Turaco Gold has expanded its Afema Project resource in Côte d’Ivoire to 4.65 million ounces, the company’s third upgrade in under two years and the clearest signal yet that the project is maturing into something substantial.
The March 2026 Mineral Resource Estimate follows an extended drilling campaign across seven deposits on the Afema shear corridor, all sitting within a 10-kilometre radius of each other.
Afema Gold Project, Côte d’Ivoire — 2026 Mineral Resource Expansion [Turaco Gold]
The resource now stands at 115.3 million tonnes at 1.3 grams per tonne. Since the maiden estimate in 2024, Turaco has added more than two million ounces, a rate of growth that has few recent parallels in the region.
Managing Director Justin Tremain pointed to geology, drilling intensity and the sheer scale of the mineralised system.
“Afema continues to demonstrate exceptional growth potential, with several deposits still open along strike and at depth,” he said.
Tremain noted that shallow mineralisation and strong recoveries have helped the company move quickly through resource modelling.
A Rapid Rise Over Eighteen Months
The maiden Afema MRE, released in August 2024, outlined a promising but early system. By May 2025, it had reached 3.55Moz. October brought another jump to 4.06Moz. The latest update adds 590,000 ounces on top of that, driven by drilling at Woulo Woulo, Adiopan, Asupiri, Toilesso, Anuiri, Begnopan, Herman and Jonction.
Most deposits sit close together, linked by the Afema shear, a structure that had been identified as prospective for years before Turaco moved in. The exploration program has drawn on RC and diamond drilling, geophysics, soil sampling and auger drilling, with JORC-compliant modelling handled by independent consultants.
Metallurgical test work completed in 2025 returned recoveries of between 84.4% and 90.3% across key deposits. Those numbers fed into pit optimisations based on a gold price assumption of US$3,250 per ounce, underpinning the resource classification.
A Strengthening Position in Côte d’Ivoire’s Mining Landscape
Gold output in Côte d’Ivoire has risen sharply over the past decade. Where Burkina Faso and Mali once dominated West African exploration coverage, the Ivorian government’s permitting framework and investment climate have drawn increasing interest from developers.
Afema’s growth adds to that picture. For Turaco specifically, it firms up the company’s standing among ASX-listed West African explorers. The company closed 2025 with A$68 million in cash, giving it room to push toward development while keeping the drills turning.
The scale of the resource has drawn comparisons to other multi-million-ounce projects in the region. With several corridors still underexplored, the argument for further growth has not weakened.
Drilling Strategy and Technical Work Behind the Growth
Turaco ran multiple rigs through 2025, working first on near-surface delineation before extending along strike. The sequencing allowed the company to build inferred and indicated ounces without losing pace across multiple deposits at once.
Gradient array IP surveys mapped chargeability anomalies and sharpened drill targeting. Soil geochemistry defined high-priority structures, many of which are still producing strong intercepts.
All seven deposits in the MRE remain open, with the most immediate growth expected at Woulo Woulo, Herman, Jonction, Adiopan and the Niamienlessa tren, a 25-kilometre corridor that has seen minimal drilling.
Turaco’s multi-rig drilling program has driven rapid resource growth. [Small caps]
Infrastructure, Location and Permitting Advantage
Afema sits roughly 120 kilometres east of Abidjan, near the Ghanaian border. Sealed road access, nearby power infrastructure and a mining permit valid through 2033 reduce the logistical friction that slows many greenfield projects at this stage.
Côte d’Ivoire’s mining code has a reputation for relative clarity on permitting and land-use approvals.
The government has pushed for consistency in how it handles foreign developers, and the results have been visible in the volume of exploration activity across the country. For Turaco, that regulatory backdrop matters as it moves into study phases.
A Pivotal Pre-Feasibility Year Ahead
The Pre-Feasibility Study is expected in Q2 2026. It will set out development scenarios, processing options, production profiles and early capital estimates. Given the shallow geometry and metallurgical results, a conventional open-pit and CIL flowsheet is the most likely starting point.
Turaco has narrowed its focus ahead of the study, selling the Eburnea Project to Santa Fe Minerals in early 2026 and wrapping up deferred payments from past acquisitions. The company is going into the PFS learner and is more concentrated on Afema than at any point previously.
A positive PFS could open the door to a Definitive Feasibility Study before year’s end, a timeline that would be short even by the standards of well-funded developers, let alone a junior explorer.
Risks Being Watched Closely
- Cost pressures on labour, fuel and equipment have complicated feasibility work across the industry. Afema is not exempt.
- The gold price assumption built into the resource model is not conservative. A sustained price correction would hit the economy directly.
- Côte d’Ivoire’s regulatory environment is broadly stable, but administrative delays and community engagement requirements are standard friction for any developer in the region.
- The drilling pace has been fast. Maintaining technical rigour while sustaining that tempo is not a given.
Also Read: Auric Mining $5.2M Profit, Becomes Gold Producer
Turaco Gold — Latest Trading Snapshot
- Last Price: $0.620
- Today’s Change: +$0.020 (3.333%)
- Volume: 3,606,252
- Bid / Offer Range: $0.615 – $0.620
- Market Capitalisation: $631.66M
Turaco Gold Share price [ASX]
A Stronger Foundation for What Comes Next
The March 2026 MRE puts Afema clearly in the multi-million-ounce bracket, with geological evidence pointing to further growth both along the shear and on surrounding targets.
For shareholders, Turaco is heading into a critical stretch, a bigger resource, better metallurgy, cash in the bank and a jurisdiction that is not working against them. The PFS will determine whether the exploration story becomes a development one.
FAQS
- Q: What is the latest Mineral Resource Estimate for the Afema Project?
A: As of March 2026, the Afema Project hosts 115.3 million tonnes at 1.3g/t for a total of 4.65 million ounces of gold.
- Q: How much has the Afema resource grown since the maiden estimate?
A: The resource has increased by more than 2 million ounces since the first estimate in August 2024, with over 590,000 ounces added in the latest update.
- Q: Which deposits contributed to the latest resource increase?
A: The March 2026 upgrade incorporated new drilling results from Woulo Woulo, Adiopan, Asupiri, Toilesso, Anuiri, Begnopan, Herman, and Jonction.
- Q: Where is the Afema Project located?
A: Afema is located in south-eastern Côte d’Ivoire, approximately 120 km east of Abidjan, near the Ghanaian border.
- Q: What drilling methods were used to expand the resource?
A: Turaco used RC (reverse circulation) and diamond drilling, supported by soil geochemistry, auger drilling, and geophysical surveys such as GAIP.
- Q: When is the Pre-Feasibility Study expected?
A: The Afema Pre-Feasibility Study is expected to be completed in Q2 2026.
- Q: What is Turaco Gold’s current share price and market cap?
A: Turaco Gold last traded at $0.620, up 3.33%, with a market capitalisation of approximately $631.66 million.
- Q: What are the main risks for the Afema Project?
A: Risks include gold price volatility, cost inflation, seasonal weather impacts, permitting delays, and regional infrastructure constraints.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Turaco Gold Limited (ASX: TCG) and Côte d’Ivoire mining authorities are mentioned solely for reporting on publicly available information regarding the Afema Project. All views expressed are those of Colitco and its authors. Readers should conduct their own due diligence or consult a qualified financial advisor before making any investment decisions.
Sources
https://www.asx.com.au/markets/company/TCG
Last modified: March 31, 2026
