Teranga Gold Reports New Discovery at Golden Hill and Widespread High-Grade, Near-Surface Gold
TORONTO, Jan. 22, 2020 (GLOBE NEWSWIRE) — Teranga Gold Corporation (“Teranga” or the “Company”) (TSX: TGZ, OTCQX:TGCDF) is pleased to announce strong results from its ongoing drilling program at Golden Hill, located within the central part of the Houndé Greenstone Belt, a highly mineralized gold region that hosts three operating gold mines in southwest Burkina Faso, West Africa. Golden Hill, which is 100% owned by Teranga, is an advanced-stage exploration project that has delivered multiple high-grade gold discoveries over the last two years.
The 20,000 metres drilled as part of the current 27,000-metre program have returned high-grade gold intercepts from near surface to depth at several existing targets and encouraging gold grades in numerous step-out holes. The campaign has also uncovered a new discovery: The Ma Jonction prospect, located between Ma Main and Ma North.Ma Jonction’s highlights include:8 m @ 6.40 g/t gold, including 1 m @ 15.49 and 3 m @ 10.09 g/t gold from10 m DHD (GHDD-574)3 m @ 44.11 g/t gold (uncut) from 33 m DHD (GHDD-572) (see Table 1 in Appendix A for uncut and cut grade intervals for GHDD-572)“We are excited about the results we are seeing from the current drill program, which is intended to increase resources as we move the project through a preliminary economic assessment and into feasibility,” stated Paul Chawrun, Chief Operating Officer. “In addition to another high-grade, near-surface discovery, the drill results reported today demonstrate positive continuity, grade, width and extended mineralization in several zones. Based on these results, we remain on track to update the initial resource estimate we published in February 2019(1) and apply for a mine license in the third quarter of this year.”Golden Hill Drilling HighlightsMa Main Prospect7 m @ 17.75 g/t gold, including 3 m @ 40.12 g/t gold (uncut) from 164 m down hole depth (DHD) (GHRC-153) (see Table 1 in Appendix A for uncut and cut grade intervals for GHRC-153) 4 m @ 16.15 g/t gold (uncut) from 24 m DHD (GHRC-148) (see Table 1 in Appendix A for uncut and cut grade intervals for GHRC-148)11 m @ 6.38 g/t gold, including 4 m @ 11.58 g/t gold from 168 m DHD (GHDD-602)21 m @ 3.70 g/t gold, including 5 m @ 7.77 g/t gold from 137 m DHD (GHDD-600)Ma North Prospect4 m @ 46.05 g/t gold, including 1 m @ 180.5 g/t gold (uncut) from 37 m DHD (GHDD-501) (see Table 1 in Appendix A for uncut and cut grade intervals for GHDD-501)5 m @ 3.09 g/t gold from 11 m DHD and 5 m @ 4.64 g/t gold from 19 m DHD (GHRC-133)7 m @ 2.67 g/t gold from 10 m DHD and 4 m @ 2.97 g/t gold from 81 m DHD (GHDD-137)C-Zone Prospect7 m @ 32.67 g/t gold, including 1 m @ 196.6 g/t gold (uncut) from 46 m DHD (GHDD-517) (see Table 1 in Appendix A for uncut and cut grade intervals for GHDD-517)11 m @ 2.60 g/t gold, including 5 m @ 5.03 g/t gold from 22 m DHD (GHDD-558)6 m @ 4.87 g/t gold, including 1 m @ 27.10 g/t gold from 100 m DHD (GHDD-563)A-Zone Prospect38 m @ 1.58 g/t gold, including 7 m @ 2.43 g/t gold from 0 m DHD and 1 m @ 30.83 g/t gold (uncut) from 51 m DHD (GHDD-546) (see Table 1 in Appendix A for uncut and cut grade intervals for GHDD-546)5 m @ 12.13 g/t gold (uncut) from 33 m DHD and 3 m @ 9.67 g/t gold from 63 m DHD (GHDD-547) (see Table 1 in Appendix A for uncut and cut grade intervals for GHDD-547)15 m @ 2.03 g/t gold, including 4 m @ 3.96 g/t gold from 1 m DHD (GHDD-552)Ongoing Drill Program Targets New Zones and ProspectsThe drill program, started in the second half of 2019, has partially evaluated nine separate targets including four portions of the Ma Structural Complex (Main, North, East and Jonction), C-Zone, A-Zone, Peksou Basin, Copper and Gogoba West (refer to Figures 1, 2, 3 and 4 in Appendix B). The Company expects to continue drilling at most of these targets during the first half of 2020, and anticipates targeting at least five additional zones including Gogoba North, Ma South, Nahiri, Peksou North and Pourey. The primary goal of this detailed drilling campaign is to facilitate an update to the Golden Hill initial resource estimation published in February 2019. Drilling is focused along trend and at depth to extend components of the initial resource estimation, and to initiate evaluation of numerous additional target areas.Drill results to date have demonstrated positive continuity and extensions of mineralization at A-Zone, C-Zone and many components at the Ma structural complex (refer to Table 1 in Appendix A). In addition, early-stage scout drilling programs justify a follow-up drilling phase at Copper, Peksou Basin and Gogoba West. Presently, two diamond core drills and one reverse circulation drill are working at Golden Hill. The current exploration and drilling program, scheduled for completion by the end of February 2020, has been budgeted at $5.0 million and is being financed by the Golden Hill tranche of the Taurus debt facility.“Teranga is developing our strong organic growth pipeline through this and other drill programs planned for 2020 at Golden Hill and across our sites in Burkina Faso, Senegal and Côte d’Ivoire,” said Richard Young, President and CEO. “With our second mine in production at Wahgnion, we have proven our ability to identify, finance and build projects from early-stage exploration to commercial production in just a few short years.”Cumulative drill results from all prospects within the Golden Hill project are included on the Company’s website www.terangagold.com under Exploration.Next Steps for Golden HillComplete current 27,000-metre drill program.Commence new $8.5 million exploration and drilling program to continue to evaluate the numerous prospects and deposits identified to date and expand drilling outward to new areas of interest.Continue with early-stage engineering studies, metallurgical test work, environmental and social assessments as we move toward a preliminary economic assessment “PEA.”Submit a request to the Burkina Faso government for the conversion of the Golden Hill exploration license to a mine license in 2020 based on a PEA level technical study.Qualified Persons StatementTeranga’s Burkina Faso exploration programs, corresponding to the drill holes being reported herein, were managed by Peter Mann, FAusIMM. Mr. Mann was a full-time employee of Teranga who recently retired, 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 is based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann 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 reverse circulation and diamond core samples are assayed at the BIGS Global Laboratory in Ouagadougou, Burkina Faso.Endnote