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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.