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Exploration in Burkina Faso

Mining-friendly Jurisdiction in French West Africa with Modern Mining Code

Acquired in October 2016 as part of Teranga’s acquisition of Gryphon Minerals,  the Company currently holds the fully permitted Banfora gold project and two regional exploration joint venture properties: Golden Hill and Gourma. Burkina Faso is host to a number of producing gold mines which is anticipated to increase given current levels of mineral exploration and government support for the mining country’s industry.

In 2016, the Company completed the first phase of a substantial exploration program to support its growth objectives for the newly acquired assets, which was to confirm and increase the resource base of the Banfora gold project, commence exploration programs at both Golden Hill and Gourma, and complete an updated feasibility study for the Banfora gold project mid-2017.

Wahgnion Mine License

Mine License Reserve Development

The Wahgnion gold project includes both a mine license with an area of 89km2 and exploration licenses surrounding the mine license comprised of five exploration permits totaling approximately 1,000km2. The group of properties are located in the south-west of Burkina Faso encapsulated in the Loumana Birimian greenstone belt.

A multi-year exploration program is underway on the mine license. In 2016, Teranga completed the first phase of a substantial exploration program to confirm and increase the reserve base on the four main deposits located on the property: Nogbele, Fourkoura, Samavogo and Stinger. The Company believes there is potential to add reserves at depth and along strike in each of these deposits, as well as through a number of additional priority targets located on the prospective land package, each of which is within trucking distance of the proposed mill.

Work is currently being finalized on an updated National Instrument 43-101 Technical Report for the gold project, which is expected to be released in October 2018.  

The mine license is 90% owned through Teranga’s 100% owned subsidiary Société Minière Gryphon SA, with the Burkina Faso government owning the remaining 10% interest.

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Golden Hill Exploration

Uniquely  Positioned at Golden Hill

Teranga’s Golden Hill property consists of three adjacent exploration permits covering 468km2 located in the southwest Burkina Faso, approximately 200km northeast of the Banfora gold project. Golden Hill is considered particularly prospective as it is located within the central part of the highly mineralized Houndé Greenstone Belt. This belt hosts a number of high-grade gold discoveries, including the Siou, Yaramoko and Houndé 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. Golden Hill straddles the same stratigraphy and structures that host these deposits.

Teranga acquired Golden Hill as an early-stage exploration project in 2016 as part of its acquisition of Gryphon Minerals.  Formerly part of a joint venture, Golden Hill is now 100% wholly-owned by Teranga.  

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Gourma Regional Exploration

Early Stage Exploration

The Gourma property consists of six contiguous exploration permits (Diabatou, Tyara, Foutouri, Boutouanou, Tyabo and Kankandi) covering a total area of approximately 1,300km2 in eastern Burkina Faso. Gourma is located within the Fada N’Gourma Greenstone Belt, 250km east of Ouagadougou and only 80km south-southwest of Niger’s largest gold deposit, the Samira Hill gold mine. The property includes approximately 60km of a gold-bearing crustal shear that has received very little modern exploration.

Through its acquisition of Gryphon Minerals Ltd., the Gourma tenements are subject to a shareholder and earn-in agreement between Boss Resources Limited and Askia Gold Pty Ltd.

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2017 Highlights

An initial field program consisting of geological mapping, prospecting and auger sampling commenced in Q2 2017 where ten prospects have been prioritized for more advanced work in 2017. Based on positive auger results, an initial core drilling evaluation began late in Q2 2017 resulting in five holes at three prospects thus far. A follow-up evaluation is planned for Q4 2017 once the rainy season has concluded.