Toubani Resources, Inc (TSX-V: TRE) (ASX: TRE) is pleased to provide further results from the ongoing drilling program at its 3.1Moz Kobada Gold Project in southern Mali. The Mineral Resources¹ occur over a strike length of 4.5km.

Highlights

• Drilling at Kobada North has confirmed continuity and further extended mineralisation north of the Kobada Main Deposit with mineralisation now intersected over 2km from previous drilling, and remains open
• Shallow, oxide mineralisation intersected in drilling at the Gosso target with results of 1m at 5.78g/t, 2m at 1.44g/t, 1m at 3.16g/t, 3m at 1.34g/t, 3m at 1.17g/t, and 2m at 1.15g/t
• Mineralisation at Gosso remains open to the north and south with Toubani’s drilling increasing the strike of known mineralisation to over 2km
• All targets tested in the current program to date have intersected mineralisation
• RC drilling continues on site with drilling recently completed at the Kobada Est target, where high grade auger results were received in late 2022
• Drilling now in progress at Kobada West, a previously undrilled structure parallel to the Kobada Main Shear with results anticipated shortly
• Following the success of this current campaign, Toubani has increased its drilling program by 3,000m to a total of 13,750m

Chief Executive Officer, Phil Russo commented: “The goal of our current program is to drill test several high value targets outside the 3.1Moz Kobada Main deposit. Following the success of our initial results last month, we are pleased to have continued to intersect mineralisation and extend strike at all targets tested so far. Our belief is that the potential scale of Kobada is much more extensive, and our drilling program continues to confirm this. Given the success of our campaign, we have elected to increase the program by an additional 3,000m with the overall program set to be completed in the coming weeks and assays due thereafter.”

Drilling Results and Commentary

At Kobada North 2, two fences of drilling were completed stepping out 1,500 metres and 2,100 metres, respectively, north of the last fence of drilling within the Kobada Main resource. The drilling tested below and adjacent to artisanal workings.

Figure 1: Plan showing location of Kobada North and Kobada South

Drilling was designed to test potential extensions to mineralisation at the Kobada Main Deposit (Figure 1). Extensive artisanal workings can be found along strike and along trend from Kobada Main, yet almost no drilling has been undertaken.

Drilling successfully confirmed the continuation of the system as shown on Figure 2 with intersections of:

• 1m at 8.51g/t from 48 metres (KN2/22_P003 = 1,500m north of Kobada, refer Appendix 1)
• 1m at 0.64g/t from 137 metres (KN1/22_P010 = 2,100m north of Kobada, refer Appendix 1)

Inspection of drill chips and field mapping indicates that shearing is less intense in the area of the Kobada North 2 target vs the Kobada North 1 target, where results of 9m at 1.32g/t and 14m at 1.02g/t were intersected in recent drilling². Results confirm the mineralisation model of regional scale shear zones providing the first order control on mineralisation with localised cross-cutting structures providing the second order control and, importantly, controlling the higher grade mineralisation.

Kobada North 2 is located 900m north of the drilling at Kobada North 1 and these results lead to two follow up workflows:

• Immediate follow up in the Kobada North 1 area to delineate newly identified mineralisation
• Follow up for Kobada North 2 utilising systematic regional scale exploration tools such as auger or aircore drilling to map the continuation of the Kobada Main shear and explore for higher strain areas which will be the “hotspots” for higher grade gold mineralization

Figure 2: Plan showing Kobada North targets and Toubani drilling

At Gosso, drilling aimed to test the northern and southern extents of the deposit as well as a line of drilling through the centre of the target. Mineralisation at Gosso is hosted on a parallel structure to the Kobada Main Deposit, which has had relatively little drill testing compared to the Kobada Shear.

Previous drilling at Gosso³ returned results including:

• 36m at 1.64 g/t from 72m (KBRC11-140)
• 3.1m at 4.25 g/t from 34.6m (G20_PH3A_20)
• 3m at 2.59 g/t from 30m (KBRC11-144)
• 5m at 1.90 g/t from 133m (KBRC11-142)

Toubani’s drilling has successfully extended the known strike of mineralisation at Gosso from 1,600m to 2,100m as well as confirming mineralisation is open to the north and south of the target.

Results have confirmed the shallow, oxide nature of mineralisation with several higher grade zones intersected. Mineralisation is clearly hosted in a similar structural setting to that outlined for the Kobada Shear above, with multiple intersections on each section likely indicative of a strong influence of cross-cutting E-W structures. Detailed interpretation of these results is in progress to aid future targeting.

All results from Gosso are shown on Figure 3 and tabulated in Appendix 1 with intersections including:

• 1m at 5.78g/t from 134 metres (GO22_P024 = central line)
• 9m at 0.42g/t from 8 metres (includes 2m void from artisanal mining, GO22_P026 = central line)
• 2m at 1.44g/t from 49 metres and 1m at 3.16g/t from 80 metres (GO22_P027 = central line)
• 3m at 1.34g/t from 32 metres and 2m at 0.98g/t from 25 metres (GO22_P029 = central line)
• 1m at 1.81g/t from 110 metres (GO22_P032 = southern line)
• 7m at 0.67g/t from 15 metres, including 3m at 1.17g/t from 19 metres, and 2m at 1.15g/t from 45 metres (GO22_P039 = northern line)

Results from GO22_P039 are significant as this hole was drilled on section with G20_PH3C_16, previously the northernmost hole at Gosso. To successfully intersect multiple lodes of mineralisation is encouraging and warrants further drilling to the north of the prospect.

Figure 3: Gosso showing Toubani drilling location and results

 Figure 4: Gosso cross-section showing results from Toubani drilling

Forward Work Program

Drilling continues on site with drilling recently completed at the Kobada Est target, where high grade auger results were received in 2022⁴ including:

• 20.69 g/t Au over 8.0 m from 2.0 m to 10.0 m (Drill hole E-423)
  • including 78.9 g/t Au over 2.0 m
  • including 3.14 g/t Au over 2.0 m
• 1.81 g/t Au over 8.0 m from 10.0 m to 18.0 m (Drill hole E-412)
  • including 3.94 g/t Au over 2.0 m
• 2.42 g/t Au over 2.0 m from 0.0 m to 2.0 m (Drill hole E-417)

The Company is awaiting results from the SGS laboratory in Bamako.

Drilling is currently in progress at Kobada West, a previously undrilled structure parallel to Kobada Main which hosts substantial artisanal workings.

Given the success of the program in extending mineralisation at Koboda North and Gosso, as well as identification of further high value targets, the Company has increased its current program by 3,000m to 13,750m.

Drilling is focused on following up targets identified by recently completed drilling at Kobada North, from artisanal workings at Kobada West and the interpreted junction between the Kobada and Foroko shears. Significant artisanal workings are evident at the latter targets yet little to no previous drill testing has occurred.

About Toubani Resources Inc

Toubani Resources is an exploration and development Company with a focus on building Africa’s next mid-tier gold producer with its advanced Kobada Gold Project. The Company has a highly experienced Board and management team with a proven African track record in advancing projects through exploration, development and into production.

Appendix 1. Kobada RC Drilling Data and Results

NSI – No Significant Intersection

* – includes 2m void due to artisanal mining