Teranga Gold Reports More Strong Drill Results from the Woulo Woulo Discovery at its Afema Project in Côte d’Ivoire

Teranga Gold Reports More Strong Drill Results from the Woulo Woulo Discovery at its Afema Project in Côte d’Ivoire

Drill intercepts include 1.50 g/t gold over 70 metres and 1.51 g/t gold over 54 metres
Approximately 3 kilometres of consistent gold mineralization in oxides and at depth
(All amounts are in U.S. dollars unless otherwise stated)TORONTO, Jan. 20, 2021 (GLOBE NEWSWIRE) — Teranga Gold Corporation (“Teranga” or the “Company”) (TSX: TGZ, OTCQX:TGCDF) is pleased to announce strong drill results on both the oxide and fresh mineralization from its Woulo Woulo prospect at the Afema exploration project (“Afema”) in southeastern Côte d’Ivoire, West Africa.Woulo Woulo drill results released today include numerous near-surface gold intercepts and expand a nearly 3-kilometre strike extent of continuous known gold mineralization to depths exceeding 150 metres. Results indicate that Woulo Woulo remains open along trend and to depth, building upon strong initial results announced in September 2020. Bottle roll tests conducted for a preliminary understanding of the potential leachability provided encouraging results.Drilling Highlights39 m @ 1.69 g/t gold, including 23 m @ 2.37 g/t gold from 96 m down hole depth (DHD) in WWDD-02157 m @ 1.38 g/t gold, including 18 m @ 2.19 g/t gold from 23 m DHD in WWDD-05654 m @ 1.51 g/t gold, including 15 m @ 2.56 g/t gold from 146 m DHD in WWDD-07148 m @ 1.41 g/t gold, including 11 m @ 3.02 g/t gold from 78 m DHD in WWDD-07470 m @ 1.50 g/t gold, including 25 m @ 3.09 g/t gold from 48 m DHD in WWDD-084
A listing of significant recent Woulo Woulo drill results from over 80-diamond drill (“DD”) holes is presented as Table 1 in Appendix A. A complete table of results from all Woulo Woulo holes is hosted on the Teranga web site under the Exploration tab.“The results from our recent exploration and drilling at the Woulo Woulo prospect support our expectation that the Afema project has significant potential for future development,” said Richard Young, President and Chief Executive Officer. “The combination of Teranga’s Afema, Massawa and Golden Hill projects and Endeavour’s already attractive pipeline has the potential to be one of the best organic growth pipelines of any senior gold producer.”The Woulo Woulo prospect is the most recent discovery at Afema, a project that covers more than 1,400 square kilometres. It includes a historical near-surface oxide and sulphide resource and lies within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana.“Our team is encouraged by the broad widths and considerable depths of gold mineralization across the Woulo Woulo prospect’s entire known strike extent,” said David Mallo, Vice President, Exploration. “The solid grades and widths of mineralization demonstrated within surface trenching correlate extremely well with mineralization intersected at depth across the area drilled. It is also very encouraging to see that the initial results from the bottle roll tests indicate potential for a conventional leach extraction process. Our results to date continue to suggest that Woulo Woulo could be a large mineralized system warranting significant exploration and drilling evaluation.”Woulo Woulo Prospect OverviewThe Woulo Woulo prospect is currently comprised of four parts: North, Central, South and East. Woulo Woulo West is now being readied for trenching and drilling. Each component of this prospect exhibits the same unique geologic host displaying very similar alteration, structure, veining and mineralization over a presently defined minimum strike extent approaching 3,000 metres (Figure 3 in Appendix B).The recent discovery at the Woulo Woulo prospect has been outlined utilizing coincident field mapping/prospecting observations, gold-in-soil geochemistry, airborne magnetics/radiometrics imagery and excavator trenching results. All have culminated in an ongoing systematic RC and DD drilling evaluation. To date, we have drilled 137 DD holes and 23 RC holes totaling more than 22,000 metres at this high-priority prospect.The host rock geology of the gold mineralization at the Woulo Woulo prospect is an altered felsic intrusive unit within a mixed sedimentary and mafic volcanic sequence. Two distinct types of alteration have been observed, one dominated by hematite and the second dominated by sericite. Both display similar brittle shear fracturing, occasionally brecciated, and multiple oriented fracture-controlled quartz veining with minor pyrite. The mineralized felsic unit is exposed at surface and drilling to-date has not identified a lower depth limit. In addition, the felsic unit remains open to further extension along trend both to the north and south.The most recent drilling program has focused on both infill drilling at 40-metre sections along the current 3 km strike length, as well as stepping back from the earlier successful drilling campaign to test the extent and continuity of mineralization to greater depths. This ongoing phase of drilling has demonstrated that the Woulo Woulo gold mineralized body remains robust to the depths drilled. Positive grades and widths of mineralization, encountered in our drilling program since discovery in early 2020, remain open to along trend and to-depth expansion, which will be evaluated further during our multi-drill exploration program.Four representative sections have been included as Figures 4, 5, 6 and 7 in Appendix B that outline the excellent correlation observed from surface to drilled depths across the majority of the area successfully drill tested to-date.Next Steps for Afema PropertyContinue the multi-drill exploration campaign at the Woulo Woulo prospect, the Niamienlessa structural trend and the Afema Shear (Figure 2 in Appendix B).Expand trenching and drilling to new areas of interest within the Afema mining license and outward onto the three regional exploration permits.Initiate early-stage metallurgical test work and environmental and social assessments.Work towards completing an initial resource estimation for all of Woulo Woulo, Afema Shear and Niamienlessa, expected during H1 2021.Qualified PersonPatti Nakai-Lajoie, P.Geo., has reviewed Teranga’s Afema exploration program data, including the drill holes and trenching results reported herein. Ms. Nakai-Lajoie 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”). Ms. Nakai-Lajoie has sufficient experience that is relevant to the style of mineralization under consideration and to the activity, which she is undertaking to qualify as a “Qualified Person” under NI 43-101. Ms. Nakai-Lajoie has verified and approved the technical information disclosed in this release, including the sampling, analytical and test data underlying such information in the form and context in which it appears herein. The excavator trenching, reverse circulation and diamond core samples are assayed at the Bureau Veritas Laboratory in Abidjan, Côte d’Ivoire.Forward-Looking StatementsThis 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 and opportunities. Forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results of operations, future economic conditions expectations and anticipated courses of action. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration potential of Afema and the Woulo Woulo prospect in particular and the costs and timing in respect thereof, proposed operational changes and the timing thereof, future opportunities for enhancing development at Afema, and timing for the release of the Company’s disclosure in connection with the foregoing. 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, such forward-looking statements are based upon assumptions, opinions and analysis that management believes to be reasonable and relevant but that may prove to be incorrect. 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 2019 Annual Information Form dated March 30, 2020, and in other filings of Teranga with securities and regulatory authorities which are available on SEDAR 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 the Afema ProjectTeranga holds a 51% interest in the project with privately held Sodim Limited. The Company has the right to earn a 70% interest in Afema by completing a three-year, $11-million exploration and community relations work program on the Afema mine license and its Ayame, Mafere and Aboisso exploration permits, and the delivery of a positive feasibility study. The Company has completed the required exploration obligation spend and is in the final phase of meeting its community spend requirement. The final step to earn a 70% interest in the project is the completion of a positive feasibility study.About TerangaTeranga is a mid-tier gold producer operating two mines – Sabodala-Massawa and Wahgnion – and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development. On November 16, 2020, Teranga and Endeavour announced their plans to combine to create a best-in-class top 10 senior gold producer with industry-leading low production costs and high cash flow yield, a strong balance sheet and one of the best organic growth pipelines of any senior gold company. Subject to successful completion of the transaction, the new combined company will have diversification across three countries and highly complementary assets with the potential for significant capital, operating and financing synergies. To learn more about Teranga, please visit www.terangagold.com.Contact Information
Appendix ATable 1: Selected Drill Highlights (Minimum 4-metre widths and 1.00 g/t Au grade included)
Appendix BFigure 1: Afema Property – Location in Côte d’Ivoirehttps://www.globenewswire.com/NewsRoom/AttachmentNg/f61545ba-b188-4dfc-8071-e49ad16351a6Figure 2: Afema Property – Prospect Location Plan Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/6a1ad191-92cf-46a7-b658-53fc3c95f118Figure 3: Woulo Woulo Prospect – Compilation Plan Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/a159398e-532e-4e2f-b0a7-d4b1b08bdb94Figure 4: Woulo Woulo Prospect – Representative Section 0+00 (A – A’)https://www.globenewswire.com/NewsRoom/AttachmentNg/021f4689-142e-44af-a9b3-344f0abe6186Figure 5: Woulo Woulo Prospect – Representative Section 0+80 S (B – B’)https://www.globenewswire.com/NewsRoom/AttachmentNg/fcd60366-c212-466f-b51a-7a1b7bf66da8Figure 6: Woulo Woulo Prospect – Representative Section 1+60 S (C – C’)https://www.globenewswire.com/NewsRoom/AttachmentNg/7c874a5e-54f2-4d9a-a825-ae787923c71aFigure 7: Woulo Woulo Prospect – Representative Section 2+40 S (D – D’)https://www.globenewswire.com/NewsRoom/AttachmentNg/d465d82c-29c5-4e00-9a61-ed88f27e6639

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