Cote D’Ivoire Exploration

Joint Venture with Predictive Discovery

In March 2015 Toro Gold entered in to a joint venture agreement with Predictive Discovery Limited (“PDI”) whereby it has the right to earn in to the equity of PDCI, its wholly owned Côte d’Ivoire Joint Venture Company and holder of a portfolio of greenfield exploration permits. After 3 years of field work, Toro Gold currently owns 65% in PDCI with PDI owning the remaining 35%. Both PDI and Toro Gold contribute to further funding on a pro-rata basis while Toro Gold remains the manager of the work programmes.

At this time PDCI holds three large exploration permits directly and has an interest in a further four permits indirectly, as follows:

  • Boundiali permit
  • Ferkessédougou permit
  • Kounahiri permit
  • Kokoumbo permit (Joint Venture with Ivoir Négoce)
  • Beriaboukro permit (Joint Venture with GIV)
  • Ferkessédougou Nord permit (Joint Venture with GIV)
  • Boundiali Nord Permit (Joint Venture with DSResources)

A further two permits are currently under application.


Boundiali Permit

The Boundiali permit is located in northern Côte d’Ivoire on the intersection of two gold mineralised trends – the Syama and the Tongon trends. Reconnaissance and detailed follow up scale sampling across the entire permit resulted in the discovery of three drill targets during 2015/16 as follows:

  • Nyangboue: A 6km long, N-S oriented soil anomaly located on the Syama-Sissingue regional scale structure on the east side of the permit
  • Nyangboue South: A 2.5 km long soil anomaly along the same N-S regional trend
  • Gbemou: A 3km NE trending soil anomaly on the northwest side of the permit

After initial drill testing in 2016/17, the Nyangboue target is considered the most prospective at this time:

Nyangboue Target

Geological data collected from RC and core drilling, and a pole-dipole Induced polarisation and ground magnetic survey has provided a good understanding of the gold mineralised zone at Nyangboue Central:

  • The soil anomaly at Nyangboue overlies a broad N-S trending, steeply dipping shear zone several hundred metres wide; the shear fabric dips steeply to the east.
  • Weathered rock (saprolite and saprock) persists to a depth of 45-65 metres below surface across the prospect.
  • Surface enrichment processes (often seen in the deeply weathered tropical environments above bedrock gold mineralised zones) have produced sporadic high grade gold mineralised zones within the saprolite and saprock.
  • The host rocks comprise intercalated shales, siltstones and sandstones on the east side of the prospect and highly deformed conglomerates on the west side of the prospect. The contact between these two packages is probably a structural contact.  The conglomerates contain abundant magnetite.  The shales in places are black and carbonaceous.
  • Shear fabrics dip steeply and consistently to the east and <1 to 2% disseminated sulphides such as pyrite, pyrrhotite and minor aresenopyrite occur within the deformation fabric and in quartz veins.
  • IP chargeability anomaly probably caused by disseminated sulphides and/or carbonaceous black shales.
  • Various types and orientations of quartz vein have been recognised in drill core within the shear zones.
  • In terms of gold mineralisation a west to NW dipping quartz vein set contains visible gold and is interpreted to have developed during late normal faulting.

Results from RC and Core drilling conducted in 2016-2017 include:

  • 28m @ 4.04g/t from 3m
  • 19m@2.04g/t from surface
  • 30m @8.3g/t from 40m
  • 12m @ 16.86g/t from 38m

An airborne Geophysics survey completed in late 2017 indicated that the Nyangboue prospect is located on the eastern limb of a regional fold

Follow up work will focus on an in-fill drill campaign to further test the mineralisation at Nyangboue.

Boundiali North Permit

Positioned adjacent and contiguous to the north of the Boundiali Permit, the Boundiali Nord Permit is a Joint Venture with DS Resources and covers a further 20km of strike  along the N-S oriented Syama Trend.

Work will begin on this greenfields permit during 2018 and will include soil sampling and mapping programmes to test its mineral potential.


Ferkessedougou North Permit

The Ferkessedougou North Permit is located along a well mineralised structure in northeast Côte d’Ivoire, on the Burkina Faso border.

During 2017 a combination of soil sampling and mapping delineated an 18km long zone of gold-in-soil anomalies. Named the Leraba Trend, it varies in width from 1km in the south to 3 km in the north and is a complex zone of soil anomalies related to a series of parallel to sub-parallel quartz reefs within shears hosted by a package of metasedimentary rocks and granodiorite intrusives.

The Leraba Trend appears to form a NNE trending splay between two large scale N-S trending bounding structures which are both coincident with linear total count radiometric anomalies, the western zone is caused by an extensive zone of granitoids and granitoid pegmatites.

Soil anomalies are also associated with numerous areas of artisanal mining

Follow up work for 2018 includes an initial reconnaissance scale RC drill testing programme of approximately 4000 metres to test the Leraba Trend soil anomalies and zones of artisanal mining.


Ferkessedougou Permit

The Ferkessedougou permit is located some 60km South of the Ferkessedougou North permit and lies on the same regional belt of Birimian rocks.

In 2016/17 soil sampling delineated the 3.5 km long Lomi soil trend which is located on the west bounding structure of the Leraba Trend some 50-60 km to the south.

Follow up work includes an initial reconnaissance scale drill testing programme across the Lomi Trend soil anomalies.

Kokoumbo Permit

The Kokoumbo permit is located in central Côte d’Ivoire, some 40-50km NNE of Newcrest’s Bonikro gold mine and Endeavour’s Agbaou gold mine within the Oume-Fetekro greenstone belt.

Soil sampling by Toro has confirmed the widespread occurrence of gold in soils at Kokoumbo, across the central part of the permit. Soil anomalies that are coincident with active artisanal mining activities and former Colonial period gold mining at Kokoumbo Hill occur on the southwest flank of Kokoumbo Hill.  The character of regolith at Kokoumbo and Beriaboukro is more complex compared with northern Cote d’Ivoire and thicker vegetation cover and relief as well as extensive areas of agriculture make the two Fetekro permits a more difficult environment in which to explore.

Core drilling at Kokoumbo Hill carried out in early 2016 under an extensive zone of artisanal workings revealed a mafic volcanic pile with narrow zones of quartz-carbonate veining with pyrite and pyrrhotite, in veins as well as disseminated sulphide mineralisation within the mafic volcanics.  Gold mineralisation was confined to quartz veins near to surface in saprolite.

Further work planned for 2018 will comprise further drilling – both core and RC drill testing of until now untested soil anomalies to the south and west of Kokoumbo Hill.

Beriaboukro Permit

The Beriaboukro permit is contiguous with and south of the Kokoumbo permit within the same Oume-Fetekro Greenstone Belt.

Two areas of soil anomalies were identified and will require follow up exploration work which will include drill testing.