Toubani Resources Inc. provided an update on the auger drilling campaign on the Kobada Est permit area of its Kobada Gold Project located in southwestern Mali, Africa. The update is based on the auger drilling completed to date, which commenced on April 7, 2022 and is still ongoing. Additional exploration activities are also planned for the Faraba permit area once this initial auger drilling at Kobada Est has been completed.

The 2022 Kobada Est auger drilling campaign commenced on April 7, 2022 with a local Malian drilling company (Kounfaga Mining Services SARL) and has completed 6,878 m of drilling to date. The auger holes were laid out on fences either 200 m apart or 400 m apart with the holes being spaced 50 m along the fence lines. All 345 holes were drilled vertically to a depth of 20 m. The auger drillholes, with a 4.4-inch spiral, were sampled in 2 m increments resulting in 3,439 samples being sent to the Bamako SGS Laboratory.

Drilling is continuing to test areas of interest. The focus of the auger drilling campaign was on previously identified target areas, based on the termite soil geochemical sampling and geophysical interpretations, in the larger Kobada Est permit. The aim was to delineate shallow anomalous geochemical areas (testing the top 20 m) and potentially identify mineralised areas and evidence of structures.

This would assist in determining the potential of mineralisation on the Kobada Est permit along the Kobada Shear and assist in the sighting of the follow-on AC or RC drilling campaigns. Targets A to F were testing the Kobada Est Shear for mineralisation while targets M, H, Q and L were testing soil geochemical anomalies and possible side shears. The strongest results are associated with the central portion of the shear with the southern and northern extents indicating auger geochemical anomalies above 40 ppb (green shaded polygons) with evidence of vein quartz (orange shaded polygons) being identified in the samples.

The 40 ppb background grade is based on the histogram of 2,722 samples which indicates that the lower background grade is at 40 ppb.