Turaco Gold : Further Encouraging Drill Results at Satama

Further Encouraging Drill Results at

Satama

ASX Announcement

26 April 2022

Highlights

•  Assays received from initial 15 reverse circulation (RC) holes drilled at Satama include (refer Appendix One):

  Directors

  John Fitzgerald Non-Executive Chair

  • o 25m @ 1.79g/t gold from 101m incl. 3m @ 6.40g/t gold from 109m (STRC0030)

  • o 9m @ 2.45g/t gold from 18m (STRC0026)

    Justin Tremain Managing Director

  • o 6m @ 1.80g/t gold from 72m (STRC0022)

  • o 6m @ 1.80g/t gold from 132m (STRC0015)

    Alan Campbell Non-Executive Director

  • o 21m @ 0.92g/t gold from 116m (STRC0020)

•  Drilling has defined gold mineralisation over +3kms in strike along the Satama mineralised corridor which remains open, with multiple parallel oxide gold trends, within a regional scale +8km shear zone

  Bruce Mowat Non-Executive Director

  Susmit Shah

  Company Secretary & CFO

•  Substantial oxide mineralisation with weathering to 80m and mineralisation now confirmed to extend into fresh rock to 100-120m below surface and 'open'

  Elliot Grant Chief Geologist

•  Northern most section of drilling returned best result in fresh rock and is 'open'

•  A further 20 RC holes drilled at Satama awaiting assay results. Drilling is ongoing

  Investment Highlights Issued Capital 427.7m

•  Drilling at the Bouake North prospect to the north-west of Satama, testing high-grade auger anomalies within a 7km by 4km gold-in-soil anomaly, is ongoing. Assays have now been received from recent infill auger, defining additional in-situ mineralisation

•  Assays pending from the completed 1,500m diamond program at the Nyangboue discovery in the Boundiali Project, with AC drilling ongoing

•  Two auger rigs continue at Tongon North Project, further assays pending

•  Aggressive multi-rig drill program is fully funded with ~$12M cash (31 Mar 2022)

Turaco Gold Limited (ASX | TCG) ('Turaco' or the 'Company') is pleased to announce it has received assays results from the initial 15 RC holes drilled at the Satama gold discovery within the eastern permit of the Eburnea Gold Project in central Côte d'Ivoire. The RC program at Satama is ongoing with over 35 RC holes drilled to date and assays pending for a majority. 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 Five).

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Contact

Corporate Office Level 1, 50 Ord Street West Perth WA 6005

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Managing Director, Justin Tremain commented: "Satama is an emerging greenfield discovery made by the Turaco exploration team. With a strike length of over 3km, which remains open, drilling remains very broad spaced. The current program is reducing drill spacing to 120-140m along strike. These initial results confirm mineralisation extending into the fresh rock, including 25m @ 1.79g/t gold, beneath a substantial oxide zone extending to approximately 80m vertical depth. Further drill results, and data from an IP survey currently underway, will provide additional geological understanding of the controls of higher-grade gold mineralisation for more targeted drilling.

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Turaco Gold

Turaco currently has drill rigs operating across each of the Eburnea, Boundiali and Tongon North Projects. Drilling at Eburnea is active at both Satama and Bouake North to the west where systematic auger drilling has now defined several in-situ gold targets, each with substantial strike length."

Eburnea Project

The 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 north-east trending shear splaying off the crustal scale Ouango-Fitini shear, which marks the margin of the Birimian Comoé basin.

Exploration continues to advance at the Eburnea Project with two drill rigs active, including a large RC rig at Satama drilling down to 100-120m vertical beneath recent AC drilling which defined gold mineralisation over +3kms in strike (refer Figures Two and Three), and a multipurpose RC/AC rig testing the multiple high-grade gold in auger anomalies defined at Bouake North (refer

Figure Five).

Figure One | Eburnea Gold Project Location and Geology

Satama Gold Discovery (Turaco 100% Interest)

Hole ID	From (m)	To (m)	Interval (m)	Gold Grade (g/t)
STRC0015	132	138	6	1.80
STRC0020	116	137	21	0.92
STRC0022	72	78	6	1.80
STRC0026	18	27	9	2.45
STRC0030	101	126	25	1.79

First pass AC drilling was completed at Satama earlier this year testing 3kms of strike with broad 250-300m drill traverses (refer ASX announcements of 21 March 2022 and 2 February 2022), targeting shallow gold mineralisation coincident with the previously reported auger anomaly (refer ASX announcement of 13 October 2021). This AC program returned consistent oxide mineralisation across the 3kms of strike which remains open to the northeast.

Turaco commenced an RC program in March 2022 to reduce the drill traverse spacing down to a nominal 160m and to test downdip mineralisation to vertical depths of around 120m beneath the weathered zone.

To date, over 35 RC holes have been drilled, which is ongoing, and results have been received for the first 15 holes (2,125m). The initial RC results (+10gm) include (refer Appendix One for full details):

Table One | Significant RC Drill Results at Satama

Deeper RC drilling has indicated that oxidation extends to 80m vertical on average. Where fresh rock is encountered, mineralisation is hosted in a strongly carbonate-silica altered fine-grained sandstone. Sulphides, dominantly pyrite, are disseminated and associated with quartz veinlets.

Figure Two | Satama Drill Plan Over Gold-in-Soils

Figure Three | Satama Drill Plan Over Gold-in-Soils and Geology

The best result to date was returned from the northern most line of drilling, with 25m @ 1.79g/t of primary mineralisation downdip from an air core drill result of 29m @ 1.5g/t in oxide, confirming the trend remains open along strike to the northeast

(refer Figures Two, Three and Four).

To the south, there are multiple mineralised trends, with a second priority trend striking north-northeast which remains open with a trench that returned 6m @ 3.36g/t gold 1.5km along strike (refer Figure Three).

Figure Four | Satama Typical Cross Section (STRC0030) - Northern Most Section of Drilling

An Induced Polarisation (IP) survey is underway across 4kms of the Satama mineralised trend. This survey will provide additional geological understanding of controls of higher-grade mineralisation which will inform further drilling at Satama. In addition, a high resolution magnetic and radiometric survey is planned to be flown, most likely in June 2022.

Bouake North (Turaco Up to 90% Interest)

At Bouake North, systematic auger drilling of the entire gold-in-soil anomaly is now complete. Initial phases of auger drilling, previously reported, covered the northern, southern and eastern gold-in-soil anomalies. Following up on additional soil sampling which defined a much larger coherent 7km by 4km gold-in-soil anomaly, additional auger drilling was completed across the central portion of the anomaly on a 200m by 25m grid (refer Figure Five).

Of particular interest is the south-eastern part of the anomaly which is up to 500m wide and 1,800m long (open along strike) and contains multiple sub-parallel +100ppb saprolite trends. New auger results here include up to 2.16g/t in bottom of hole located along strike from previous auger of 25.2g/t. These auger trends are currently being tested by a multi-purpose AC/RC rig

(refer Figure Five).