Asia
Turaco Gold's Ivory Coast Project Drilling Results Support Resource Conversion, Mineral Resource Growth, Euroz Hartleys Says
Turaco Gold's (ASX:TCG) latest drilling results continue to reinforce the Afema project in the Ivory Coast as a rapidly growing, district-scale West African gold project, with results supporting both resource conversion and ongoing mineral resource estimate growth, Euroz Hartleys said in a note on Tuesday.The Bergerie and Sikasso discoveries are particularly encouraging. Both prospects occur along interpreted strike extensions of known mineralised structures and remain open. Drilling results at Adiopan were consistent and down dip from previous drilling, extending mineralization at depth.The analysts modeled around $380 million in capital expenditure for an initial 10-year life of mine, ramping to 6 million tonnes-per-annum for steady-state production levels of over 200,000 ounces-per-annum, with average grades of around 1.3 grams per tonne of gold, recoveries at around 88% for lower than average costs of around $1,400 per ounce of all-in sustaining costs.The investment firm retained its speculative buy rating on Turaco Gold with a price target of AU$1.60 per share.
ASX:TCG