(Ecofin Agency) - Since late 2023, Turaco Gold, an Australian junior mining company, has strategically divested its interests in multiple gold assets in Côte d'Ivoire to concentrate on the Afema project. The company's primary objective is to pinpoint a substantial multi-million-ounce gold deposit to facilitate the development of a new mine.

On April 17, Turaco Gold unveiled the initial drilling results for the recently acquired Afema gold project in Côte d'Ivoire. With two drilling rigs already operational on-site, the focus is on proceeding to an initial resource estimate. The preliminary findings reveal promising high-grade gold intercepts, notably 5.18 g/t of gold from 143 meters and 8.43 g/t of gold from 94 meters.

@TuracoGold #ASXNews

?Drilling at #Afema Returns Multiple +100 Gram Metre Intercepts

⚒️ Assays from the initial 8 diamond holes drilled at the #Jonction and #Anuiri deposits along the ‘Afema Shear’ deliver outstanding results
⚒️ Estimated true width of mineralisation is 60% to… pic.twitter.com/pqCI2Z11IU

— TuracoGold (@TuracoGold) April 16, 2024

“Turaco’s project strategy is to expedite a maiden JORC resource estimate with immediate resource drilling and metallurgical test work. The short-term objective is to confirm Afema as a multi-million ounce gold project with tremendous potential,” said Justin Tremain, Managing Director of Turaco. 

Turaco's strategic shift aligns with a growing interest in Ivorian gold, evidenced by significant investments from various mining companies in recent years. Alongside industry giants like Perseus Mining and Endeavour Mining, numerous firms are directing their attention towards Côte d'Ivoire. The new dynamic is poised to help bolster the country's future gold production.

Currently holding a 51% stake in the Afema gold project, Turaco has the right to increase that stake to 70%. Situated 120 km from Abidjan, the Afema project is pivotal to Turaco's future growth and development endeavors.