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Turaco Gold (ASX:TCG) - Managing Director, Justin Tremain
Managing Director, Justin Tremain
Source: Medallion Metals
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  • Turaco Gold (TCG) places its shares in a trading halt in regards to an upcoming capital raising
  • The company will remain in the halt until November 18 or when more details are released, whichever occurs first
  • On November 12, Turaco received results from the first 11 holes of the 29-hole reverse circulation (RC) drilling program at its Boundiali Gold Project in Côte d’Ivoire
  • Drilling was undertaken at the Nyangboue gold discovery to better determine the orientation and extent of the mineralisation with grades peaking at 4.24 g/t gold
  • Shares in Turaco last traded at 13.5 cents on November 15

Turaco Gold (TCG) has placed its shares in a trading halt in regards to an upcoming capital raising.

The company will remain in the halt until November 18 or when more details are released, whichever occurs first.

Turaco is yet to disclose how much it intends to raise or what it will use the funds for once received.

On November 12, Turaco received results from the first 11 holes of the 29-hole reverse circulation (RC) drilling program at its Boundiali Gold Project in Côte d’Ivoire.

Drilling was undertaken at the Nyangboue gold discovery to better determine the orientation and extent of the mineralisation and advance it towards JORC status.

Results include three metres at 4.24 grams per tonne (g/t) gold from 48 metres, four metres at 3.52 g/t gold from seven metres, and nine metres at 2.62 g/t gold from 17 metres.

These results confirm the extension of the mineralisation at depth and improve the confidence in the continuity of the gold mineralisation.

In its September quarterly, Turaco revealed it had burnt through $270,000 with the majority going towards administration and corporate costs.

The company also invested more than $1.56 million in its entities and exploration and evaluation.

As of September 30, the company had more than $5.65 million in total available funding, representing six quarters of use if spending levels remain the same.

Shares in Turaco last traded at 13.5 cents on November 15. The company has a $45.76 million market cap.

TCG by the numbers
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