Turaco Gold : Shallow Drilling Grows Satama Gold Discovery

Shallow Drilling Grows Satama

Gold Discovery

Highlights

 Gold mineralisation defined over +3kms in strike at Satama with all wide spaced (250-300m) AC drill traverses returning significant gold mineralisation

 Multiple parallel oxide gold trends within a regional scale +8km shear zone
 Latest AC results from less than 60m depth include (refer Appendix One and Figure Two):
onlyo	29m	@ 1.48g/t gold from 29m incl. 4m @ 4.48g/t gold from 33m (STAC0061)
o	9m @ 1.88g/t gold from 34m incl. 4m @ 3.79g/t gold from 35m (STAC0079)
o	52m	@ 0.69g/t gold from surface (STAC0055)
o	7m @ 1.61g/t gold from 31m (STAC0066)
use	10m	@ 1.37g/t gold from 32m (STAC0083)
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 Mineralisation is from surface and is completely open along strike and at depth 4,500m RC program underway to reduce drill traverse spacing to ~160m and test

	down dip extension of mineralisation to 100-120m vertical depth
 Visual inspection of first RC holes drilled to 100-120m at Satama shows multiple
	zones of quartz veining and strong carbonate-silica-pyrite-sericite alteration of
	sheared meta sediments, in fresh rock
	Second RC rig drilling at Bouake North, testing high-grade auger anomalies
	within a 7km by 4km gold-in-soil anomaly where infill auger has recently been
	completed (assay pending) (refer Figure Three)
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	Four drill rigs now operating across Turaco's projects, with AC and diamond core
	drilling also underway at the Nyangboue discovery in the Boundiali Project

 In addition, two auger rigs operating at Tongon North Project with bottom of hole assays of up to 1.32g/t gold along proven fertile shear zones (refer Figure Four)

 Aggressive muti-rig drill program is fully funded with ~$13M cash (25 Feb 2022)

Turaco Gold Limited (ASX | TCG) ('Turaco' or the 'Company') is pleased to announce further ForAC d illing results from the Satama gold discovery within the eastern permit of the Eburnea G ld Project in central Côte d'Ivoire (refer Figure One). The Eburnea Gold Project is located between Endeavour Mining's 2.5Moz Fetekro gold project to the north and Allied Gold's

2.5Moz Bonikro and 1.0Moz Agbaou gold mines to the south (refer Figure One and Four).

Turaco now has four drill rigs operating across the Company's Eburnea and Boundiali Projects along with two auger rigs drilling at the Tongon North Project.

Managing Director, Justin Tremain commented: "These additional assay results provide further confidence in Satama's potential to evolve into a substantial new gold discovery. Satama's scale is significant with 3km of strike and multiple sub-parallelgold trends identified, which appear to converge to the south. Drilling testing down to ~100m vertical depth is now underway with encouraging visuals in the first holes drilled into fresh rock.

After overcoming some rig availability and personnel constraints, Turaco now has four rigs operating across its Eburnea and Boundiali Projects, in addition to two auger rigs operating at the Tongon North Project."

ASX Announcement

21 March 2022

Directors

John Fitzgerald

Non-Executive Chair

Justin Tremain

Managing Director

Alan Campbell Non-Executive Director

Bruce Mowat Non-Executive Director

Susmit Shah Company Secretary & CFO

Elliot Grant

Chief Geologist

Investment Highlights

Issued Capital	426.3m
Share Price	11.5 cents
Market Cap	$40m
Cash (25 Feb '22)	~$13m

Contact

Corporate Office

Level 1, 50 Ord Street

West Perth WA 6005

Phone: [phone]

Registered Office

Level 2, Suite 9

389 Oxford Street

Mount Hawthorn WA 6016

ACN 128 042 606

https://turacogold.com.au/

@TuracoGold

Turaco Gold

Eburnea Project

onlyThe Eburnea Project covers two granted permits covering 690km2 in central Côte d'Ivoire (refer Figure One). The Bouake North permit is positioned on the Oume-Fetekro belt which hosts the 2.5Moz Fetekro gold project approximately 35km to the north and the 2.5Moz Bonikro and 1.0Moz Agbaou gold mines 200km to the south. The Satama permit covers a significant northeast trending shear splaying off the crustal scale Ouango-Fitinishear, which marks the margin of the Birimian Comoé basin.

Exploration continues to advance at the Eburnea Project with two RC rigs now active, including a large RC rig drilling at Satama d wn to 100-120m vertical beneath recent AC drilling which defined gold mineralisation over +3kms in strike, and a smaller multipurpose RC/AC rig testing the multiple high-grade gold in auger anomalies defined at Bouake North.

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Figure One | Eburnea Gold Project Location and Geology

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Satama Gold Discovery (Turaco 100% Interest)

First pass AC drilling of 7,226m was completed at Satama testing 3kms of strike with broad 250-300m drill traverses, targeting onlyshallow gold mineralisation coincident with the previously reported auger anomaly (refer ASX announcement of 13 October 2021). Results

for the initial 2,150m were announced in February 2022.

Results have now been received for a further 3,448m of AC drilling with gold mineralisation intersected in all drill lines across multiple zones and along 3kms of drilled strike, which remains open to the northeast.

The latest significant AC results (+10gm) include (refer Appendix One for full details):

		Hole ID			From			To			Interval			Gold Grade
				(m)			(m)			(m)			(g/t)
		STAC0061			29			58			29			1.48
		STAC0066			31			38			7			1.61
		STAC0055			0			52			52			0.69
		STAC0079			34			43			9			1.88
		STAC0083			32			42			10			1.37
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	Table One |	Significant AC Drill Results at Satama
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Figure Two | Satama Drill Plan, Geochemistry and Geology)

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(Turaco Up to 90% Interest)

These latest results confirm the main trend remains open along strike to the northeast with drilling on the most northerly traverse returning 29m at 1.48g/t gold. In addition, a second priority trend striking north-northeast which remains open for at least 1.5km onlyalong strike to a trench that returned 6m at 3.36g/t gold has been identified. The likely intersection of these two trends immediately south of the current drilling has also been identified as a priority follow-up target. Assays for a total of 1,628m of

the AC program remain outstanding.

A maiden RC program of at least 4,500m is underway on the main NE trend. The program is designed to reduce drill traverse spacing to a nominal 160m and test the down dip extension of mineralisation into fresh rock to approximately 100-120m vertical.

Visual inspection of the first RC drill holes confirms multiple zones of quartz veining and strong carbonate-silica-pyrite-sericite alteration of shared metasediments, in fresh rock down to ~120m.

useA high resolution magnetic and radiometric survey is planned to be flown shortly once permits are in place. In the meantime, an Induced Polarisation (IP) survey across 4kms of the trend is expected to commence next week

Bo ake North

At Bouake North, auger drilling of the entire 7km by 4km gold-in-soil anomaly is now complete. The central portion of the

anomaly has now been tested with auger drilling on a 200m by 25m grid, with results pending.

personalAn RC rig is currently operating at Bouake North undertaking first pass drill testing with 80m-100m holes, initially across the southern and eastern defined high-grade auger anomalies (refer Figure Three).

For

Figure Three | Bouake North Soil Geochemistry with Auger Drilling

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TNAG0010 1,320ppb gold at 6m (bottom of hole) TNAC0082 670ppb gold at 4m (bottom of hole) TBAC0508 1,170ppb gold at 3m (bottom of hole)

Tongon North Project

onlyThe Tongon North Project is located on the highly prospective Senoufo greenstone belt in northern Côte d'Ivoire and covers a total area of ~1,540km2 across four granted exploration permits and one exploration permit application. The granted permits are held 100% by Turaco. The project area is immediately adjacent to the north of the operating 4.5Moz Tongon Gold Mine ow ed by Barrick (refer Figure Five).

Turaco has commenced systematic exploration of the Tongon North Project area and has two auger rigs testing anomalous ge chemistry defined by previous soil sampling undertaken predominately by Randgold Resources Ltd. Results for 612 auger h les (3,959 meters) have been received from the Natogo target on the central Pongala exploration permit. The Natogo target comprises an untested 5km +60ppb gold-in-soil anomaly associated a NE to ENE striking, structurally complex zone on the

usemargin of a major granite pluton. The target is located approximately 30km from Barrick Gold's Tongon gold mine.

At l ast three +100pbb Au bottom of hole (saprolite) auger anomalies have been defined, each with more than 1km strike and up to 100m wide (refer Figure Four). Best results include (refer Appendix One):

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Figure Four | Tongon North Auger Drilling

Ongoing auger drilling continues to infill and test extensions of this target. A small trench program is also underway to better define the geology and structural orientation of anomalism. This work will provide better definition for AC drill testing.

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