Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ) is
pleased to announce early-stage drilling success at its newest
discovery, Jackhammer Hill, situated on its Golden Hill property in
Burkina Faso, West Africa. Teranga has an earn-in agreement on the
Golden Hill property with Boss Resources Limited (ASX:BOE) pursuant
to which Teranga, as the operator, can earn an 80% interest in the
joint venture upon delivery of a feasibility study and the payment
of AUD2.5 million.
These diamond drill results at Jackhammer Hill
were successful in discovering a large high-grade mineralized
prospect. To date, there are four encouraging prospects
drilled at Golden Hill: Ma, Nahiri, Peksou and Jackhammer
Hill. Each of these four prospects is located approximately 5
kilometres from a central point (Figure 1 in Appendix 1).
Jackhammer Hill Prospect Highlights
- 15 m @ 5.72 g/t Au including 4 m @ 16.37 g/t Au including 1 m @
42.1 g/t Au, and 9 m @ 4.13 g/t Au including 3 m @ 10.63 g/t
Au including 1 m @ 25.3 g/t Au (GHDD-104)
- 14 m @ 110.6 g/t Au including 5 m @ 306.7 g/t Au
including 1 m @ 1,499 g/t Au (GHDD-111) (uncut)
- 10 m @ 3.44 g/t Au including 1 m @ 19.0 g/t Au (GHDD-103)
“Jackhammer Hill is our fourth prospect and
newest drilling discovery at Golden Hill. Our most recent
drilling here includes some very positive intersections, including
core intervals of 15 metres averaging 5.72 grams per tonne of gold
and 9 metres averaging 4.13 grams per tonne of gold in the same
hole, GHDD-104. This demonstrates that multiple mineralized zones
exist throughout Jackhammer Hill,” said David Mallo, Teranga’s Vice
President, Exploration. “As well, Jackhammer Hill is where our
highest grade interval drilled to date at Golden Hill occurs – 14
metres averaging 110.6 grams per tonne, including one-metre
displaying abundant visible gold which grades 1,499 grams per tonne
of gold in GHDD-111. In total, we have successfully drilled 600
metres of strike length of a surface anomaly of more than one
kilometre extent.”
Continued Mr. Mallo, “Although we are still at
an early stage, we recognize considerable upside for continued
exploration success as we extend our drilling evaluation program at
Jackhammer Hill both along trend beyond our initial target and to
depth where the mineralized structures remain open to further
expansion.”
The Golden Hill property is comprised of three
adjacent exploration permits covering 470 km2 located in southwest
Burkina Faso in the central part of the Houndé Greenstone Belt.
This belt hosts a number of high-grade gold discoveries, including
the Siou, Yaramoko and Houndé deposits, the latter property being
contiguous with Golden Hill. To the south of Golden Hill is
another large land position where active exploration programs are
well underway.
Jackhammer Hill Prospect
Diamond drilling is currently underway at the
Jackhammer Hill prospect for which sixteen drill hole results are
reported within this news release. Prior to this current
drilling program, the Company had drilled only two scout holes
which included a previously reported diamond drill interval of 1.26
g/t Au over 5.2 metres in GHDD-001. Interpretation from oriented
drill core from the initial scout drilling indicated that the gold
mineralized zones were dipping to the southeast within an altered
and sheared diorite intrusive host. As such, drilling
direction has been more appropriately oriented during the current
drill phase.
Drilling results are available for approximately
a 600-metre strike extent of our initial +1,000-metre geochem
target. The current completed and planned Jackhammer Hill drilling
program is shown on an accompanying drill plan (Figure 2 in
Appendix 1) and a representative section demonstrating continuity
in drill holes GHDD103 and 104 is also included (Figure 3 in
Appendix 1).
Drilling Results Tables
Table 1: Jackhammer Hill Prospect – Selected Drill
Highlights
Hole # |
Northing * |
Easting * |
Elevation |
Azimuth |
Dip |
EOH(m) |
Interval (m)* |
Core length (m)* |
Grade (g/t Au) |
GHDD-101 |
1230165 |
453031 |
344 |
311 |
-55 |
129 |
27-30 |
3 |
1.07 |
|
|
|
|
|
|
|
|
|
|
GHDD-102 |
1230101 |
452980 |
339 |
311 |
-55 |
138 |
22-29 |
7 |
1.28 |
|
|
|
|
|
|
|
129-134 |
5 |
1.24 |
|
|
|
|
|
|
|
|
|
|
GHDD-103 |
1229946 |
452855 |
329 |
311 |
-55 |
119 |
50-60 |
10 |
3.44 |
|
|
|
Including |
|
|
|
53-54 |
1 |
19.02 |
|
|
|
|
|
|
|
|
|
|
GHDD-104 |
1229914 |
452884 |
330 |
315 |
-55 |
135 |
44-53 |
9 |
4.13 |
|
|
|
Including |
|
|
|
45-48 |
3 |
10.63 |
|
|
|
Including |
|
|
|
47-48 |
1 |
25.28 |
|
|
|
|
|
|
|
63-64 |
1 |
1.31 |
|
|
|
|
|
|
|
93-108 |
15 |
5.72 |
|
|
|
Including |
|
|
|
98-102 |
4 |
16.37 |
|
|
|
Including |
|
|
|
100-101 |
1 |
42.07 |
|
|
|
|
|
|
|
|
|
|
GHDD-105 |
1229866 |
452818 |
328 |
315 |
-55 |
110 |
25-26 |
1 |
1.63 |
|
|
|
|
|
|
|
|
|
|
GHDD-106 |
1229792 |
452782 |
329 |
315 |
-55 |
119 |
23-27 |
4 |
1.05 |
|
|
|
|
|
|
|
36-40 |
4 |
1.36 |
|
|
|
|
|
|
|
|
|
|
GHDD-107 |
1229964 |
452888 |
331 |
315 |
-55 |
140 |
22-23 |
1 |
15.38 |
|
|
|
|
|
|
|
54-56 |
2 |
7.45 |
|
|
|
|
|
|
|
|
|
|
GHDD-108 |
1229930 |
452909 |
315 |
315 |
-55 |
150 |
57-58 |
1 |
3.57 |
|
|
|
|
|
|
|
76-77 |
1 |
3.30 |
|
|
|
|
|
|
|
104-107 |
3 |
2.93 |
|
|
|
|
|
|
|
140-145 |
5 |
1.40 |
|
|
|
|
|
|
|
|
|
|
GHDD-109 |
1229879 |
452869 |
330 |
311 |
-55 |
130 |
60-61 |
1 |
1.57 |
|
|
|
|
|
|
|
76-78 |
2 |
1.83 |
|
|
|
|
|
|
|
113-119 |
6 |
3.00 |
|
|
|
Including |
|
|
|
116-117 |
1 |
10.22 |
|
|
|
|
|
|
|
|
|
|
GHDD-110 |
1229986 |
452916 |
335 |
311 |
-55 |
140 |
19-21 |
2 |
3.05 |
|
|
|
|
|
|
|
69-70 |
1 |
4.98 |
|
|
|
|
|
|
|
73-78 |
5 |
2.15 |
|
|
|
Including |
|
|
|
77-78 |
1 |
6.82 |
|
|
|
|
|
|
|
|
|
|
GHDD-111 |
1230017 |
452952 |
330 |
311 |
-55 |
142 |
15-18 |
3 |
1.78 |
|
|
|
|
|
|
|
52-55 |
3 |
1.45 |
|
|
|
|
|
|
Uncut |
66-80 |
14 |
110.6 |
|
|
|
Including |
|
|
Uncut |
66-71 |
5 |
306.7 |
|
|
|
Including |
|
|
Uncut |
67-68 |
1 |
1,498.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cut |
66-80 |
14 |
5.71 |
|
|
|
Including |
|
|
Cut |
66-71 |
5 |
12.92 |
|
|
|
Including |
|
|
Cut |
67-68 |
1 |
30.00 |
|
|
|
|
|
|
|
|
|
|
GHDD-112 |
1230048 |
452981 |
338 |
311 |
-55 |
150 |
40-44 |
4 |
1.24 |
|
|
|
|
|
|
|
101-103 |
2 |
3.16 |
|
|
|
|
|
|
|
|
|
|
GHDD-113 |
1230074 |
453012 |
339 |
311 |
-55 |
120 |
32-33 |
1 |
2.75 |
|
|
|
|
|
|
|
|
|
|
GHDD-114 |
1230159 |
452925 |
339 |
311 |
-50 |
146 |
132-134 |
2 |
1.44 |
|
|
|
|
|
|
|
|
|
|
GHDD-115** |
1229848 |
452783 |
328 |
311 |
-55 |
104 |
15-16** |
1** |
2.89 |
|
|
|
|
|
|
|
18-19** |
1** |
0.69 |
|
|
|
|
|
|
|
23-24** |
1** |
0.96 |
GHDD-116 |
1229835 |
452848 |
331 |
311 |
-50 |
149 |
118-119 |
1 |
1.36 |
|
|
|
|
|
|
|
|
|
|
* Intervals calculated with a 0.4 g/t Au cut-off
and 2 metres maximum internal dilution. True widths are unknown.
UTM's are WGS84-30N |
Intervals with grade x thickness (gram x metre)
of 10 or higher are in bold. ** Hole GHDD-115 encountered artisanal
openings between 15-24 m over which no sample was recovered from
16-18 m, 19-21 m and 22-23 m. |
Competent Persons Statements
Teranga's exploration programs in Burkina Faso
are being managed by Peter Mann, FAusIMM. Mr. Mann is a full time
employee of Teranga and is not "independent" within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Mr. Mann has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a "Qualified Person" under NI 43-101. The technical
information contained in this news release relating to exploration
results are based on, and fairly represents, information compiled
by Mr. Mann. Mr. Mann has verified and approved the data disclosed
in this release, including the sampling, analytical and test data
underlying the information. The RC and diamond core samples are
assayed at the BIGGS Laboratory in Ouagadougou, Burkina Faso. Mr.
Mann has consented to the inclusion in this news release of the
matters based on his compiled information in the form and context
in which it appears herein.
Forward-Looking Statements
This press release contains certain statements
that constitute forward-looking information within the meaning of
applicable securities laws ("forward-looking statements"), which
reflects management's expectations regarding Teranga's future
growth and business prospects (including the timing and development
of new deposits and the success of exploration activities) and
opportunities. Wherever possible, words such as “objective to”,
“likely”, “intend to”, “potential”, “belief”, “believe”, “expects”,
“estimates”, “plans”, “anticipated”, “ability” and similar
expressions or statements that certain actions, events or results
“should”, or "will" have been used to identify such forward-looking
information. Forward-looking statements include, without
limitation, all disclosure regarding possible events, conditions or
results of operations, future economic conditions and anticipated
courses of action. Although the forward-looking statements
contained in this press release reflect management's current
beliefs based upon information currently available to management
and based upon what management believes to be reasonable
assumptions, Teranga cannot be certain that actual results will be
consistent with such forward-looking statements. Such
forward-looking statements are based upon assumptions, opinions and
analysis made by management in light of its experience, current
conditions and its expectations of future developments that
management believe to be reasonable and relevant but that may prove
to be incorrect. These assumptions include, among other things, the
ability to obtain any requisite governmental approvals, including
renewals of the Golden Hill exploration permits in 2018, the
accuracy of sampling, analytical and test data underlying the
exploration results included herein, gold price, exchange rates,
fuel and energy costs, future economic conditions, and anticipated
future estimates of free cash flow. Teranga cautions you not to
place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect
forward-looking statements include, among others: the inherent
risks involved in exploration and development of mineral
properties, including government approvals and permitting, changes
in economic conditions, changes in the worldwide price of gold and
other key inputs, changes in mine plans and other factors, such as
project execution delays, many of which are beyond the control of
Teranga, as well as other risks and uncertainties which are more
fully described in Teranga's Annual Information Form
dated March 30, 2017, and in other filings of Teranga with
securities and regulatory authorities which are available
at www.sedar.com. Teranga does not undertake any obligation to
update forward-looking statements should assumptions related to
these plans, estimates, projections, beliefs and opinions change.
Nothing in this document should be construed as either an offer to
sell or a solicitation to buy or sell Teranga securities. All
references to Teranga include its subsidiaries unless the context
requires otherwise.
About Teranga
Teranga is a multi-jurisdictional West African
gold company focused on production and development as well as the
exploration of more than 5,000 km2 of land located on prospective
gold belts. Since its initial public offering in 2010,
Teranga has produced more than 1.3 million ounces of gold from its
operations in Senegal. Focused on diversification and growth,
the Company is advancing its Banfora development project, and is
conducting extensive exploration programs in three countries:
Burkina Faso, Senegal and Côte d’Ivoire. As at June 30, 2017,
Teranga has a reserve base of nearly 4.0 million ounces of gold, a
strong balance sheet and the financial flexibility to grow its
business.
Steadfast in its commitment to set the benchmark
for responsible mining, Teranga operates in accordance with the
highest international standards and aims to act as a catalyst for
sustainable economic, environmental, and community development as
it strives to create value for all of its stakeholders.
Teranga is a member of the United Nations Global Compact and a
leading member of the multi-stakeholder group responsible for the
submission of the first Senegalese Extractive Industries
Transparency Initiative revenue report. The Company's
responsibility report is prepared in accordance with its
commitments under the United Nations Global Compact and in
alignment with the Global Reporting Initiative guidelines.
Contact Information
Richard Young |
|
Trish Moran |
President &
CEO |
|
Head of Investor
Relations |
T: +1 416-594-0000 | E:
ryoung@terangagold.com |
|
T: +1 416-564-4290 | E:
tmoran@terangagold.com |
|
|
|
APPENDIX 1
Figure 1: Golden Hill Property – Prospect Location
Plan
Maphttp://www.globenewswire.com/NewsRoom/AttachmentNg/ea5c1143-6af9-44c8-b042-59aeefd81b7d
Figure 2: Jackhammer Hill Prospect – Drill
Planhttp://www.globenewswire.com/NewsRoom/AttachmentNg/230d917d-57b2-4cdf-af2f-46982c03e3bc
Figure 3: Jackhammer Hill Prospect –
Representative Drill Section (A -
A’)http://www.globenewswire.com/NewsRoom/AttachmentNg/5f648b9a-3fc2-477a-a562-8b79973c902a