Toubani Resources issues update on auger drilling campaign at Kobada Gold Project

Toubani Resources, Inc. is pleased to provide an update on the auger drilling campaign on the Kobada Est permit area of its Kobada Gold Project located in Southwestern Mali, Africa.

The update is based on the auger drilling completed to date, which commenced on April 7, 2022 and is still ongoing. Additional exploration activities are also planned for the Faraba permit area once this initial auger drilling at Kobada Est has been completed.

Toubani Resource’s President and CEO, Mr. Danny Callow, stated: “Our auger drilling campaign is the next step of regional exploration to meet conditions on our two exploration permits (Kobada Est and Faraba). The wide spaced drilling programme was designed to identify trends above the background gold grade which then warrants further follow up with targeted drilling.

We are very pleased with the results from the initial drilling, particularly in Target E where substantial high-grade intersections occurred. We have targeted additional drilling along strike in this area. These results are extremely encouraging and show the future upside exploration potential of our sizeable land package. It should be noted that this drilling is in an area previously untested, and therefore identifies further upside from what has been reported before. Our success with the drill bit, that has seen a 40% increase in overall resource, and а 140% increase in reserves shows that the Kobada and adjacent concessions are highly prospective and require further exploration to further increase resources and ultimately reserves.”

2022 Kobada Est Auger Drilling Campaign

The 2022 Kobada Est auger drilling campaign commenced with a local Malian drilling company (Kounfaga Mining Services SARL) and has completed 6,878 m of drilling to date. The auger holes were laid out on fences either 200 m apart or 400 m apart with the holes being spaced 50 m along the fence lines. All 345 holes were drilled vertically to a depth of 20 m.

The auger drillholes, with a 4.4-inch spiral, were sampled in 2 m increments resulting in 3,439 samples being sent to the Bamako SGS Laboratory. Drilling is continuing to test areas of interest. The focus of the auger drilling campaign was on previously identified target areas, based on the termite soil geochemical sampling and geophysical interpretations, in the larger Kobada Est permit.

The aim was to delineate shallow anomalous geochemical areas (testing the top 20 m) and potentially identify mineralised areas and evidence of structures. This would assist in determining the potential of mineralisation on the Kobada Est permit along the Kobada Shear and assist in the sighting of the follow-on AC or RC drilling campaigns.

Quality Assurance / Quality Control

The auger drillhole collars were sighted using a Garmin handheld GPS. The auger drilling was sampled every metre and then 2 m composites were created, and riffle split for assay samples. All samples were analysed at SGS (Bamako) Laboratory, which is a SANAS (South African National Accreditation System) accredited laboratory (facility accreditation number T0762).

A strict QA/QC program was applied to all samples: which include insertion of either certified reference material (CRM’s), a blank sample or duplicate every 20th sample (i.e., a rate of approximately 5% of submitted samples). The gold analyses were by fire-assay on 50 grams aliquot with AAS finish. The QAQC samples were monitored per batch and all QAQC samples have passed. Of the 3,439 auger samples, QAQC samples used during sampling comprised 60 standards/certified reference material made up of low grade AMIS0571 (0.59 g/t) and AMIS0569 (0.27 g/t), medium grade AMIS0441 (2.44 g/t) and high-grade AMIS 0559 (12.01 g/t). 78 Blank AMIS0681 samples and 59 field duplicates were inserted into the sample batches.

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