Côte d'Ivoire: Turaco Gold announces major discovery of 100 tonnes of gold at Afema

Australian mining junior Turaco Gold has revealed a significant advance at its Afema gold project in south-eastern Côte d'Ivoire. According to an update, the site's mineral resources have been re-evaluated at 3.55 million ounces, or approximately 100.6 tonnes of gold, marking an increase of more than 40% on the initial estimate of 2.52 million ounces (71 tonnes) dated August 2024.

The discovery follows an intensive drilling campaign at several key prospects on the Afema project, including Asupiri, Woulo Woulo, Junction and Anuiri. The 28 holes drilled at Asupiri, located close to the existing deposits, returned promising results, confirming the continuity of the gold mineralisation. These efforts are part of Turaco's aggressive exploration strategy, supported by A$35 million (approximately US$23 million) in funding raised in October 2024 from Australian and international investors.

"This substantial increase in mineral resources positions Afema as one of the most significant undeveloped gold projects in West Africa," said Justin Tremain, CEO of Turaco Gold. A new Mineral Resource Estimate (MRE) is expected in June 2025, incorporating the results of recent drilling, with prospects for an even greater increase.

This discovery reinforces Côte d'Ivoire's position as a major player in the West African gold sector. With reserves estimated at 600 tonnes and annual production of around 60 tonnes in 2024, the country aims to increase its production to 100 tonnes by 2030, overtaking Mali and Burkina Faso to rival Ghana, the regional leader. Political stability, the absence of major security tensions and an attractive regulatory framework make Côte d'Ivoire a prime destination for mining companies, particularly in the face of uncertainties in the Sahel countries.

The Afema project, acquired by Turaco in March 2024 following an agreement with Endeavour Mining and Sodim, is strategically located 90 minutes from Abidjan, with access to high-quality infrastructure. Past exploration work, including historical and artisanal drilling, had already suggested high gold potential, which has now been confirmed by Turaco's efforts.

Although this discovery is a crucial step, a number of stages remain to be completed before production can begin. Turaco plans to carry out metallurgical testing and an economic feasibility study to assess the commercial viability of the project. These steps, partly financed by the 2024 fundraising, will aim to transform the resources into exploitable reserves, a process that could take several years.

If successful, the Afema project could make a significant contribution to the Ivorian government's ambitions to boost gold production and stimulate the national economy. A gold mine at Afema would create jobs, support local communities through Turaco-funded infrastructure, and strengthen Côte d'Ivoire's position in the global gold market, particularly at a time of record prices, with an ounce of gold recently reaching US$3,000.

Turaco Gold has refocused its efforts on Afema by selling several non-core assets, including its interests in the Ferke, Odienne and Boundiali Sud projects, to companies such as Many Peaks Minerals and Aurum Resources. This strategy has enabled the company to focus its financial and human resources on the exploration and development of Afema, reinforcing its status as the leading gold explorer in Côte d'Ivoire.

Turaco Gold's discovery of 100 tonnes of gold at Afema marks a decisive step for the Ivorian mining industry. As the country consolidates its position as a safe haven for investors in the booming gold sector, the next stages of the Afema project will be closely monitored by industry players and the Ivorian authorities. With its underexploited potential and favourable environment, Côte d'Ivoire is establishing itself as an emerging gold power in Africa.