08:31 AM EDT, 07/11/2024 (MT Newswires) -- Kobo Resources ( KBRIF ) on Thursday said the initial exploration-drilling program at its Kossou Gold Project in Cote d'Ivoire showed high-grade gold mineralization.

The company said the best results from the 25-hole, 4,386-meter program include nine meters of core testing at 23.89 grams per tonne of gold and nine meters testing at 4.27 gpt of gold.

Kobo plans to drill up to a total 12,000 meters this year at the site, testing the Jagger, Road Cut and Katie Zone targets.

"The preliminary assay results across all three zones are highly encouraging, confirming robust gold intercepts with notable high-grade sections as anticipated," chief executive Edward Gosselin said in a release. "This consistency reinforces the reliability of our geological models and strengthens our confidence in Kossou's prospects. Our upcoming drilling phase, expected in Q3, will focus on expanding our knowledge of the Jagger, Road Cut and Kadie Zone targets."

The company's shares closed up $0.015 to $0.355 Wednesday on the TSX Venture Exchange.