Discovery at Kobada Unlocks Newly Identified Structure

TORONTO, May 16, 2023 (GLOBE NEWSWIRE) -- Toubani Resources, Inc (ASX: TRE) (“Toubani Resources” or the “Company”) is pleased to announce the Kobada West discovery, a never-before drilled target less than 1km from the Kobada Main deposit in southern Mali. The Kobada project hosts 3.1Moz in Mineral Resources which occurs over a 4.5km strike length and is predominantly oxide and open pittable.

Highlights

First ever drill holes at Kobada West have delineated continuous, near surface oxide gold mineralisation with consistent grades and thicknesses section-to-section
Kobada West is interpreted to lie on a parallel structure less than 1km west of the Kobada Main deposit, yet no previous drilling had been undertaken and is outside of the current Mineral Resource
Recent drilling has identified shallow, oxide mineralisation on every section drilled to date over the current strike length of 600 metres which remains open along strike and at depth
Significant intersections include:
- 9m at 1.72g/t incl. 2m at 6.26g/t
- 1m at 11.3g/t and 5m at 1.26g/t
- 5m at 1.24g/t and 3m at 0.93g/t
- 11m at 0.55g/t, 2m at 2.66g/t and 3m at 1.12g/t
Kobada West results confirm gold mineralisation has been intersected at all of the five planned extensional targets drilled by Toubani in 2023, extending overall strike extent of mineralisation defined by drilling at the project from 5km to 11km
Drilling results affirm Toubani’s overall strategy of an oxide-dominant project of scale at Kobada with optimisation work streams underway

Chief Executive Officer, Phil Russo commented: “The consistency and continuity of mineralisation at Kobada West is very pleasing to see and is validation that the more we drill at Kobada, the more mineralisation is uncovered. Further, to discover this extensive mineralisation right next door to the main Kobada resource is a fantastic result. For a project of scale and maturity like Kobada to still be able to make new discoveries is such a rare combination and with our 2023 drill program now intersecting new mineralisation across all planned targets, we have had an exceptional success rate. Toubani’s vision of defining a long-life, oxide-dominant project of scale is supported by our drilling success to date and we look forward to demonstrating this potential as our optimisation efforts advance in the coming months.”

Plan showing location of Kobada West within the Kobada Gold Project

Figure 1: Plan showing location of Kobada West within the Kobada Gold Project

Drilling Results and Commentary

Kobada West is located on a parallel structure just 1km north-west of the Kobada Main Deposit (Figure 1). The target area was identified by the presence of artisanal workings as well as historical surface sampling. The number of holes drilled at this target was increased during the drill program due to recent artisanal activity observed by Toubani’s geologists as well as logging of the initial drill holes.

Drilling was carried out on four sections spaced 200 metres apart as shown on Figure 2. Shallow oxide gold mineralisation was intersected on every section, over a strike length of 600m with good continuity section to section, and consistent grade and thickness. Gold mineralisation remains open along strike and depth. Results are detailed in Appendix 1 and include:

9m at 1.72g/t from 63m incl. 2m at 6.26g/t from 63m (KW1/22_P003)
1m at 11.3g/t from 129m and 5m at 1.26g/t from 116m (KW22_P003)
5m at 1.24g/t from 78m, 4m at 0.67g/t from 88m and 3m at 0.93g/t from 106m (KW22_P009)
11m at 0.55g/t from 16m, 2m at 2.66g/t from 58m and 3m at 1.12g/t from 63m (KW22_P002)
2m at 0.51g/t from 92m and 2m at 3.22g/t from 124m (KW1/22_P006)
1m at 5.50g/t from 103m (KW1/22_P001)
5m at 0.80g/t from 90m (KW1/22_P005)

Plan showing Kobada West RC drilling locations and results

Figure 2: Plan showing Kobada West RC drilling locations and results

Kobada West cross-section

Figure 3: Kobada West cross-section

Exploration and Optimisation Work Program

Toubani’s 13,750m drill program has recently been completed with outstanding results due in the coming weeks from Kobada North, Kobada Junction and Foroko. The success at Kobada West has seen the overall strike extent of mineralisation at Kobada defined by RC drilling significantly increased to 11km, from 5km previously.

At Kobada West, we are planning step out drilling along strike to the north and south to test for extensions to this new gold discovery as well as infill RC drilling to reduce the section spacing to 100m for resource modelling.

Optimisation work streams continue to advance with an update due later in the June quarter. The Company is investigating the potential of an oxide-dominant project of scale at various throughput scenarios.

This announcement has been authorised for release by the Board.

For more information:

Phil Russo	Jane Morgan
Chief Executive Officer and Executive Director	Investor and Media Relations
+61 (0) 478 138 627	+61 (0) 405 555 618
Phil.Russo@toubaniresources.com	jm@janemorganmanagement.com.au

About Toubani Resources Inc

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.

For more information regarding Toubani Resources visit our website at www.toubaniresources.com.

Competent Person’s Statement

The information in this press release relating to geology and Exploration Results is based on information compiled, reviewed and assessed by Mr. Bill Oliver, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr. Oliver is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Oliver consents to the inclusion of the information in the form and context in which it appears.

The information in this press release relating to the Mineral Resources at the Kobada Deposit is extracted from Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022 (Prospectus) which is available on the ASX announcements platform. The Company confirms that it is not aware of any new information or data that materially affects the information relating to the Mineral Resources at the Kobada Deposit included in the Prospectus and all material assumptions and technical parameters underpinning the Mineral Resources estimate in the Prospectus continue to apply and have not materially changed.

Cautionary statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the listing on the Australian Securities Exchange, the expansion of mineral resources and reserves, and drilling and exploration plans of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1. Kobada RC Drilling Data and Results

Hole ID	Target	Easting	Northing	RL	Dip	Azi	Depth	From (m)	To (m)	Length	Au (g/t)
KW22_P001	Kobada West	546715	1293725	412	55	295	118		NSI
KW22_P002	Kobada West	546667	1293742	400	55	295	140	1	2	1	0.37
								11	12	1	0.48
								16	27	11	0.55
								45	46	1	0.41
								58	60	2	2.66
								63	66	3	1.12
							incl	64	65	1	2.87
								75	76	1	0.60
								80	82	2	0.59
KW22_P003	Kobada West	546604	1293754	401	55	295	140	6	7	1	0.84
								109	110	1	1.49
								116	121	5	1.26
							incl	119	120	1	4.58
								129	130	1	11.3
KW22_P004	Kobada West	546555	1293791	399	55	295	140	121	122	1	0.44
KW22_P008	Kobada West	546443	1293187	370	55	295	140		NSI
KW22_P009	Kobada West	546393	1293207	371	55	295	140	40	42	2	0.36
								44	45	1	0.47
								78	83	5	1.24
							incl	80	81	1	4.55
								88	92	4	0.67
								106	109	3	0.93
							incl	108	109	1	1.59
								133	134	1	0.81
KW22_P010	Kobada West	546343	1293215	358	55	295	140	21	22	1	0.48
KW22_P011	Kobada West	546277	1293250	384	55	295	140		NSI
KW1/22_P001	Kobada West 1	546584	1293558	392	55	295	140	103	104	1	5.5
KW1/22_P003	Kobada West 1	544494	1293601	390	55	295	140	6	8	2	0.38
								63	72	9	1.72
							incl	63	65	2	6.26
								75	76	1	0.98
								105	106	1	0.50
KW1/22_P004	Kobada West 1	546460	1293615	388	55	295	140	6	7	1	1.00
KW1/22_P005	Kobada West 1	546483	1293361	385	55	295	135	8	9	1	0.42
								12	13	1	0.35
								59	61	2	0.57
								90	95	5	0.80
							incl	92	93	1	1.98
								116	117	1	2.63
								130	131	1	0.75
KW1/22_P006	Kobada West 1	546431	1293390	373	55	295	140	92	94	2	0.51
								124	126	2	3.22
KW1/22_P007	Kobada West 1	546399	1293411	379	55	295	140		NSI
KW1/22_P008	Kobada West 1	546340	1293436	378	55	295	140		NSI

NSI – No Significant Intersection

Appendix 2. The following tables are provided to ensure compliance with JORC Code requirements for the reporting of Exploration Results from the Kobada Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Drilling samples collected using reverse circulation (RC) percussion drilling. The entire sample is collected , homogenised and split to achieve a sample of approximately 2kg which is submitted for analysis. Analysis is carried out in an independent commercial laboratory using fire assay.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Reverse Circulation drilling using 127mm face sampling hammer
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC samples are weighed to quantify recovery Recovery is also noted in the sampling sheet.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	Geological logging of RC drilling is completed to an acceptable standard for use in Mineral Resource estimation. Logging is both qualitative (weathering, colour, lithology, alteration) and quantitative (% veining, sulphides) All drilling reported (100%) has been logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	All RC samples are split using a riffle splitter with one split (approximately 1 to 2 kg) collected for laboratory testing and the remaining amount after splitting is retained in the bulk bag for future reference. All samples were sampled dry. Sample moisture is noted in the sampling sheet. Appropriate sampling procedures are used to ensure representivity. It is believed that the sample size is in line with standard practice and is appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Samples were submitted to the SANAS and ISO/IEC 17025 accredited SGS Laboratory in Bamako. Samples were tested by fire assay with an AAS finish. Samples < 3.0 kg were dried in trays, crushed to a nominal 2 mm using a jaw crusher, and then < 1.5 kg were split using a Jones-type riffle splitter. Reject sample was retained in the original bag and stored. The sample was pulverised in an LM2 pulveriser to a nominal 85 % passing 75 µm. An approximately 200 g subsample was taken for assay, with the pulverised residue retained in a plastic bag. All the preparation equipment was flushed with barren material prior to the commencement of the job. A 50 g subsample was fused with a litharge-based flux, cupelled, and the prill is dissolved in aqua regia, and gold is determined by flame AAS (Detection Limit 0.01 ppm). Every 10th sample is a CRM, blank or duplicate. It is believe that acceptable levels of accuracy and precision have been achieved based on the control samples.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Significant intersections have been estimated by consultants to the company and cross checked. Twinned holes are not being used in the current programme which aims to test for mineralisation away from previously drilled areas. All data is entered into logging templates using codes on site and validated in appropriate software. No adjustment to assay data has been carried out.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	The drillhole collars have been located with a Garmin handheld GPS with a ± 5 m accuracy Co-ordinates presented are in UTM format using the WGS84 datum (zone 29N) A high-definition stereo satellite survey was conducted in 2020 over the main mineralised body to assist with the updated topography for the geological modelling and to improve the accuracy of artisanal mining depletions. This survey is deemed of sufficient quality to utilise in the Mineral Resource estimation.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Drillholes are being drilled at spacings between 50 and 100m on section, with sections 200 – 400 metres apart. Drill spacing is intended to provide an initial test for mineralisation and may not be sufficiently close spaced for inclusion in a Mineral Resource estimation.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Drilling orientation is planned perpendicular to the regional structural trend (NNE). No sampling bias is expected.
Sample security	The measures taken to ensure sample security.	Industry best practice has been applied to the drilling sampling processes carried out. Drilled samples were transported in a manner to prevent loss or cross-contamination. All samples were stored in a secure storage facility pending dispatch to laboratory in Bamako. In line with protocol, two people were used to transport the samples directly to the laboratory. Once at the laboratory, the samples were subject to the standard security measures of the laboratory.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits have been completed.

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	African Gold Group Mali SARL, a wholly-owned subsidiary of TRE, holds a mining permit No. PE 15/22 encompassing an area of 135.7 km² for the Kobada project area valid to 30 July 2045. Two adjacent exploration permits are also held, namely Kobada-Est (No. PR 18/957 over 77 km² valid to 15 August 2024 for three years) and Faraba (for which renewal was granted under Arrêté No. 2021-3226/MMP-SG effective 6 April 2021 for a further three years. An environmental permit No. 2021-0045 MEADD-SG was issued on 18 October 2021 relating to the oxides project. An ESIA amendment is underway development and mining of the sulphides portion of the Project.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Bureau de Recherches Géologiques et Minières conducted historical exploration in 1982 to 1988, which respectively identified and delineated the Kobada Shear Zone through geochemistry surveys and latter diamond drilling. La Source undertook RC drilling in 1996, followed in 2002 and 2004 respectively by RC and air core drilling by Cominor. IAMGold completed diamond and RC drilling in 2009. Previous exploration by Toubani Resource is detailed in the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022
Geology	Deposit type, geological setting and style of mineralisation.	The Project is located in the Bagoe Formation on the north-central edge of the Birimian rock units that form part of the Leo Rise in the southern part of the West African Craton. The Project is situated on the western flank of the Bougouni Basin, composed primarily of sedimentary rocks with minor tholeiitic volcano-sedimentary intercalations. The Kobada gold deposit is a quartz-carbonate veined mesothermal orogenic gold deposit hosted within a greenstone belt. Gold is present in the laterite, saprolite, unaltered rock as sulphides, and in the quartz veins. Placer-style deposits occur and have largely been exploited by artisanal miners. Mineralisation extends for a minimum strike of 4 km and is associated with narrow, irregular, high-angle quartz veins and with disseminated sulphides in the wall rock and vein selvages. Mineralisation occurs as free gold, whereas in sulphides mineralisation includes the occurrence of arsenopyrite, pyrite and rarely chalcopyrite. Arsenopyrite is localised near vein selvages and as fine-grained disseminated patches within the host rock. Pyrite occurs in finely disseminated patches within the host rocks, generally as traces up to 3 % by volume with up to 10 % locally in the wall rock at centimetre-scale intervals adjacent to the quartz veins.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer Appendix 1
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Averaging is weighted based on length, with all samples 1m in downhole length. All results > 0.3g/t are reported in Appendix 1 with high grade intervals (> 1g/t) reported separately. No metal equivalent results are reported.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	Downhole lengths are presented in Appendix 1. True widths have not been calculated. Drillholes are designed to intersect the mineralised shear zones as close to perpendicular as is possible.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to figures within this report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All meaningful information has been included in the body of the text and all results are presented in Appendix 1.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All material data and information is detailed in the Company's prospectus dated 12 September 2022 and released on ASX on 25 November 2022.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	As detailed in the text – drilling is ongoing at the project and further drilling will be planned to follow up these results.

Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/12017bd4-d253-4bb9-9dd0-5a4ab667508b
https://www.globenewswire.com/NewsRoom/AttachmentNg/84f43d24-61f8-4a65-b0f0-32b24b2d54b7
https://www.globenewswire.com/NewsRoom/AttachmentNg/740584e8-3855-460b-8e2d-0671455646ab