Africa Gold Group has re-branded its name to Toubani Resources. This is with a bid to better reflect its strategic focus on the development of the Kobada project, in Mali, and its ambition to dual list on the ASX.
The name Toubani Resources was derived from a popular bird in the Malinke language. According to CEO Danny Callow, the name reflects better reflects local heritage, their strong relationship within the local communities in which they operate and their progress in the development of their flagship Kobada project.
Transformational growth
“The name change reflects the company spreading its wings and the near-term resource growth potential of the company. The company is poised for transformational growth with the advancement of continued exploration of the Kobada project over the coming year, which we believe gives us the potential for further resource growth increases and builds on the highly successful drilling campaigns since late 2019,” said Callow.
Over the last two years, Toubani has expanded the resource base at Kobada with a 144% increase in reserves and 44% increase in measured and indicated resource categories. The project has a proven and probable mineral reserve of 1.25-million ounces of gold, total, measured and indicated mineral resources of 1.71-million ounces and a total mineral resource, including inferred resource, of 3.14-million ounces.
The recently published definitive feasibility study outlines plans for a three-million-tonne-a-year operation, producing 1.2-million ounces of gold over a 16-year mine life. On average, Kobada will produce 100 000 oz/y of gold and has a net present value of $506-million.
