Teranga Gold Announces Two New Gold Discoveries at Golden Hill Property in Burkina Faso
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/25/17 -- Teranga Gold Corporation ("Teranga" or the "Company") (TSX: TGZ)(ASX: TGZ) is pleased to announce two new gold discoveries from its exploration program at Golden Hill, its joint venture with Boss Resources Limited (ASX: BOE) ("Boss"), in Burkina Faso, West Africa.
The Company's new discoveries are located within the Ma and Nahiri prospects, representing the first two of the ten drill ready targets that have been identified to date at Golden Hill. All ten targets are within close proximity to each other.
"The assay results for Ma and Nahiri are very encouraging for an early stage exploration program," said David Mallo, Teranga's Vice President, Exploration. "They display good grades, widths, continuity and strike length in each prospect, and the mineralized zones occur from surface with good oxide depth developed."
Additionally, the next two targets - Jackhammer Hill and Pourey-Peksou - were also drilled during the first quarter. The Company can report that, while these assay results are pending, drilling intersected the expected alteration and structures at each of these targets.
Mr. Mallo added, "Overall, we are excited by these positive results, especially given their close proximity to one another. Based on the success of this first phase, a multi-drill second phase program on these targets has begun."
The Golden Hill property is located within the highly mineralized Hounde Greenstone Belt in Burkina Faso. This belt hosts a number of high-grade gold discoveries, including the recently discovered Sious, Yaramoko and Hounde 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.
HIGHLIGHTS
Initial assays from the Company's initial drilling evaluation at the Ma prospect intersected favorable results over the minimum 1,300-metre strike extent drilled to date. Highlight results include:
The initial drilling evaluation at the Nahiri prospect intersected broad, highly anomalous intersections within which highlight intervals include:
Ma Prospect
At the Ma prospect, 13 diamond drill (DD) holes were completed to test the primary NW-trending Ma structure, a secondary, parallel, NW-trending structure and N-S trending cross-structures. To date, a 1,300-metre strike extent of the primary Ma structure has been successfully intersected in all eight of these holes over varying spacing, (refer to Figure 1 in Appendix 1). A complete listing of the results from the first 13 drill holes is included in Table 1.
A follow-up drill program is scheduled to begin in early May to further evaluate the strike extent on regularly spaced sections, extend drilling further along trend and test depth extensions below the initial drill holes.
Nahiri Prospect
At the maiden Nahiri prospect, 17 reverse circulation (RC) drill holes were completed in four drill profiles designed to test a 500-metre strike extent of a combined soil and auger geochemical anomaly. Three of the northernmost drill profiles, comprising a minimum 350-metre strike extent, returned the most favorable results, within a broadly anomalous gold zone. Significant results from these drill sections are outlined in Table 2.
About the Golden Hill Property Joint Venture
The Golden Hill property is comprised of three adjacent exploration permits covering 468km2 located in southwest Burkina Faso in the central part of the Hounde Greenstone Belt. Teranga, through the acquisition of Gryphon Minerals Ltd, has an earn-in agreement with Boss pursuant to which Teranga, as the operator, can earn an 80 percent interest in the joint venture upon delivery of a feasibility study and the payment of AUD2.5 million.
Table 1: Ma Prospect Drilling Highlights
Table 2: Nahiri Prospect Drilling Highlights
Competent Persons Statements
Teranga's exploration programs 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. 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 Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Mann is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The technical information contained in this news release relating 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, results of operations (including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities. Wherever possible, words such as "potential", "belief", "believe", "expects", "potential" or "potentially", "estimates", "estimated", "plans", trends", "anticipated", "ability" and similar expressions or statements that certain actions, events or results "could", "should", "would", 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, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economic conditions, the ability to resettle the community within anticipated timeline, anticipated future estimates of free cash flow, and courses of action. 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 . 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. 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 5,000km2 of land located on prospective gold belts.
Since its initial public offering in 2010, Teranga has produced more than 1.2 million ounces of gold from its operations in Senegal. Following its recent acquisition of Gryphon Minerals, the Company is fast-tracking the completion of a feasibility study for the Banfora Project. Concurrent with its production and development activities, exploration programs are underway to seek to increase the Company's reserve base through resource conversion and making new discoveries. Teranga has a strong balance sheet and the financial flexibility to continue 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 2015 responsibility report, which is available at , is prepared in accordance with its commitments under the United Nations Global Compact and in alignment with the Global Reporting Initiative guidelines.
APPENDIX 1
To view Figure 1: Ma - Primary and Secondary Structures, please visit the following link:
APPENDIX 2
JORC Code, 2012 Edition - Table 1 Report
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Contacts:
Teranga Gold Corporation
Richard Young
President & CEO
+1 416-594-0000
Teranga Gold Corporation
Trish Moran
Head of Investor Relations
+1 416-564-4290
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Datum: 25.04.2017 - 10:07 Uhr
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