Toubani Resources Activities Update – Junior Mining Network

2023-02-01 14:43:07

TORONTO, Feb. 01, 2023 (GLOBE NEWSWIRE) — Toubani Resources, Inc (ASX: TRE; TSX-V: TRE) (“Toubani Resources” or the “Company”) is pleased to provide an update on the Company’s activities for the period ending 31 December 2022.


  • Successful listing on the ASX, including a capital raising of A$6,000,000
  • Appointed drilling contractor to undertake a targeted 10,750m exploration campaign at Kobada
  • Appointment of Mr Phil Russo as Chief Executive Officer and Executive Director
  • Strengthened its technical team with the appointments of Mr Bill Oliver and Mr Kerry Griffin to lead exploration and resource development activities

Chief Executive Officer, Phil Russo commented: “We have moved quickly since our ASX listing to strengthen our management team with two key technical appointments to drive our exploration and development activities, and support our in-country team. There is significant potential at Kobada and through a concerted effort on the ground to test several identified target areas previously underexplored, as well as a combined endeavour to aggressively grow the market profile of Toubani, success on multiple fronts is the objective.”

Successful Listing and Capital Raising

Toubani Resources was formally admitted to the Australian Securities Exchange (“ASX”) and its securities commenced trading on the ASX on Monday November 28, 2022.

In connection with its listing on the ASX, the Company completed a capital raising of A$6,000,000, introducing a broad base of new shareholders, predominantly from Australia. The net proceeds of the capital raising have been utilised to support an initial drill program designed to test underexplored and previously untested exploration targets with the view to increasing known gold mineralisation occurrences on new structures across our tenure holding.

Appointment of Drilling Contractor and Commencement of Drilling

In December, the Company announced the appointment of drilling contractor, Etasi & Co Drilling (“ETASI”), to commence the exploration drilling program at our flagship Kobada Gold Project in southern Mali. This appointment is in line with the Company’s policy of utilising high-quality local service providers where possible.

Utilising their fleet of drilling rigs and associated equipment, as well as their previous drill campaign experience at Kobada, ETASI is best placed to undertake the drilling campaign. ETASI is the successor company to AMCO, the company who conducted the Company’s Phase 1 and 2 programs during the 2019-2022 drilling program.

The focus of the 2023 drilling campaign is on the previously identified target areas, based on soil geochemical sampling, artisanal mining, geophysics trends and historical drillholes, in the larger Kobada permit area. The aim of the drilling campaign is the following:

  • Testing the mineralised zone of the main shear zone (“MSZ”) to the south and north
  • Testing the continuity of a second mineralised zone to the east of the main Kobada orebody
  • Drilling around historical artisanal mining where there are extensive workings
  • Testing new potential gold mineralised zones
  • Follow up on auger drilling anomalies showing strong gold mineralisation

The 10,750-meter drill program commenced late last year after mobilisation of the drill rig to site. Results are planned for release to the market during the March quarter of 2023.

Appointment of Phil Russo as Chief Executive Officer

Mr Phil Russo agreed to join the Company as Chief Executive Officer and Executive Director. The Company moved to appoint an Australian-based Chief Executive Officer with broad corporate, project development and capital markets experience to advance the Company’s strategy to increase its market profile in Australia and globally, as well as unlocking the significant, untested exploration potential across the Kobada Gold Project.

As part of the appointment of Mr Russo to Chief Executive Officer and Executive Director, Mr Danny Callow transitioned to Executive Chairman till mid-2023, before moving to Non-Executive Chairman. Previous Non-Executive Chairman Jan-Erik Back moved to Non-Executive Director. They are joined by current Non-Executive Directors Mr Tim Kestell and Mr Douglas Jendry.

Technical Management Appointments

Toubani announced the appointments of Mr Bill Oliver and Mr Kerry Griffin to the technical management team. Both Mr Oliver and Mr Griffin are highly experienced geologists and will be instrumental in driving the exploration and resource development strategy at Toubani as the Company initiates a concerted effort to unlock the significant geological potential at Kobada.

Mr Oliver is a geologist with over 20 years of experience in the international resources industry working for both major and junior companies. Mr Oliver has spent recent years in the development of projects across Africa including being responsible for the identification, acquisition, development and into production of the Konongo Gold Project in Ghana as the Managing Director of Signature Metals Ltd. Mr Oliver was the General Manager, Geology and Exploration for Firefinch, overseeing delineation of 3.5 million ounces in Mineral Resources at the Morila Gold Project in Mali.

Mr Griffin is a geologist and has over 27 years experience in Australia, Africa, South/Central America, Central and SE Asia in various senior and management positions. Mr Griffins experience includes corporate development, mining, mine geology, mine development and management, as well as designing and managing large scale exploration and resource drilling programs, resource modelling and estimation, management and training of geological/technical teams.

Financial Update

Since the September quarter and post the Company’s ASX listing and $6,000,000 capital raise, the Company continued to support its ordinary course of business and exploration expenditures during this time, including advancing deposits to its drilling contractor for the commencement of drilling services. Cash as of 31 December 2022 totalled US$3.6 million (A$5.4 million) net of broker, listing and associated legal fees, as well as restructuring costs as noted in the Prospectus that will reduce its overhead cost structure going forward.

The Company will file its audited 31 December 2022 financial statements and annual report on or before March 31, 2023.

About Toubani Resources Inc

Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development Company with a focus on building Africa’s next mid-tier gold producer. 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.

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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 Stock 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.


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