Turaco Gold's (ASX:TCG) Afema gold project at the Ivory Coast continues to show significant resource upside, according to a Wednesday note by Euroz Hartleys.

On Wednesday, the company said shallow drilling at the project's Begnopan prospect confirmed historical mineralization and the expected resource growth.

Thirty-two reverse circulation and diamond core holes were drilled at the prospect, with all but one showing significant gold mineralization.

Results included 34 meters at 3.4 grams per tonne grade of gold from 65 meters and eight meters at 5.3 g/t grade of gold from 46 meters, Euroz noted.

The project currently holds a mineral resource estimate of over 2.5 million ounces (Moz) and has the potential to grow to 3.5 Moz, driven by its significant exploration upside and unaccounted deposits, Euroz added.

Euroz highlighted that the project benefits from a granted mining license, a growing multi-million-ounce gold resource, and highly prospective surrounding exploration tenure.

The firm maintained Turaco Gold's speculative buy rating and AU$0.75 price target.