Turaco Gold Uncovers Higher-Grade Gold Mineralisation 250 Metres Deeper at Woulo Woulo Deposit

Woulo Woulo Deposit Shows Significant Depth Extension Beyond Current Resource Estimate

Turaco Gold's deep drilling program at Woulo Woulo has confirmed the persistence of substantial gold mineralisation well below the current 1.7 million ounce mineral resource estimate, which is limited to an open pit shell. The standout result came from hole WOUDD0244, which returned 100 metres at 1.06 grams per tonne gold starting from 495 metres depth (unconstrained). Within this interval, the hole intersected 36 metres at 1.87 grams per tonne gold from 559 metres, 17 metres at 2.96 grams per tonne gold from 577 metres, and 4 metres at 6.94 grams per tonne gold from 589 metres.

This drilling achieved a notable depth extension, with higher-grade mineralisation located approximately 250 metres beneath hole WOUDD0198, previously reported in September 2024. That hole returned 7 metres at 14.43 grams per tonne gold from 302 metres depth within a broader 186 metres at 1.65 grams per tonne gold interval. This vertical extension highlights the potential for a significant body of broad, higher-grade gold mineralisation below the current resource and the ore reserve pit design from the recent Pre-Feasibility Study.

Geological Modelling Reveals Deposit Geometry Changes with Depth via Plunging Flexure

Turaco Gold's geological modelling indicates that the Woulo Woulo Deposit's geometry evolves at depth through a plunging flexure, which correlates with increased fracturing and higher gold grades. This structural feature appears to control the higher-grade mineralisation, with enhanced brittle fracturing creating gold-rich pyrite zones, mainly along the deposit's western margin. The company’s interpretation suggests this flexure could support significant resource growth and a larger mining operation than previously planned.

The initial deep drilling was designed as a proof-of-concept to validate this geological model and test diamond drill rig performance at depth. The three holes drilled, totaling 1,533 metres, targeted shoot-controlled higher-grade mineralisation beneath the Pre-Feasibility Study pit design. Notably, hole WOUDD0244 experienced less drill deviation than expected, allowing it to test deeper than planned and successfully intersect the targeted higher-grade eastern contact of the mineralised rhyolite body, extending it over 250 metres vertically below prior drilling.

Partial Results from Holes WOUDD0242 and WOUDD0243 Show Encouraging Mineralisation Extensions

Two of the three initial deep holes, WOUDD0242 and WOUDD0243, encountered greater drill deviation than anticipated, causing them to test mineralisation outside the interpreted flexure zone. Despite missing the primary target, these holes still delivered promising results. Hole WOUDD0242 intersected 34 metres at 1.29 grams per tonne gold from 385 metres depth, including 14 metres at 2.07 grams per tonne. Hole WOUDD0243 returned 33 metres at 0.87 grams per tonne gold from 327 metres depth, including 6 metres at 2.66 grams per tonne.

These off-target positive results imply that the Woulo Woulo mineralised system may be more extensive than current resource definitions suggest. These findings bolster Turaco’s strategy to expand the Afema Project’s scale and mine life. The company plans further drilling to better target the interpreted flexure and confirm the continuity and extent of broad higher-grade gold mineralisation at depth.

Current Mineral Resource Estimate and Metallurgical Profile of Woulo Woulo

The Woulo Woulo Deposit holds a JORC 2012 mineral resource estimate of 53.5 million tonnes at 1.0 gram per tonne gold, containing 1.7 million ounces at a 0.5 gram per tonne cut-off. This includes 35.9 million tonnes of indicated resource grading 1.0 gram per tonne gold (1.1 million ounces) and 17.6 million tonnes of inferred resource grading 1.1 grams per tonne gold (0.61 million ounces). The deposit extends roughly 3 kilometres along strike with typical mineralised widths of 50 metres and is situated on a north-northeast trending splay off the main Afema Shear within the felsic volcanic unit of the Sefwi Volcanic Belt.

Metallurgical testing, disclosed in the company’s 17 June 2026 announcement, shows excellent gold extraction characteristics for Woulo Woulo ore. Average gold recoveries are 89.6% from fresh ore and 93.9% from oxide ore using conventional cyanide leaching at a P80 grind size of 75 micrometres. The ore also exhibits rapid leach kinetics and low cyanide consumption, supporting efficient and cost-effective gold processing and enhancing the project’s economic potential.

Afema Project Exploration Expands Resource Across Multiple Deposits

The Woulo Woulo deep drilling is part of Turaco Gold’s broader exploration and resource growth strategy across the Afema Gold Project, which currently contains 4.65 million ounces of gold across several deposits. Alongside Woulo Woulo, drilling rigs are active at Adiopan, Anuiri, and Begnopan deposits, focusing on extending mineralisation and increasing resource estimates.

Turaco expects a steady stream of drill results from these deposits in the coming weeks. Managing Director Justin Tremain stated that the deep drilling outcomes at Woulo Woulo reinforce confidence in significant resource growth potential. Combined with the strong economics from the recent Pre-Feasibility Study, these results support Turaco’s plan to expand the scale and mine life of the Afema Project, aiming for a larger, longer-life mining operation.

Follow-Up Drilling to Define Extent and Evaluate Underground Mining Potential

Following the successful initial deep drilling, Turaco Gold has initiated a follow-up drilling campaign of approximately 2,300 metres at Woulo Woulo. This program aims to further confirm and delineate the down-plunge extent of higher-grade mineralisation and evaluate opportunities to expand the current Pre-Feasibility Study pit design or target underground resources beyond the existing open pit shell.

The company’s geological model suggests the plunging flexure controlling higher-grade mineralisation may extend deeper and laterally beyond tested areas. Results from this follow-up drilling will be critical in determining whether Woulo Woulo’s operation can be materially expanded through a larger open pit, underground mining, or a combination of both. The success of this phase will influence Turaco’s future development plans for Woulo Woulo and its role within the overall Afema Project mine plan.

Pre-Feasibility Study Highlights Potential for Expanded Mining Operation

Turaco Gold’s recently completed Pre-Feasibility Study for the Afema Project demonstrates strong project economics. The deep drilling results announced on 23 July 2026 suggest the current pit design for Woulo Woulo may be conservative given the discovery of deeper, higher-grade mineralisation. The initial deep drilling confirms potential to significantly increase the 1.7 million ounce Woulo Woulo mineral resource at higher grades, potentially supporting a larger pit or an underground mining component.

This positions the Pre-Feasibility Study as a baseline economic case that could be enhanced by resource growth from ongoing exploration. The deposit’s favorable metallurgical properties and open-pit geometry, combined with higher-grade zones at depth, provide technical justification for expanding resource definition and development options. Turaco’s strategy focuses on resource growth and extending mine life before advancing to subsequent project development stages.

Drilling Techniques and Challenges in Deep Target Testing

The initial deep drilling at Woulo Woulo encountered practical challenges including drill pad access and hole deviation at depth. The three holes targeted the interpreted flexure below the existing resource but were drilled at azimuths of 270 degrees (west) instead of the standard 090 degrees due to drill pad constraints. Despite this directional change, the subvertical ore body meant apparent mineralisation thickness was largely unaffected.

The holes experienced less deviation than expected, enabling deeper penetration than planned, which benefited exploration objectives by intercepting additional mineralisation. However, holes WOUDD0242 and WOUDD0243 deviated outside the target flexure, limiting validation of the primary geological model. These operational insights have informed the design of the ongoing 2,300-metre follow-up drilling program aimed at better targeting the flexure and confirming broad higher-grade gold continuity.

Structural Controls and Mineralisation Characteristics at Woulo Woulo

Higher-grade mineralisation at Woulo Woulo is characterised by dense stylolitic quartz-pyrite veinlets within beige-altered rhyolite host rock. Mineralisation is concentrated along the western margin where increased brittle fracturing enhances gold-bearing pyrite zones. This structural control is central to Turaco’s geological model, interpreting the plunging flexure at depth as an extension of fracture-controlled higher-grade zones.

The geological framework suggests gold mineralisation is governed by brittle fracture networks and pyrite vein density associated with these structures. The evolving deposit geometry through the plunging flexure implies ongoing structural control at depth, potentially enabling continued or enhanced mineralisation below the current resource. This structural-mineralogical model underpins Turaco’s expectation for higher grades and significant mineralisation extending well beneath the current resource definition.