Drilling at Turaco Gold's (ASX:TCG) Afema project in Ivory Coast indicated the potential for another gold discovery, with additional drill results pending from the Baffia prospect at the project, according to a Jan. 23 note from Euroz Hartleys.

Last week, TCG reported maiden drilling at the Baffia prospect yielded a broad zone of gold mineralization, with yields including 32 meters at 1.69 grams per tonne grade of gold from 12 meters.

The company has begun testing targets near the Woulo Woulo, Jonction, and Anuiri deposits at the project, and aims to deliver an updated mineral resource estimate by the end of the first quarter, Euroz Hartleys said.

Drilling is also underway at the Asupiri prospect and planned at the Begnopan and Adiopan prospects at the project, Euroz Hartleys added.

Euroz Hartleys has a speculative buy rating on Turaco Gold with a price target of AU$0.68.

Shares of the company fell past 3% in recent Tuesday trade.