Kobada Gold Project
Mali, West Africa
A Compelling Oxide-Gold Development Project
Oxide, Near Surface
(77% of MRE within 150m)
Free-Milling
(all ore types)
2.4Moz MRE
(64% Indicated)
Permitted
(mining & environmental)
Low AISC
(free dig, soft rock & scale)
Underexplored
(40km of 50km strike undrilled)
Oxide, Near Surface
(77% of MRE within 150m)
Free- Milling
(all ore types)
2.4Moz MRE
(64% Indicated)
Permitted
(mining & environmental)
Low AISC
(free dig, soft rock & scale)
Underex- plored
(40km of 50km strike undrilled)
Definitive Feasibility Study Update
Toubani believes that Kobada is on the path to becoming the next West African gold mine of significant scale, underpinned by a substantive initial oxide phase operation
The DFS Update will assess the potential for a higher processing rate, and consequently increased annual gold production, with an initial oxide focussed project phase followed by the inclusion of fresh material later in the mine plan
Toubani believes that a bulk tonnage oxide mining and processing operation represents a lower overall technical risk profile for the project as mining methods are not required to be highly selective, minimal drilling and blasting is required and crushing and grinding circuits are simplified and not as power intensive
The DFS Update began in July 2023 to optimise both oxide and fresh rock project phases, including the significant stockpile balances built over the first 10 years of the 2021 DFS mine plan
A targeted drilling program to convert Inferred Mineral Resources within the 2021 DFS pit design to Indicated category is planned
Kobada Main Deposit
2.4Moz in Mineral Resource
The Kobada Main Deposit is a large, shallow and well-drilled open pittable Mineral Resource. Toubani Resources is primarily focused on this deposit at present while simultaneously exploring and testing the adjacent strikes.
A large, continuous 4.5km long open pit hosting global Mineral Resources of 2.4Moz
Kobada remains open along strike in both directions and at depth
Oxide depth averages 65m and can extend beyond 120m in some areas of the pit, well beyond other oxide deposits in West Africa
Low stripping ratio with mineralisation from surface
Kobada Main Deposit is part of a much larger system being explored by Toubani, and includes Kobada East, Kobada North 1 and 2, and Kobada West. Toubani’s 2023 drill program has successfully extended strike extent from 5km to 11km at Kobada and defined new areas of gold mineralisation outside the current mineral resource estimate, with more than 40km of strike are yet to be drill tested.
Kobada Main Deposit
Significant Intercepts Run the Entire Strike Length
Initial discovery drilling intersected shallow, high-grade oxide mineralisation
Excellent drill results in each phase of drilling along entire strike length of Kobada Main Deposit
Over 150,000m have since been drilled to an average depth of ~110m
A combination of RC and DD drilling
Mineral Resource Estimate 2023
Material
Indicated
Inferred
Total
Tonnes
Ton- nes
Grade
Gra- de
Ounces
Oun- ces
Tonnes
Ton- nes
Grade
Gra- de
Ounces
Oun- ces
Tonnes
Ton- nes
Grade
Gra- de
Ounces
Oun- ces
(Mt)
(g/t)
(Moz)
(Mt)
(g/t)
(Moz)
(Mt)
(g/t)
(Moz)
Oxide
38
0.80
0.96
17
0.93
0.51
55
0.84
1.48
Fresh
22
0.79
0.57
9
1.16
0.35
32
0.90
0.92
Total
60
0.79
1.53
27
1.01
0.86
87
0.86
2.39
Notes:
1. Tonnages are dry metric tonnes.
2. Minor discrepancies may occur due to rounding.
3. Oxide refers to Laterite, Saprolite and Transitional material as detailed in ASX Announcement dated 18 August 2023.
4. Oxide resources quoted above 0.25g/t.
5. Fresh rock resources quoted above 0.30g/t.
New Discoveries in Established Gold District
Walk-up targets successfully extended near-surface oxide mineralisation
Kobada is a large gold system in a prolific gold district with numerous near-surface targets and over 153,000m of drilling thus far that has been primarily focused on the Kobada Main shear deposit.
The 2023 drill program has successfully extended strike extent from 5km to 11km at Kobada and defined new areas of gold mineralisation outside the current mineral resource estimate. There still remains over 44km of strike remaining to be drill tested.
All targets tested (see below) intersected new areas of oxide mineralisation and extended overall strike extent at Kobada for follow up in subsequent programs. The target results received to date are the same tenor of gold mineralisation seen across the project.
Kobada West - Target 5
Previously untested target unlocks newly identified structure
Toubani’s first ever drill holes at Kobada West delineated continuous, near-surface oxide gold mineralisation with consistent grades and thicknesses section-to-section. Kobada West is interpreted to lie on a parallel structure less than 1km west of the Kobada Main deposit
The 2023 drilling program has identified shallow, oxide mineralisation on every section over the current strike length of 600m, and remains open along strike and at depth.
Significant intersections include:
- 9m at 1.72g/t incl. 2m at 6.26g/t
- 1m at 11.3g/t and 5m at 1.26g/t
- 5m at 1.24g/t and 3m at 0.93g/t
- 11m at 0.55g/t, 2m at 2.66g/t and 3m at 1.12g/t
Kobada North 1 and 2 - Targets 3 and 4
Significant Intercepts Run the Entire Strike Length
Kobada North 1 and 2 targets lie directly on the Kobada Shear and cover 2.3km of strike north from the Kobada Main deposit. There has been limited drill testing at Kobada North 1 and no previous drill testing at Kobada North 2. Both targets show extensive artisanal workings, and initial results released in March and April 2023 extended strike at Kobada North by over 2km
Key intercepts include:
- 9m at 1.32 g/t and 14m at 1.02 g/t (KN1)
- 1m at 7.86 g/t (KN1)
- 1m at 8.51 g/t (KN2)
- 1m at 0.64 g/t (KN2)
Gosso - Target 1
Underexplored and highly prospective
The Gosso Target runs parallel shear to the Kobada Shear Zone and shares similar characteristics. Gosso was first drilled with RC in 2011, but there was no follow up until 2020.
Intersections included:
- 36m at 1.64 g/t from 72m (KBRC11_140)
- 3.1m at 4.25 g/t from 34.6m (G20_PH3A_20)
- 3m at 2.59 g/t from 30m (KBRC11_144)
- 5m at 1.90 g/t from 133m (KBRC11_142)
- 12.5m at 1.15g/t from 39.0m (G20_PH3C_16)
April 2023 drilling extended strike 500m with intersections including:
- 1m at 5.78g/t from 134m
- 9m at 0.42g/t from 8m
- 2m at 1.44g/t from 49m and 1m at 3.16g/t from 80m
- 3m at 1.34g/t from 32m and 2m at 0.98g/t from 25m
- 1m at 1.81g/t from 110m
- 7m at 0.67g/t from 15m, including:
- 3m at 1.17g/t from 19m, and 2m at 1.15g/t from 45m
Kobada East - Target 2
Significant auger anomaly now confirmed by maiden RC drilling
The Kobada East discovery was made in 2022 by auger sampling and has been confirmed by the maiden RC drilling program that identified shallow, oxide mineralisation below the auger anomaly over a strike length of 400m. The Kobada East Shear extends for over 18km on Toubani’s tenure.
Significant intersections include:
- 6m at 0.85g/t incl. 2m at 1.70g/t (KE22_P013)
- 1m at 3.58g/t (KE22_P007)
- 1m at 3.35g/t (KE22_P008)
The results at Kobada East are typical of the mineralisation style seen across Kobada with the intersections mirroring those observed at the Kobada Main deposit, with mineralisation open along strike to the north and south, as well as at depth.
Best results from 2022 auger program:
- 20.69 g/t over 8m from 2m (E-423)
- Including 78.9 g/t over 2m
- Including 3.14 g/t over 2m
- 1.81 g/t over 8m from 10m (E-412)
- Including 3.94 g/t over 2m
- 2.42 g/t over 2m from surface (E-417)
Sustainable Development and Engagement
Health & Safety
- We aim to operate a safe and healthy workplace that is injury free and enhances the well-being of employees
- The Company has continued its ongoing work on drainage channels in the surrounding communities to prevent standing waters, which form breeding grounds for mosquitos that carry the malaria virus
Environment
- We aim to minimize and mitigate impacts of our operations on the environment to maintain its viability and diversity
- Mining permit approved and valid to 2045
- Environmental and Social Impact Assessment (ESIA) permit approved (for oxide phase)
Community Engagement
- We are committed to contribute to the social and economic development of local stakeholders with five regional communities around Kobada
- Works on repairing the roads through Kobada village and repairing bridges has resulted in smooth passage along critical routes for goods and people. Toubani seeks to employ from the local communities to support its on-site activities
- Toubani maintains a proactive engagement with surrounding chief elders as part of its community relations and stakeholder engagements
Mature, Long Established Mining Industry in Mali
Numerous operating mines and capital reinvestments underway
- Stable and mining friendly jurisdiction with transparent system of mineral and surface title
- Political / social support of mining and stated ambitions to develop resources
- Competitive investment regime including 30% corporate tax rate, 3-year tax holiday from commencement of production and 3% NSR royalty
- Mining industry is one of the largest contributors to the country’s GDP with a long and successful history of gold production
- Highly developed and active mining culture with major international companies operating in the country for decades (Barrick, B2Gold, Resolute etc.)
- Birimian rocks are major sources of gold extending through Ghana, Côte d`Ivoire, Guinea, Mali and Burkina Faso
- Mali is the 4th largest gold producer in Africa – continues to increase output
- Kobada is located in the Sikasso administrative region in southern Mali, near the border with Guinea, 126km from Bamako
- Southern Mali is considered to be a stable environment with the mining industry concentrated in the region
- Significant capital reinvestment being made – Leo Lithium, Barrick, Resolute, B2Gold and Allied Gold all undertaking or planning further development and expansion in country
