MRE update (Kobada West and Gosso). There is also significant exploration potential outside of all the known mineralisation with approximately 40km of the 50km+ regional-scale shear zones yet to be drill tested - gold developers with this level of district style potential are a rarity in the gold universe. Our dual track strategy will see DFS Update activities rapidly progressing with a lead engineer set to be announced shortly, while a drilling contractor will be mobilised to site early next month to begin drill programs targeting both resource growth as well as conversion of Inferred material to feed into the DFS Update. West Africa, and Africa generally, continues to be a destination for mine builds and M&A activity with Toubani continuing to advance Kobada down the path towards being an asset of significance in the region."   Read Full Announcement Oblique view of Kobada Mineral Resource showing grade in block model and RPEEE shell Our mailing address is: info@toubaniresources.com Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.