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Toubani Resources release update on drilling program Kobada Gold Project

Toubani Resources, Inc is pleased to provide further results from the ongoing drilling program at its 3.1Moz Kobada Gold Project in southern Mali. The Mineral Resources1 occur over a strike length of 4.5km.

Chief Executive Officer, Phil Russo commented: “The goal of our current program is to drill test several high value targets outside the 3.1Moz Kobada Main deposit. Following the success of our initial results last month, we are pleased to have continued to intersect mineralisation and extend strike at all targets tested so far. Our belief is that the potential scale of Kobada is much more extensive, and our drilling program continues to confirm this. Given the success of our campaign, we have elected to increase the program by an additional 3,000m with the overall program set to be completed in the coming weeks and assays due thereafter.”

Drilling Results and Commentary

At Kobada North 2, two fences of drilling were completed stepping out 1,500 metres and 2,100 metres, respectively, north of the last fence of drilling within the Kobada Main resource.  Drilling was designed to test potential extensions to mineralisation at the Kobada Main Deposit. Extensive artisanal workings can be found along strike and along trend from Kobada Main, yet almost no drilling has been undertaken.

Inspection of drill chips and field mapping indicates that shearing is less intense in the area of the Kobada North 2 target vs the Kobada North 1 target, where results of 9m at 1.32g/t and 14m at 1.02g/t were intersected in recent drilling2. Results confirm the mineralisation model of regional scale shear zones providing the first order control on mineralisation with localised cross-cutting structures providing the second order control and, importantly, controlling the higher grade mineralisation.

At Gosso, drilling aimed to test the northern and southern extents of the deposit as well as a line of drilling through the centre of the target. Mineralisation at Gosso is hosted on a parallel structure to the Kobada Main Deposit, which has had relatively little drill testing compared to the Kobada Shear.

Toubani’s drilling has successfully extended the known strike of mineralisation at Gosso from 1,600m to 2,100m as well as confirming mineralisation is open to the north and south of the target. Results have confirmed the shallow, oxide nature of mineralisation with several higher grade zones intersected.

Mineralisation is clearly hosted in a similar structural setting to that outlined for the Kobada Shear above, with multiple intersections on each section likely indicative of a strong influence of cross-cutting E-W structures. Detailed interpretation of these results is in progress to aid future targeting.

Drilling is currently in progress at Kobada West, a previously undrilled structure parallel to Kobada Main which hosts substantial artisanal workings. Given the success of the program in extending mineralisation at Koboda North and Gosso, as well as identification of further high value targets, the Company has increased its current program by 3,000m to 13,750m.

Drilling is focused on following up targets identified by recently completed drilling at Kobada North, from artisanal workings at Kobada West and the interpreted junction between the Kobada and Foroko shears. Significant artisanal workings are evident at the latter targets yet little to no previous drill testing has occurred.

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