Turaco Gold : Boundiali Drilling Extends and Defines New Gold Zones

		Boundiali Drilling Extends
		& Defines New Gold Zones
Highlights
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	Eight hole step out diamond drilling program at the Nyangboue prospect within
	the Boundiali Project, testing for strike and down-dip extensions, returns:
	o	4m @ 8.34g/t gold from 21m (NDC018)
	o	17m @ 1.09g/t gold from 189m (NDC016)
		20m @ 1.29g/t gold from 211m (NDC016)

1. 12m @ 2.14g/t gold from 244m to EOH (NDC016)

useo 2m @ 13.57g/t gold from 130m (NDC017) o 6m @ 2.60g/t gold from 134m (NDC014) o 15m @ 1.20g/t gold from 167m (NDC013)

 Air core (AC) drilling testing anomalous geochemistry immediately to the north- northwest of Nyangboue drill grid highlights new subparallel, shallow zone of gold mineralisation with a strike length of 400m which remains OPEN

 Initial AC results received, with further assays (610m) pending

Results to date include:

o	12m	@ 1.68g/t from 32m (BDAC0395)
o	24m	@ 1.45g/t from 24m (BDAC0356)
	16m	@ 1.37g/t from 16m (BDAC0355)
o	12m	@ 1.38g/t from 0m (BDAC0369)

 Assay results pending for over 7,000 drill samples across the Eburnea and Tongon

	North Projects
	Drilling is continuing at the Eburnea and Tongon North Projects
	Turaco remains well funded with cash of ~$10 million (31 May 2022)
personal

Turaco Gold Limited (ASX | TCG) ('Turaco' or the 'Company') is pleased to report new gold Forassay results from recently completed diamond core and AC drilling at the Nyangboue pr spect, within the 89% owned Boundiali Project in northern Côte d'Ivoire. Turaco's B undiali Project is located immediately south of Perseus Mining Ltd's 0.5Moz Bagoe project (acquired for ~A$80m in Sept 2020) and immediately north of Barrick Gold & Endeavour Mining's Mankono exploration project (being acquired by Montage Gold Corp. for C$30m

plus 2.5% NSR).

These latest assay results confirm extensions to previously drilled mineralisation at the Nyangboue prospect, along with a new parallel zone of mineralisation at surface over 400m in strike. Mineralisation remains open in all directions at Nyangboue.

Managing Director, Mr Justin Tremain commented: "These latest results demonstrate the potential to continue to extend mineralisation defined at the Nyangboue prospect, along strike, at depth and from new gold zones at surface.

ASX Announcement

17 June 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	427.7m
Share Price	6.5 cents
Market Cap	~$28m
Cash (31 May '22)	~$10m

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

Turaco currently has over 7,000 samples at the laboratory from drilling across the Eburnea and Tongon North Projects and drilling is ongoing."

Boundiali Project (Turaco 89% Ownership)

The Boundiali project is positioned on the highly prospective Boundiali-Syama greenstone belt which hosts Resolute Mining Ltd's Syama gold operation and Tabakoroni deposit in Mali. On the belt's southern extension into Cote d'Ivoire onlyseveral smaller high-grade deposits have been discovered, including Perseus Mining Ltd's Sissingue gold operation and Bagoe deposits and Montage Gold's recent 4.6Moz Kone gold deposit to the southwest where the Boundiali-

Syama greenstone belt merges with the Senoufo belt (refer Figures One and Four).

usepersonalFigure One | Boundiali Project Overview Nyangboue Drilling

ForAt the end of 2021, Turaco completed a reverse circulation (RC) drill program, testing for extensions to previous drill results at the Nyangboue Prospect (refer ASX announcement dated 12 November 2021 and Figure Two), and successfully intersected mineralisation down-dipinto fresh rock.

The Company has followed up that RC drilling with a small diamond drill program comprising 8 holes (NDC011-NDC018) for a total of 1,771m. Diamond drilling was undertaken to test for depth extensions where previous RC drilling had ended in mineralisation and to gain a better understanding of the geological controls to the mineralisation assisting in targeting extensions, and new mineralised zones along the Nyangboue trend. Visual inspections of the drill core show gold mineralisation to be coarse (nuggety) and hosted in quartz veining.

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Results confirm northerly down-plunge and dip extensions to the mineralisation including (refer Appendix One, Figures Two & Three):

1. 15m @ 1.20g/t gold from 167m and 6m @ 1.35g/t gold from 191m and 10m @ 1.10g/t gold from 220m (NDC013)

o 6m @ 2.60g/t gold from 134m (NDC014)
personaluse only	@ 8.34g/t gold from 21m, incl. 2m @ 16.36g/t gold from 21m (NDC018)
o	4m
o 17m @ 1.09g/t gold from 189m and 20m @ 1.29g/t gold from 211m and 12m @ 2.14g/t from 244m EOH (NDC016)
o	2m	@ 13.57g/t gold from 30m (NDC017)
o 11m @ 1.08g/t gold from 134m (NDC011)
	7m	@ 1.11g/t gold from 122m, incl. 1m @ 6.56g/t gold from 122m (NDC012)
	igure Two | Drill Plan with Gold-in-Soils Anomalies and Geology
ForMineralisation encountered occurs as discrete higher-grade zones within a broad low-grade envelope with a folded

sedimentary package comprising alternating sandstones and shales with minor intraformational conglomerates.

Extensive sulphide and carbonate alteration occurs with higher grade zones being associated with structurally controlled zones of quartz veining with visible gold. Oxidation extends to approximately 50m vertical depth and being a sedimentary protolith is soft and friable.

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(refer Appendix

>0.2g/t Au Mineralisation

onlyuse personalFigure Three | Nyangboue Cross Section

In addition to this diamond drilling, an AC program of 298 holes (11,387m) across 13 drill traverses was completed at the Nyangboue prospect (refer Figure Two). The AC program was testing for parallel in-situ mineralisation beneath anomalous gold- in- oil geochemistry that had previously been untested, or sub-optimally tested by previous shallow, broad AC drilled subparallel to the dip of mineralisation at Nyangboue.

Assay results have been received for 285 holes (10,777m) of this program which have highlighted a new zone of gold min ralisation located immediately to the north-northwest of the existing drill grid at Nyangboue. This new zone of mineralisation extends for 400m across 3 traverses of AC drilling and remains open to the north. Results include

One):

o	16m	@ 1.37g/t gold from 16m, incl. 4m @ 4.83g/t gold from 28m (BDAC0355)
o	46m	@ 0.83g/t gold from 20m, incl. 24m @ 1.45g/t gold from 24m (BDAC0356)
For
o	4m @ 1.97g/t gold from 40m (BDAC0362)
	12m	@ 1.38g/t gold from 0m, incl. 4m @ 3.86g/t gold from 0m (BDAC0369)
o	12m	@ 1.68g/t gold from 32m (BDAC0395)

Mineralisation in the AC drilling is associated with moderately foliated siltstones and shales with abundant chlorite and sericite alteration.

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ENDS

Lucas Robinson

Investor Relations Corporate Storytime

E: [e-mail]

T: + 61 408 228 889

This announcement has been approved for release to the ASX by the Managing Director.

onlyFor further information, please contact:

Justin Tremain Managing Director Turaco Gold Limited

E: [e-mail]

T: [phone]

useCompetent Person's Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Elliot Grant, who is a Member of the Australasian Institute of Geoscientists. Mr Grant is a full-time employee of Turaco Gold Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC

Code). Mr Grant consents to the inclusion in this report of the matters based upon his information in the form and context personalin which it appears.

References may have been made in this announcement to certain past ASX announcements, including references regarding exploration results. For full details, refer to the referenced ASX announcement on the said date. The Company confirms that it is not aware of any new information or data that materially affects the information included in these earlier market a ouncements.

For

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