Toubani Resources, Inc (ASX: TRE) (“Toubani Resources” or the “Company”) today announced that the Board of Directors has approved the commencement of an update to the 2021 Definitive Feasibility Study (DFS) for the 3.1Moz Kobada Gold Project located in southern Mali.
The company anticipates Kobada to be the next substantial West African gold mine. This development is supported by an extensive initial oxide phase operation. The DFS update will scrutinize the potential for increased annual gold production through a higher processing rate. Initially, the focus will be on an oxide project phase, followed by fresh material inclusion later in the mining plan.
The DFS update aims to optimize both oxide and fresh rock project phases, including the considerable stockpile balances accumulated over the first 10 years of the 2021 DFS mine plan. The update is scheduled to commence in July 2023.
Toubani suggests that a bulk tonnage oxide mining and processing operation would offer a lower overall technical risk profile for the project. This approach simplifies mining methods, reduces the need for extensive drilling and blasting, and streamlines crushing and grinding circuits, making them less power-intensive.
In addition, the DFS update will pave the way for a targeted drilling program. The program's objective is to convert Inferred Mineral Resources within the 2021 DFS pit design into the Indicated category.
The DFS update will also clarify the optimal execution strategy for the project, with various engineering groups expected to submit proposals in the coming weeks. The completion of the update is targeted for the end of 2023.
“We are excited to commence the DFS Update workstream as we believe the full potential of Kobada as the next West African gold mine of scale has yet to materialise," said Phil Russo, CEO of Toubani Resources. "The DFS Update will pursue the potential for the project to be reoptimized to a throughput level that more aptly supports a bulk mining and lower overall technical risk approach."
Russo added: "We believe Kobada has all the attributes to distinguish itself from its other West African development peers, being free milling ore, a large oxide resource with attractive fresh rock optionality, while also permitted. We look forward to completing the update to the DFS later this year to aim to demonstrate the robustness and lower overall risk profile that a larger Kobada project could deliver.”
Toubani Resources (ASX: TRE) is an exploration and development Company with a focus on becoming Africa’s next gold producer with its advanced Kobada Gold Project. The Company has a highly experienced Board and management team with a proven African track record in advancing projects through exploration, development and into production.