TORONTO, Feb. 01, 2023 (GLOBE NEWSWIRE) — Toubani Resources, Inc (ASX: TRE; TSX-V: TRE) (“Toubani resources” or “company”) is pleased to provide an update on the company’s activities for the period ending December 31, 2022.
highlight:
- Successfully listed on ASX including A$6 million funding
- Designated Drilling Contractor to Conduct Targeted 10,750m Exploration Campaign at Kovada
- Phil Russo Named Chief Executive Officer and Managing Director
- Appointment of Bill Oliver and Kerry Griffin to Strengthen Technical Team and Lead Exploration and Resource Development Activities
CEO Phil Russo commented: “Since listing on the ASX, we have moved quickly to strengthen our management team with two key technical appointments to drive our exploration and development activities and support our domestic team. has great potential, with a coordinated effort on the ground to test several previously untapped identified target areas and a combined effort to aggressively grow Tuvani’s market profile. Our goal is to achieve success on multiple fronts through our efforts.”
Successful listing and fundraising
Toubani Resources has been officially registered on the Australian Securities Exchange (“ASX”) and its securities began trading on the ASX on Monday 28 November 2022.
In connection with our listing on the ASX, we have completed a capital raise of A$6,000,000 and introduced a wide range of new shareholders, primarily from Australia. Net proceeds from capital raising designed to test unexplored and previously untested exploration targets with the aim of increasing the occurrence of known gold mineralization in new structures during the Company’s tenure Used to support the initial drilling program.
Selection of drilling contractor and commencement of drilling
In December, the Company acquired drilling contractor Etasi & Co Drilling (“Etashi”), launching an exploration drilling program at its flagship Kovada Gold project in southern Mali. This appointment is in line with our policy of using quality local service providers whenever possible.
Leveraging its experience from previous drilling campaigns at Kovada, as well as its suite of drilling rigs and associated equipment, ETASI is perfectly positioned to conduct the drilling campaign. ETASI succeeds AMCO, which conducted its Phase 1 and 2 programs in its 2019-2022 drilling program.
The focus of the 2023 drilling campaign will be on previously identified target areas in the larger Kovada permit based on soil geochemical sampling, artisanal mining, geophysical trends and historical boreholes. . The objectives of the drilling campaign are to:
- Testing of mineralized zones in the main shear zone (“MSZ”) to the south and north
- Testing the continuity of a secondary mineralization zone east of the main Kovada ore body
- Delve into a historic artisanal mining where extensive work is being done
- Testing of New Potential Gold Mineralization Zones
- Follow-up of auger drilling anomalies showing strong gold mineralization
The 10,750-meter drilling program began late last year after mobilizing drilling rigs to the site. The results are expected to be released to the market in the March quarter 2023.
Phil Russo Appointed Chief Executive Officer
Phil Russo has agreed to join the Company as Chief Executive Officer and Managing Director. The Company has appointed an Australia-based Chief Executive Officer with extensive corporate, project development and capital markets experience to drive the Company’s strategy of expanding its Australian and global market profile. , has unlocked significant untested exploration potential across the Kovada River. gold project.
As part of Mr. Russo’s appointment as Chief Executive Officer and Managing Director, Danny Callow will serve as Executive Chairman until mid-2023 before becoming Non-Executive Chairman. Former Non-Executive Chairman Jan-Erik Back becomes Non-Executive Director. They are joined by current non-executive directors Tim Kester and Douglas Gendry.
Appointment of technical management
Toubani announced the appointment of Bill Oliver and Kerry Griffin to the technical management team. Both Mr. Oliver and Mr. Griffin are experienced geologists and have been instrumental in advancing the exploration and resource development strategy at Toubani to initiate a collaborative effort to unlock the significant geological potential at Kovada. Helpful.
Oliver is a geologist with over 20 years of experience in the international resources industry, working for both major and sub-companies. Mr. Oliver is Managing Director of Signature Metals Ltd. In Ghana, he has been involved in the development of projects across Africa in recent years, including being responsible for the identification, acquisition, development and production of the Konongo Gold Project. He oversaw the mining of 3.5 million ounces of mineral resources at Firefinch Exploration, Morilla in Mali and He Gold projects.
Mr. Griffin is a geologist with over 27 years of experience in Australia, Africa, South/Central America, Central and Southeast Asia, holding various senior and management positions. Mr. Griffins’ experience includes corporate development, mining, mine geology, mine development and management, design and management of large-scale exploration and resource drilling programs, resource modeling and estimation, and management and training of geology/technical teams. included.
Finance update
Since posting our ASX listing and raising $6,000,000 in capital since the September quarter, we have continued normal operations during this period, including making deposit advances to drilling contractors for the commencement of drilling services. Continued to support process and exploration spending. Cash at 31 December 2022 was USD 3.6 million (AUD 5.4 million) after broker, listing and related legal fees and restructuring costs as set out in the prospectus The overhead structure is reduced.
The Company will file its December 31, 2022 audited financial statements and annual report by March 31, 2023.
About Tovani Resources
Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development company focused on building Africa’s next middle class gold producer. The company has an experienced board and management team with a proven African track record in advancing projects to exploration, development and production.
For more information about Toubani Resources, please visit our website www.toubaniresources.com.
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Notes
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding our listing on the Australian Stock Exchange, our expansion of mineral resources and reserves, and our drilling and exploration plans. Forward-looking information is generally disclosed using forward-looking terms such as “plans,” “expects,” “does not expect,” “expects,” “budget,” “planned,” and “estimate.” can be identified using “expect”, “intend”, “anticipate”, “unexpect” or “believe” or that a particular action, event or outcome “could”, “could”, ” Variations of words or phrases or statements such as ‘could’, ‘could’ or ‘obtained’, ‘occurred’ or ‘achieved’. Forward-looking information is subject to known and unknown risks, uncertainties and our actual results, level of activity, performance or performance may differ materially from those expressed or implied by such forward-looking information. Subject to other factors that may be contributing factors. but not limited to: receipt of required approvals from Canadian and Australian regulatory authorities; General business, economic, competitive, political and social uncertainties. future prices of minerals; accidents, labor disputes, shortages; available infrastructure and supplies; the COVID-19 pandemic and other mining risks; We have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking information, but we do not believe that they could cause results to differ from those anticipated, estimated or intended. There may be other factors that There can be no assurance that such information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. You should not place undue reliance on forward-looking information. We do not undertake to update forward-looking information, except in accordance with applicable securities laws.
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