Next up, we have Turaco Gold, another company that I have the pleasure of covering. Justin Tremain is the Managing Director at Turaco. He's got a background in project finance and has been running gold companies for around the last 15 years or so. He was the founding and Managing Director of Renaissance Minerals before it was acquired by Emerald, with Morgan here beside me. He was also founder and Managing Director of Exore Minerals before that was acquired by Perseus. This is his fourth time presenting at Diggers and Dealers, and I think your second time for Turaco, I think, Justin. A fun fact about Justin, and one for people following, is that every time he's overseen a company, it has ended up turning into an operating gold mine. I think that's a pretty good omen for you, Justin. Please welcome Justin to the stage, everyone. Thank you.
Thanks, Paul. Good afternoon. Thanks for coming and listening to our Turaco. As Paul mentioned, we presented Turaco for the first time last year, and I feel as though we've progressed. We were the last presentation on the last day last year, so it's good to be on a Monday afternoon. That reflects really how our Afema Gold Project has progressed over the last year. Last year at this conference, we had no resource. We just had a promise of a maiden resource, which we delivered on shortly after the conference last year of 2.5 million ounces. We updated that within eight months of that maiden resource, added another 1.1 million ounces to take it to 3.6 million ounces. That resource, which only came out a few months ago, is already out of date.
We promised to update that resource again before the end of the year, and you'll see more growth on that resource. Now that puts it on the map as one of the most significant undeveloped gold projects in West Africa, which is very significant when you look at the quality of the projects in West Africa and the amount of gold production that comes out of West Africa. West Africa produces twice the amount of gold that Australia does, to put it in perspective. To have one of the most significant undeveloped gold projects in the region, it's something we're very proud of, but we'll continue to grow. Our share price has performed well relative to our peers in a very good gold market, obviously. Market capitalization today around AUD 400 million. Most importantly, we've been able to raise money from some very good, very large, and successful institutional shareholders.
We won't be raising money again before we develop this project, which will be developed into a mine with over AUD 80 million of funding. We have four rigs drilling. We're drilling about 10,000 meters a month, and we'll only accelerate that as we come out of the wet season. It's important that we don't need to raise money. All the management team are significant shareholders in the company, and that's a big focus for us personally. Looking at our progress, we only acquired this Afema Gold Project less than 18 months ago, and we've got it to 3.6 million ounces. That's been driven by a huge amount of drilling. As you can see there, our share price has tracked regular results. What we've demonstrated here is that we have a gold camp at Afema, not a single deposit. Our resource is made up of four deposits.
The last three lots of drill results that we've put out are results on three additional deposits that are not in that 3.6 million ounces. Hence, we're very confident of growing this significantly. Last year, we only had 51% of the project. Today, we've increased that to 80%. Just quickly on Côte d'Ivoire, I mean, I don't think there could be anyone to question that in West Africa, Côte d'Ivoire is the standout country. A lot of growth is coming out of the gold production in West Africa, and that's been driven largely by Côte d'Ivoire. There's been significant discoveries made over the last few years, and they'll continue to be. A few years ago, there was only three or four gold mines operating. There's now 10 and another couple under development. Côte d'Ivoire is the most developed country in West Africa.
It is the most affluent in a relative sense. Whilst the gold industry is an important part of the economy, it's not the largest part. Agriculture is the largest part of the country, and that's why it has relative affluence compared to other countries in West Africa. Looking at our project, I say to people, you couldn't ask for a better located project. Our Afema Gold Project in red there is down in the southern part of Côte d'Ivoire, as far away from any security hotspots as you can be in West Africa, around the north, and benefits from excellent infrastructure. We're only a two-hour drive out of Abidjan, the biggest city in West Africa. There's a brand new road, the photo you can see there, Bitchemar's Road, that runs through the southern part of our project. Our biggest deposit's only 2 km off that road.
Our furthest deposit is less than 10 km off that road. Very good access. Also importantly, come development, we have access to hydropower, very competitively priced power that we'll be running off at AUD 0.12 -AUD 0.13 per kWh . That's about a 25-km power line and substation that we have to put in, and there's capacity for us to take power, which we've confirmed, and it's very reliable. It really benefits from everything you could ask for as a gold project. Most importantly, it's about the geology. In Ghana, we all know some of the world-class deposits in Ghana. There's two main belts in Ghana. One of those main belts is the Sefwi Greenstone Belt that you can see in green and brown there, and that extends across the boundary into the southeast corner of Côte d'Ivoire.
Our Afema Gold Project, which we've now expanded to 1,600 square kilometers of contiguous ground, basically covers 80% - 90% of that world-class belt as it sits in Côte d'Ivoire. We have a number of different targets, if you like, from exploration. At the moment, our focus has been along the eastern margin of that Sefwi Greenstone Belt, which we refer to in Ghana as the Bibiani-Sefwi Shear. Here in our project, we refer to that as the Afema Shear, and that's where our deposits sit along that. We also have another shear, the Asingara Shear, in the sedimentary basin in gray there, where we've started drilling, getting great results on. We've got 20 km of strike of that. We've got the Sefwi Greenstone Belt itself, where we've started to drill and immediately having success there.
We have a number of different angles to grow this as a significant gold camp. Looking at our resource, as I said, 3.6 million ounces made up of four deposits: the Woulo Woulo deposit, a moderate-grade deposit at a gram, as I'll show you, very low strip ratio, as easy as it gets as a gold deposit in all respects, modeling, mining, metallurgy. That's supplemented with these higher-grade deposits along the Afema Shear, same with Jonction, which is only about 10 km away from Woulo Woulo at just over two grams per ton, about 600,000 ounces, and so forth with Anuiri, about 5 km away from Woulo Woulo , 500,000 ounces at 1.7 grams per ton, and then the Asupiri deposit of 800,000 ounces. I know you hear a lot that every deposit is open. These deposits are genuinely open, as I'll show you, and will continue to grow.
Along this Afema Shear, historically, there were about 12 pits mined back in the 1990s just for a shallow heap leach operation. So far, Jonction and Anuiri just represent three of those dozen pits. We'll gradually step out, do more drilling, metallurgy, and bring more of these deposits into our resource over the next 6 months, 12 months, 18 months, and so forth. We've also done a huge amount of metallurgical test work, and we've demonstrated that we achieve 85% - 90% recoveries across all of those deposits to gold doré by treating on site. Also, that resource, about 60% of that is in the indicated category. That's really the component that optimizers will optimize into reserves at a gold price of less than AUD 3,000 an ounce.
You don't have a lot of infill drilling to do to convert this to a reserve, and we have commenced a feasibility study which will demonstrate that. The very much focus is to continue to grow the resource. As I said, we'll have another resource out by the end of the year. All of our resource sits within a granted mining permit that you can see in red here, which is quite unique for a company at our stage. There was a feasibility done about 10 years ago. What that demonstrates is there's absolutely no impediments to developing a gold project here. No environmental issues, no classified forests or anything to develop a gold project here. Within that mining permit, you can see the Afema Shear there running down the eastern side of the Sefwi Greenstone Belt.
We're at 25 km of strike of that within the mining permit, and obviously the extensions to the north and south within contiguous exploration permits. It's not one shear. It's a shear zone, about 2-3 km of width. When you add it up, we've probably got over 100 km of prospective shear zones within that mining permit. We've only drilled a very small percentage of that, and that's yielded about over 3.5 million ounces. As I said, we put out results subsequent to that resource along that shear at areas called Adgeopan, some results today, Begnopan, which was some results a couple of months ago, and Talesio, some results about a month ago. These are three additional deposits that we'll look to bring into our resource over the next six months or so.
Looking at each of our deposits quickly, the Woolloowoomba deposit, as I said, moderate grade at about a gram, but a very simple deposit. We've drilled it over 3 km of strike. It's a very large deposit, very large system. We've drilled that down to about 200 meters vertical depth in the northern sort of 2 km of it to the right of screen there. The southern 1 km of strike, we've only really drilled not much more than 100 meters, so there's still scope to expand that 1.6 million ounces. About a million ounces of that or not, just under 900,000 ounces sits in the indicated component, and that's what we'll optimize at a gold price of sort of AUD 1,800, AUD 1,900 an ounce. It's all being drilled with diamond on 30 - 40 meter spacing. As I said at the start, these deposits are open.
You've got results like 66 meters at 1.5 grams, 50 odd meters at 1.3 grams in the southern part, just very shallow that haven't been followed up with any deeper drilling here. Very simple metallurgy here, so 90%+ recoveries in the oxide, fresh and transitional at a 75 micron grind size. Most of that gold leaches within four hours. The cyanide consumption is less than 0.5 kg per ton. It's very low, so that will drive low processing costs. As you can see here, the geometry of it is over that 3 km . It's got one zone of mineralization that pinches and swells from 20 - 80 meters, but averages 40 odd meters in true width, which will drive a very low strip ratio. In terms of resource risk, every section is basically the same as what you see here.
You can see those intercepts there, typically 40, 50, up to 80 meters of mineralization at 1-1.5 grams. Very good continuity. In terms of growing this resource, we're looking at parallel structures. We've got onto another one just to the west that traverses across the exploration permit onto the mining permit. We call this the Herman Trend. There's an ancient colonial area mine there. We've been following that up and getting results such as 6 meters at 6 grams, 15 at 2, etc. It's not the same widths as Woulo Woulo, but higher grades. You'll see some more results from there. That Herman is emerging as another significant deposit and a significant increase to this 1.6 million ounces at Woulo Woulo. Just to the east, we did some reconnaissance drilling, actually looking at where we would potentially conceptually put a tailings dam.
We got results like 4 meters at 82 grams per ton and so forth. There are a lot of parallel targets around Woolloowoomba to continue to grow it. 10 km to the north, the Jonction deposit is our high grade deposit. Just under or over 600,000 ounces of gold at 2 grams per ton. You can see it's from surface. It's got quite a short strike length of only about 200 or 300 meters, just a high grade plunging chute. What we expect to find is more of these chutes as we step out along strike to the south and to the north. The drilling that we've put out over the last few months is demonstrating and vindicating that potential of more of these Jonction type chutes that we'll discover. Once again, we've done metallurgy on this and demonstrated that we can achieve recoveries of over 90% here.
It does require fine grind, but on a very low mass recovery concentrate of around 3% of what we mine, we'll do a fine grind on and get + 90% recoveries. Stepping along strike to the south back towards Woulo Woulo, 5 km along the same controlling structure as Jonction, essentially, we have no drilling for 5 km . We come into the Anuiri deposit where we have drilling over 3 km , but really only about 1.5 km of that has been drilled down to about 200 meters. That's how 500,000 ounces at 1.7 grams per ton. This is genuinely open, like there's a hole in the middle there, sort of 67 meters at 8 grams per ton that hasn't been followed up. I think that plus plus has been open. Once again, it's well drilled.
What optimizes into open pits here has already drilled generally to an indicated category, and the same metallurgical performance as what we see at Jonction. Our fourth deposit, Asupiri, sits right next door on a parallel structure to Jonction. We've got 800,000 ounces of gold there, but it's only been drilled down to 100 meters. We put out some more results on this today to show that this is growing, particularly the western structure. We have two structures there. That western structure is completely open and with some pretty good results out today of like 16 meters at 2.6, 22 meters at just under 2 grams per ton. That continues that mineralization for about 3 km to the north with only drilling down to 40- 50 meters. We come into the Adgeopan deposit where we had some results today of 25 meters at 2.7, 21 meters at 3.2.
All of this is just adding ounces to our 3.6 million ounces. As you move further north, this is the results of some IP where we drilled further north of that Asupiri deposit along the same structure. We come into the Begnopan deposit, which is not in resource. None of these results you see here at Begnopan, 34 meters at 3, 6 at 6, 10 at 16, et c, are sitting in our resource. This will come into our next resource update. We've got 2 km of mineralization there. Along strike from Jonction, as I said, these high grade plunging chutes, we have another one, Toilesso, where we've got 25 meters at 1.8, 20 meters at just under 4 grams per ton. Another deposit to bring into resource. Everything sits within a 10 km radius. It is a gold camp.
At the moment, we've only tested one structure, which is the Afema Shear. That'll be several million ounces of gold, which will continue to grow. This is the results of soil geochemistry. Most of that sits in the south around Anuiri, Asupiri, and Woulo Woulo, the gold anomaly there. You can see the gold anomaly continues along strike. It's barely being touched with drilling. We'll continue to step out along strike to the north there and test that soil geochemistry over the next six months. To give you some idea of some other targets just sitting off the Afema Shear within the Sefwi Greenstone Belt, we have a big anomaly 3 km by 2 km called Bathia. Never seen any drilling. Sits over the top of an intrusion.
We drilled that recently just with half a dozen holes or so and got 30 meters at 1.7, 21 meters at 1.8 of gold mineralization in a granite. Something slightly different to what we have along the Afema Shear. We'll be back here drilling on this in the next few weeks. This could emerge as something, once again, another discovery for Turaco. This other shear to the south, the Niamienlessa Shear, as I said, we've only just started drilling this. We have about 80 meters of oxide here before we move into the fresh. We've got 20 km of strike, a very strong gold in soils. You can see some reconnaissance drilling that we've done there where we've been getting some pretty good results of 10, 20 meters at a couple of grams per ton, which we'll continue to drill and add our oxide ounces to our resource.
Looking at where we sit now in relative to our peers, there really is only about three or four other projects of this scale in West Africa undeveloped. Two of those are actually under construction. That's Predictive, Montage, and Robex. They're all trading around AUD 200, AUD 300 an ounce. Whilst we've outperformed our peers in terms of share price, we've come from a low base, but we're still only valued at about AUD 100 per ounce. We have some advantages in terms of access to grid power and very well located in the premier jurisdiction of Côte d'Ivoire. We've got a team that's done it before. There's no doubt this will be a mine and a very significant one in West Africa. We'll continue to put out drill results. We'll have a PFS completed in sort of April. That'll move straight into DFS. We've commenced an ESIA.
We'll look to have environmental approval by the end of 2026 and be looking to develop a mine here in early 2027. Thank you very much.