Turaco Gold's (ASX:TCG) Afema project in the Ivory Coast has highly prospective exploration tenure, a granted mining license, and is poised to deliver discoveries, according to a Tuesday note by Euroz Hartleys.

The company said the drilling results at the Asupiri deposit at the project are expected to deliver a material increase to the current mineral resource estimate of 2.5 million ounces.

Drilling at the prospect yielded 9 meters at 4.5 grams per tonne (g/t) grade of gold from 95 meters and 11 meters at 2.4 g/t gold from 107 meters, and Euroz Hartleys expects the recovery of fresh sulfide-rich mineralization at the prospect.

Given the "substantial" exploration potential and yet to be drilled prosepcts, Euroz Hartleys believes that the company's resources could grow to 3 million ounces to 3.5 million ounces.

"We continue to see significant resource upside," Euroz Hartleys said.

The firm maintained a speculative buy rating on Turaco Gold and increased the price target to AU$0.70 from AU$0.68.