Results include 6.78 g/t gold over 11 metres and
2.09 g/t gold over 27 metres at Peksou, and 6.46 g/t gold over 5
metres and 6.39 g/t gold over 6 metres at Ma
North
Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ)
(OTCQX:TGCDF) is pleased to announce that early-stage diamond
drilling has intersected additional high-grade, near surface and
deeper gold mineralization at the Ma and Peksou prospects, both of
which are 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.
Teranga is actively drilling a number of
prospects at Golden Hill – the most advanced of which are Ma,
Peksou, Jackhammer Hill, C-Zone and Nahiri. These prospects
are located within approximately five kilometres from a central
point (Figure 1 in Appendix 1). The exploration program has
advanced significantly over the past year, a metallurgical test
program has been initiated, while the base line environmental plan
is in the initiation phase and monitoring on site is expected to
commence by mid-year 2018. An initial resource on the
most advanced prospects is expected by the end of 2018.
All diamond drill holes at the Peksou and Ma
North prospects announced in this release intersected gold
mineralization. Highlights include:
Peksou Prospect
- 11 m @ 6.78 g/t gold including 2 m @ 27.01 g/t gold
(GHDD-230) from 47 m downhole depth (DHD)
- 16 m @ 2.23 g/t gold including 2 m @ 7.69 g/t gold
(GHDD-234) from 106 m DHD
- 14 m @ 2.84 g/t gold including 4 m @ 4.31 g/t gold
(GHDD-237) from 41 m DHD
- 27 m @ 2.09 g/t gold including 4 m @ 8.31 g/t gold
including 1 m @ 26.37 g/t gold (GHDD-241) from 14 m
DHD
Ma Prospect (Ma North Portion)
- 5 m @ 3.80 g/t Au (GHDD-252) from 66 m
DHD
- 5 m @ 6.46 g/t Au including 1 m @ 17.34 g/t Au
(GHDD-256) from 41 m DHD
- 6 m @ 6.39 g/t Au including 1 m @ 20.30 g/t Au
(GHDD-260) from 96 m DHD
“Teranga’s Golden Hill project is progressing
rapidly. Today’s results from Ma North and Peksou expand known
zones of gold mineralization at both prospects and confirm the
potential of these targets and the project overall,” said Richard
Young, President & CEO. “We have initiated preliminary
technical work to progress in parallel with the drill program
towards a goal of announcing an initial resource estimation for the
most advanced prospects by the end of 2018. In addition, we have
secured a $25 million financing commitment for future advancement
of Golden Hill to feasibility study. We are working toward
becoming the next multi-asset, mid-tier gold producer in West
Africa and these drill results from the Ma and Peksou prospects
continue to increase our confidence that Golden Hill will play a
role in realizing this vision.”
Peksou Prospect: 600-Metre Strike
Extent
The Company’s diamond drilling at the Peksou
prospect now covers a 600-metre strike extent (Figure 2 in Appendix
1) and extends locally to vertical depths approaching 100
metres. Gold mineralization at Peksou is hosted both within
mafic volcanic and granodiorite intrusive units where two distinct
styles of alteration have been noted – one hematite dominant and
the second sericite dominant. With multiple favourable
results from this latest drill phase, confidence in the
interpretation has improved considerably and correlation of
mineralized zones, both hole-to-hole and section-to-section, is
greatly enhanced. Representative sections are included
(Figures 3 and 4 in Appendix 1).
Diamond drill results from recent drilling at
Peksou are reported within this news release (Table 1).
Cumulative results from Peksou drilling are available on the
Company’s website www.terangagold.com under Exploration.
Ma Prospect (Ma North Portion): Third Mineralized
Breccia Zone Discovered
Recent Ma North diamond drill results confirm
that a third well-mineralized breccia zone (BZ-3) exists within the
Ma structural complex where previous drilling had identified BZ-1
and BZ-2 (Figure 5 in Appendix 1). The recent Ma North
drilling focused on the mafic volcanic units hosting the western
portion of the mineralized structural zone crossing both
granodiorite intrusive and mafic volcanic hosts. Drilling at Ma
North is at a very early-stage when compared to other portions of
the Ma structural complex. However, early-stage hole-to-hole
correlation is demonstrating excellent continuity of mineralization
(Figures 6 and 7 in Appendix 1). Additional drilling is
planned to further evaluate Ma North both along trend and to depth
where the breccia hosted mineralization remains open to
expansion.
Diamond drill results from recent drilling at Ma
North are reported within this news release (Table 2).
Cumulative results from Ma North drilling are available on the
Company’s website www.terangagold.com under Exploration.
“Our drilling program at Golden Hill continues
to provide a series of excellent gold intersections at multiple
prospects including these most recent results from Peksou and the
confirmation of a third mineralized breccia zone at our most
advanced prospect, the Ma structural complex,” said David Mallo,
Vice President, Exploration. “Our most recent and ongoing drilling
at Golden Hill includes a second phase program completed at the
C-Zone prospect and initial drilling at both the A-Zone and B-Zone
prospects. All three prospects lie to the immediate south of the
Peksou prospect.”
Golden Hill Property
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 being contiguous
with Golden Hill. To the south of Golden Hill is another large land
position where active exploration programs are well underway.
Drilling Results Tables
Table 1: Peksou Prospect – Selected Drill
Highlights
Hole # |
Northing * |
Easting * |
Elevation |
Azimuth |
Dip |
EOH (m) |
Interval (m)* |
Core length (m)* |
Grade (g/t Au) |
GHDD-228 |
1227453 |
452336 |
299 |
025 |
-50 |
174 |
18-19 |
1 |
2.50 |
|
|
|
|
|
|
|
170-171 |
1 |
5.85 |
|
|
|
|
|
|
|
|
|
|
GHDD-229 |
1227581 |
452391 |
297 |
025 |
-50 |
178 |
55-57 |
2 |
3.20 |
|
|
|
|
|
|
|
|
|
|
GHDD-230 |
1227631 |
452285 |
299 |
025 |
-55 |
86 |
47-58 |
11 |
6.78 |
|
|
|
Including |
|
|
|
48-50 |
2 |
27.01 |
|
|
|
|
|
|
|
69-74 |
5 |
2.13 |
|
|
|
Including |
|
|
|
69-70 |
1 |
9.12 |
|
|
|
|
|
|
|
|
|
|
GHDD-231 |
1227653 |
452244 |
299 |
025 |
-55 |
101 |
18-19 |
1 |
1.94 |
|
|
|
|
|
|
|
25-27 |
2 |
3.13 |
|
|
|
|
|
|
|
93-94 |
1 |
4.83 |
|
|
|
|
|
|
|
|
|
|
GHDD-232 |
1227736 |
452109 |
301 |
025 |
-50 |
122 |
59-81 |
22 |
1.38 |
|
|
|
Including |
|
|
|
69-73 |
4 |
2.55 |
|
|
|
|
|
|
|
96-101 |
5 |
1.31 |
|
|
|
|
|
|
|
|
|
|
GHDD-233 |
1227699 |
452178 |
300 |
025 |
-50 |
119 |
6-9 |
3 |
1.55 |
|
|
|
|
|
|
|
38-40 |
2 |
5.31 |
|
|
|
|
|
|
|
45-46 |
1 |
2.63 |
|
|
|
|
|
|
|
56-66 |
10 |
1.27 |
|
|
|
|
|
|
|
70-73 |
3 |
2.41 |
|
|
|
|
|
|
|
|
|
|
GHDD-234 |
1227671 |
452169 |
300 |
025 |
-55 |
137 |
27-32 |
5 |
1.66 |
|
|
|
|
|
|
|
80-83 |
3 |
1.88 |
|
|
|
|
|
|
|
85-92 |
7 |
1.38 |
|
|
|
|
|
|
|
96-101 |
5 |
1.17 |
|
|
|
|
|
|
|
106-122 |
16 |
2.23 |
|
|
|
Including |
|
|
|
117-119 |
2 |
7.69 |
|
|
|
|
|
|
|
|
|
|
GHDD-235 |
1227712 |
452087 |
302 |
025 |
-55 |
152 |
81-85 |
4 |
8.06 |
|
|
|
|
|
|
|
|
|
|
GHDD-236 |
1227823 |
452044 |
302 |
025 |
-50 |
97 |
42-45 |
3 |
2.61 |
|
|
|
|
|
|
|
|
|
|
GHDD-237 |
1227684 |
452217 |
300 |
025 |
-50 |
68 |
41-55 |
14 |
2.84 |
|
|
|
Including |
|
|
|
41-45 |
4 |
4.31 |
|
|
|
|
|
|
|
|
|
|
GHDD-238 |
1227672 |
452255 |
299 |
025 |
-50 |
107 |
12-18 |
6 |
1.31 |
|
|
|
|
|
|
|
62-64 |
2 |
2.55 |
|
|
|
|
|
|
|
|
|
|
GHDD-239 |
1227625 |
452321 |
298 |
025 |
-50 |
80 |
24-31 |
7 |
1.28 |
|
|
|
|
|
|
|
|
|
|
GHDD-240 |
1227586 |
452436 |
299 |
025 |
-50 |
80 |
29-30 |
1 |
2.62 |
|
|
|
|
|
|
|
42-44 |
2 |
1.57 |
|
|
|
|
|
|
|
|
|
|
GHDD-241 |
1227753 |
452161 |
301 |
025 |
-60 |
75 |
4-8 |
4 |
2.30 |
|
|
|
|
|
|
|
14-41 |
27 |
2.09 |
|
|
|
Including |
|
|
|
18-22 |
4 |
8.31 |
|
|
|
Including |
|
|
|
20-21 |
1 |
26.37 |
|
|
|
|
|
|
|
|
|
|
GHDD-243 |
1227871 |
451992 |
302 |
025 |
-50 |
74 |
|
Results |
Pending |
|
* 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 highlighted in bold. |
Table 2: Ma North Prospect – Selected Drill
Highlights
Hole # |
Northing * |
Easting * |
Elevation |
Azimuth |
Dip |
EOH (m) |
Interval (m)* |
Core length (m)* |
Grade (g/t Au) |
|
|
|
|
|
|
|
|
|
|
GHDD-251 |
1237898 |
452000 |
389 |
010 |
-45 |
120 |
83-85 |
2 |
1.34 |
|
|
|
|
|
|
|
87-93 |
6 |
2.20 |
|
|
|
Including |
|
|
|
91-93 |
2 |
4.50 |
|
|
|
|
|
|
|
|
|
|
GHDD-252 |
1237946 |
451962 |
388 |
010 |
-45 |
80 |
66-71 |
5 |
3.80 |
|
|
|
|
|
|
|
|
|
|
GHDD-253 |
1237945 |
451882 |
384 |
010 |
-45 |
122 |
98-100 |
2 |
3.81 |
|
|
|
Including |
|
|
|
98-99 |
1 |
6.76 |
|
|
|
|
|
|
|
|
|
|
GHDD-254 |
1237960 |
451847 |
383 |
010 |
-45 |
120 |
96-101 |
5 |
1.81 |
|
|
|
Including |
|
|
|
100-101 |
1 |
5.68 |
|
|
|
|
|
|
|
|
|
|
GHDD-255 |
1237971 |
451802 |
383 |
010 |
-45 |
130 |
58-59 |
1 |
1.50 |
|
|
|
|
|
|
|
|
|
|
GHDD-256 |
1237943 |
452098 |
394 |
010 |
-45 |
119 |
41-46 |
5 |
6.46 |
|
|
|
Including |
|
|
|
42-43 |
1 |
17.34 |
|
|
|
|
|
|
|
|
|
|
GHDD-257 |
1237939 |
452141 |
398 |
010 |
-45 |
101 |
31-36 |
5 |
2.67 |
|
|
|
|
|
|
|
|
|
|
GHDD-258 |
1237901 |
452132 |
405 |
010 |
-45 |
89 |
67-71 |
4 |
2.45 |
|
|
|
|
|
|
|
|
|
|
GHDD-259 |
1237905 |
452092 |
400 |
010 |
-45 |
86 |
66-69 |
3 |
2.55 |
|
|
|
Including |
|
|
|
68-69 |
1 |
6.29 |
|
|
|
|
|
|
|
|
|
|
GHDD-260 |
1237873 |
452031 |
392 |
010 |
-45 |
116 |
96-102 |
6 |
6.39 |
|
|
|
Including |
|
|
|
96-97 |
1 |
20.30 |
|
|
|
|
|
|
|
|
|
|
GHDD-261 |
1237867 |
451947 |
387 |
010 |
-45 |
150 |
77-78 |
1 |
15.39 |
|
|
|
|
|
|
|
90-92 |
2 |
2.24 |
|
|
|
|
|
|
|
125-128 |
3 |
4.07 |
|
|
|
|
|
|
|
134-135 |
1 |
12.83 |
|
|
|
|
|
|
|
|
|
|
GHDD-262 |
1237868 |
451910 |
385 |
010 |
-45 |
149 |
|
Results |
Pending |
|
|
|
|
|
|
|
|
|
|
GHDD-263 |
1237867 |
451910 |
384 |
010 |
-45 |
170 |
|
Results |
Pending |
|
|
|
|
|
|
|
|
|
|
* 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 highlighted in bold. |
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 mineralization 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 29, 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 1.4 million ounces of gold
from its operations in Senegal, which as of June 30,
2017 had a reserve base of 2.7 million ounces of gold.
Focused on diversification and growth, the Company is advancing its
Wahgnion Gold Project, with a recently released positive
feasibility study, and conducting extensive exploration programs in
three countries: Burkina Faso, Senegal and Côte
d’Ivoire. Teranga has a strong balance sheet and the
financial flexibility to execute on its growth strategy. The
Company has nearly 4.0 million ounces of gold reserves from its
combined Sabodala Gold operations and Wahgnion Gold Project.
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 available at
www.terangagold.com/responsibilityreport and 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 President & CEO T: +1 416-594-0000 | E:
ryoung@terangagold.com
Trish MoranHead of Investor RelationsT: +1 416-607-4507 | E:
tmoran@terangagold.com
APPENDIX 1
Figure 1: Golden Hill Property – Prospect Location Plan
Map
http://www.globenewswire.com/NewsRoom/AttachmentNg/e029ca00-2e0a-4526-87c4-7c905d82190e
Figure 2: Peksou Prospect – Drill
Plan
http://www.globenewswire.com/NewsRoom/AttachmentNg/4e000bdf-1ad5-4672-bb61-5e99d0311b01
Figure 3: Peksou Prospect – Representative Drill
Section (A - A’)
http://www.globenewswire.com/NewsRoom/AttachmentNg/d6e82276-f081-4e60-bb54-16f2ca37498b
Figure 4: Peksou Prospect – Representative Drill
Section (B - B’)
http://www.globenewswire.com/NewsRoom/AttachmentNg/48aa3377-de4c-4325-9f5c-dbc0abcd7f85
Figure 5: Ma Prospect (Ma North Portion) – Drill
Plan
http://www.globenewswire.com/NewsRoom/AttachmentNg/26198aca-4de9-4854-8c28-42edfe678943
Figure 6: Ma Prospect (Ma North Portion) –
Representative Drill Section (A - A’)
http://www.globenewswire.com/NewsRoom/AttachmentNg/ba36205f-1505-4e58-9804-6f3d77559b06
Figure 7: Ma Prospect (Ma North Portion) –
Representative Drill Section (B - B’)
http://www.globenewswire.com/NewsRoom/AttachmentNg/eeeff71c-9934-4788-b832-881680a0b69a