Turaco Gold (ASX:TCG) announced financial results for the half-year ended June 30, 2022.
The loss for the half-year after tax was $7,861,546 (six month ended 30 June 2021 restated: $1,255,585). The significant increase in losses for the half-year is due ti a significant increase in the level of exploration and evaluation expenditure amounting to $7,134,274.
Turaco holds a large exploration package of >7,600km of highly prospective Birimian greenstones, located predominantly on northern and central-east Cote d'Ivoire, positioning Turaco as a leading West Africa gold explorer.
During the six-month period, the Company was active at the Eburnea, Tongon North and Boundiali Projects, with drill rigs operating at all three projects. Turaco is planning to commence its maiden exploration at the Ferke Project during the 2022/23 financial year, conditional upon a satisfactory outcome from a security review of the area being undertaken.
In addition, Turaco commenced early-stage exploration work on the Odienne Project, located in the northwest of Cote d'Ivoire, with permit wide geochemical sampling and an airborne geophysical surveying.
Following the announcement the company?s share price rose 6.521%.