Teranga Gold Corporation: ASX Second Quarter Report For the Three Months Ended June 30, 2012
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 07/30/12 -- Teranga Gold Corporation (TSX: TGZ)(ASX: TGZ) -
KEY POINTS
OPERATIONAL OVERVIEW
Sabodala Gold Operation
(All amounts are in US$ unless otherwise stated)
CORPORATE
Teranga Gold Corporation ("Teranga or the Company") is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX: TGZ) and Australian Securities Exchange (ASX: TGZ). Teranga is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development.
Finance
At June 30, 2012:
Production Statistics
Mine License ("ML") Exploration
The primary objective of the $20 million 2012 drill program on the Sabodala Mine License is to expand the Sabodala Mine open pit reserves. Pit optimization work completed in February 2012 defined a $1,550 per ounce pit shell containing over 2 million ounces that serves as a guide to our current drill program (2011 proven and probable reserves in the Sabodala pit contained approximately 1 million ounces).(2) The ultimate pit limits at Sabodala are driven laterally by the extent of the Main Flat zone which dips gently away from the centre of the deposit to both the east and west. To the east the Main Flat dips into Sambaya Hill towards the Masato deposit. To the north, the economic limit to mine the plunging Main Flat and sub parallel Lower Flat Zones is defined by the strip ratio.
The 2012 drill program is designed to take the ultimate pit about 150 metres deeper and, if successful, to add upwards of 500,000 to 1 million ounces, based on drilling intercepts to date, at grades of between 1.5 gpt and 2 gpt this year.(3)
Recent results in the second quarter of 2012 advance the mineralized extents at Sabodala to the NE in drill hole SBDH291 and SE in drill hole SBDH259DD. In-fill drilling under the main haulage ramp on the north end of the pit is ongoing with a high grade intercept down dip at depth from drill hole SBDH254D which intersected a series of higher grade zones including 31 metres of 6.0 grams per tonne ("gpt") from 385 metres. Vertical drilling from the north end of the pit on the 20850N section returned 95 metres of 1.3 gpt from 358 metres in SBDH262D including internal dilution between mineralized zones.
The results of the mine planning work completed in the first quarter of 2012 have focused the majority of the drilling effort into expanding the Sabodala open pit reserves. During the second quarter of 2012, Reverse Circulation ("RC") and Diamond drilling ("DD") on the ML totalled 34,000 metres at cost of $7.0 million. Year to date, a total of $14.2 million has been spent on just over 60,000 metres of drilling. A minimum of 7 drill rigs are expected to be testing targets at an estimated cost of $20 million in 2012. There are 7 drills operating on the ML at the present time (5 DD and 2 RC).
Regional Exploration
There are currently 40 drill targets that have been identified on the Company's approximately 1,450 km2 Regional Land Package ("RLP"), all within trucking distance of the mill. All 40 targets are expected to be drill tested in 2012-2013. A further 20 targets have been evaluated with surface sampling or trenching.
During the second quarter of 2012, the Company completed 41,000 metres of Rotary Air Blast ("RAB") drilling over 14 anomalies and prospects and 18,000 metres of RC drilling. There were 3 drill rigs on the RLP during the second quarter. RC drilling focused on Toumboumba, Tourokhoto, Saiensoutou, Jam, KB and testing of IP anomalies at Gora. In addition, several RAB programs where completed. RLP exploration expenditures for the second quarter totaled $5.3 million (including $0.5 million for Gora). Year to date, a total of $13.9 million has been spent (including $2.1 million for Gora). The exploration budget for the Regional Exploration Program is estimated at $20 million for 2012.
Toumboumba (Sabodala NW)
Toumboumba is a shear vein system hosted in the Falombou granite and has the potential for a small, shallow, oxide deposit, located 10 km from the Sabodala mill. This prospect consists of 18 north-south to north-east trending gold anomalous zones identified from RAB drilling during 2011.
During the quarter a program of 129 holes for 12,000 metres was completed on a systematic 25 x 25 metre grid over the oxide resource area, targeting the main mineralized trends. The mineralization was confirmed as consisting of three principal, sub-parallel NS trending shallowly - east dipping shear veins hosted in granite. The upper portions of the granite are oxidized to a depth of approximately 50 metres. The mineralized system continues down dip into the fresh rock. Assays are pending for eight holes. Interpretation and three-dimensional modeling of the mineralization has commenced, with the objective of calculating an updated mineral resource estimate and determining the mining potential of this deposit by year end.
Tourokhoto
The bulk of the results for the previous RC program completed at Tourokhoto were received during the second quarter 2012, with assays only pending for one remaining hole. The RC drilling program at Tourokhoto comprised 27 holes for a total of 14,000 metres, which commenced in December 2011 and was completed during the first quarter of 2012. The drilling over Tourokhoto can be grouped into six geographically/geologically distinct areas, comprising the Main Trend Central Area, Northern Area, NE Area, and Southern Area as well as the Marougou and Segoto Areas.
The most promising drill results were returned from the Marougou area. This area is located south of the Tourokhoto Main Trend Central area. RC holes were drilled on three lines spaced 600 metres apart for a total of 3,000 metres. The drilling identified large widths and grades of mineralization on each line.
The mineralization highlights a trend of at least 1,200 metres in length extending across the lines in a NE direction with a westerly dip and represents the discovery of a new prospect. This prospect is open to the north and south and some extension of the trend in both directions is supported by surface gold anomalism along strike of the existing drilling. A new drill program to infill and extend the zone along strike will begin in the fourth quarter, after the rainy season, to further evaluate this discovery.
For full drill results from our ML and Regional Exploration Program please see the Company's website.
About TERANGA
Teranga Gold Corporation is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX: TGZ) and Australian Securities Exchange (ASX: TGZ). Teranga is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development.
Teranga was created to acquire the Sabodala gold mine and a large regional exploration land package, located in Senegal, West Africa, within the West African Birimian geological belt. Management believes the mine operation, together with the Company's prospective 1,488 km2 land package, provides the basis for growth in reserves, production, earnings and cash flow as new discoveries are made and processed through the Company's existing mill. The Company is focused on growth - growth in reserves, growth in production - while building a strong balance sheet to facilitate its actions.
Forward Looking Statements
This report contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Teranga, or developments in Teranga's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Teranga cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements relate to, among other things, the expected use of proceeds of the offering and the expected closing date of the offering. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions; and other risks detailed from time to time in Teranga's filings with Canadian provincial securities regulators. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and, except as required by law, 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 report should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.
Competent Persons Statement
The technical information in this report that relates to exploration results and mineral resource estimates within the Mining License is based on information compiled by Mr. Bruce Van Brunt, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Van Brunt is a full time employee of Teranga and not independent. Mr. Van Brunt has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a "Competent Person" as defined in the 2004 Edition of the "Australasian Code of Reporting of exploration Results, Mineral Resources and Ore Reserves". Mr. Van Brunt is a "Qualified Person" in accordance with National Instrument 43-101 and he consents to the inclusion of this information in the form and context in which it appears in this report.
The technical information in this report that relates to the exploration results and targets within the regional exploration program are based on information compiled by Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is our full time employee and is not "independent" within the meaning of National Instrument 43-101. Mr. Pawlitschek has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Pawlitschek is a "Qualified Person" in accordance with NI 43-101 and he consents to the inclusion of this information in the form and context in which it appears in this report.
Contacts:
Teranga Gold Corporation
Kathy Sipos
Vice-President of Investor & Stakeholder Relations
+1 416-594-0000
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Datum: 30.07.2012 - 09:00 Uhr
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