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Turaco Gold's Scale, Project Quality Support Production Target, Euroz Hartleys Says

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Turaco Gold's (ASX:TCG) scale and project quality support its production target of over 200,000 ounces per year, Euroz Hartleys said in a Thursday note.

The company recently confirmed significant depth extensions to the Woulo Woulo deposit's mineral resource, following initial deep drilling at the deposit located within the Afema project in Ivory Coast.

Higher-grade gold was intersected around 250 meters below previous drilling, with an intercept of 100 meters at 1.06 grams per tonne grade of gold from 495 meters.

The deposit currently accounts for 1.7 million ounces of the total 4.65 million ounce mineral resource at the project and shows increasing gold grades at depth along with wide widths, which reinforces its strong economics as represented in the pre-feasibility study, Euroz Hartleys said.

Further upside is anticipated in the potential production profile through the definitive feasibility study.

Euroz Hartleys reaffirmed its speculative buy recommendation and AU$1.85 price target on Turaco Gold.

Turaco Gold shares fell 2% in morning trade on Friday.

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