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Teranga Gold Reports Additional Golden Hill Drill Results, Including 12.28 g/t Gold Over 12 Metres and 11.29 g/t Gold Over 8 Metres at The Ma Prospect

Sep 13, 2017

 Reverse Circulation Drilling at the Ma East Prospect Returns 2.50 g/t Gold Over 20 Metres

Ma Prospect is Developing into a Mineralised System That is More Than Two Kilometres in Length

TORONTO, Sept. 13, 2017 (GLOBE NEWSWIRE) -- Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ) (ASX:TGZ) is pleased to announce that early-stage drilling continues to yield high-grade, near-surface and deeper gold mineralization at its Golden Hill property in Burkina Faso, West Africa. Teranga, through its acquisition of Gryphon Minerals Ltd., has an earn-in agreement on the Golden Hill property with Boss Resources Limited (ASX:BOE) pursuant to which Teranga, as the operator, can earn an 80% interest in the joint venture upon delivery of a feasibility study and the payment of AUD2.5 million.

These most recent diamond drill results comprise the remaining phase two and initial phase three drill results at the Ma prospect, one of two new discoveries reported by Teranga in April. All of the Golden Hill prospects drilled by the Company to-date are located approximately 5 kilometres from a central point (see Figure 1 in Appendix 1). 

The phase two and initial phase three drill programs continue to return excellent near-surface grades and widths at the Ma prospect, including:

  • 12 m @ 12.28 g/t Au including 4 m @ 34.04 g/t Au (GHDD-063)
  • 8 m @ 11.29 g/t Au including 3 m @ 29.09 g/t Au (GHDD-051)
  • 13 m @ 5.84 g/t Au including 3 m @ 18.82 g/t Au (GHDD-046)
  • 7 m @ 7.38 g/t Au including 1m @ 46.60 g/t Au (GHDD-055)
  • 17 m @ 2.52 g/t Au including 4 m @ 6.34 g/t Au (GHDD-059)
  • 9 m @ 4.81 g/t Au including 4 m @ 8.51 g/t Au (GHDD-061)

“These most recent results from Ma have provided some of the widest and highest grade intervals from our drilling campaigns to-date and added further on-strike extension to the west of previous drilling,” said David Mallo, Teranga’s Vice President, Exploration. “The positive drill results at Ma serve to confirm the along trend and initial down-dip continuity of grade and width from surface exposure to depths now approaching 60 to 70 metres at this quickly advancing prospect. Recent step-out drilling results located to the west of our previous drill success demonstrate a general strengthening of the mineralisation which remains open and will be followed-up further west and to depth in the near term.” 

Continued Mr. Mallo, “In addition, our reverse circulation drilling program from the eastern part of our Ma prospect to the Ma East prospect, a distance of over 900 metres, is providing favorable results and adding substantially to our geological understanding of this sparsely explored area. We are still at an early stage of exploration and with these results recognize considerable upside for continued exploration success both along trend and to depth where the mineralized structures remain open to further expansion.  We will continue to test the Ma structure along what is developing into a more than 2 kilometre long mineralised system.”  

The Golden Hill property is comprised of three adjacent exploration permits covering 468 km2 located in southwest Burkina Faso in the central part of the 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.

Ma Prospect: Phase Two and Three Diamond Drilling

At the Ma prospect, 30 diamond drill holes, GHDD-28 to 58, were completed during the phase one and two drill evaluations, testing the primary northwest trending Ma structure, a secondary parallel, northwest trending structure and north-south trending cross-structures. Gold mineralization at the Ma prospect is hosted in an extensive, favourably altered, pyritic, silicified and brecciated shear system within a sequence of mafic volcanics intruded by at least two distinct phases of granitic intrusive bodies.  

The phase three drill program began at the Ma prospect in early August and is ongoing.  This drill program is a continuation of the previous drill phases, and is designed to further evaluate the currently outlined strike extent on regularly spaced sections, extend drilling further along trend and continue testing down dip depth extensions below the favourable gold mineralised intervals previously announced from drill phases one and two. The area of recent drilling focus, the westernmost portion of the Ma prospect, suggests that mineralization is strengthening here, having returned some of our strongest grade-width intersections to-date, and remains open to further expansion.  To date, a minimum 1,420-metre extent along strike of the primary Ma structure has been intersected successfully by diamond drilling within the overall + 2,000-metre drilled extent that includes both our diamond and reverse circulation drilling (Figure 2 in Appendix 1). 

Representative sections from the Ma prospect are included (see Figures 3, 4, 5, 6 and 7 in Appendix 1).  These representative sections demonstrate the correlation and continuity observed for the mineralized structural zones from surface to drilled depths approaching 60-70 metres, and remains open.  A complete listing of the drilling results reported in this news release, from the 11 holes comprising the last portion of the phase two drill results and initial 7 holes of the phase three drill program, is included in Table 1. 

A complete listing of assays from all Ma prospect diamond drill holes completed to date are shown in an all-prospect combined results Table 3 in Appendix 1.

Ma / Ma East Prospects: RC Drilling

Immediately to the east of the Ma phase one, two and three diamond drill program, recent drill testing by a series of reverse circulation profiles and scout reverse circulation drill holes at the Ma East prospect, as well as between the Ma and Ma East prospects was undertaken (Figure 2 in Appendix 1).  This drilling is designed to fill in a gap between our easternmost Ma prospect diamond drill program and the Ma East prospect.  As well, it is used to evaluate the prospective surface results of the Ma East prospect, including re-orientation of drilling direction to fully assess all structural zones (Figure 8 in Appendix 1).  Results from this evaluation program will assist in follow-up diamond drilling throughout the eastern portion of the Ma prospect.

Results for this reverse circulation scout-drill program, designed to evaluate the potential linking of the Ma and Ma East prospects, are outlined in Table 2, including the following highlight results:  

  • 20 m @ 2.50 g/t Au including 8 m @ 4.65 g/t Au (GHRC-057)
  • 7 m @ 2.53 g/t Au including 2 m @ 4.29 g/t Au (GHRC-055)
  • 4 m @ 2.35 g/t Au (GHRC-054)  

Other Activities & Next Steps

Diamond drilling (minimum 1,500 metres) is also underway at the Jackhammer Hill prospect.  Prior to this current drilling, the Company has drilled only two scout holes here which included a previously reported diamond drill interval of 1.26 g/t Au over 5.2 metres in GHDD-001 (Table 4 in Appendix 1).  The current drilling program is outlined on the Jackhammer Hill drill plan, Figure 9 in Appendix 1.

In addition to the ongoing drilling at Ma and Jackhammer Hill, drilling is also planned for both the Nihiri and Peksou prospects in the fourth quarter, following-up on favourable results from drilling evaluation programs earlier in the year. Geologic modeling and initial resource estimation for the most advanced prospects is also being planned for mid-year 2018.

Drilling Results Tables

Table 1: Ma Prospect Drilling Results (Last 11 Phase Two Holes and Initial 7 Phase Three Holes)

Hole #Northing *Easting *ElevationAzimuthDipEOH (m)Interval
length (m)*
(g/t Au)
   Including   90-9338.02
   Including   92-93118.82
GHDD-0461237714451894 025-4510415-16111.12
   Including   50-56611.35
   Including   53-56318.82
GHDD-0471237561452074 025-4580  23-2632.05
   Including   49-5234.23
GHDD-0481237573452005 025-4510377-7815.31
GHDD-0491237632451942 025-4510438-3912.46
   Including   97-9814.13
GHDD-0511237718452012 025-458615-1721.46
   Including   25-28329.09
   Including   25-26172.75
GHDD-0531237697451929 025-458033-3631.44
GHDD-0551237161452680 025-459041-4877.38
   Including   41-42146.60
GHDD-0571237245452582 025-456047-4819.33
GHDD-0591237777451863 017-45409-1121.84
   Including   22-3084.20
   Including   25-2946.34
GHDD-0601237698451823 017-4510036-4041.04
GHDD-0611237796451821 017-458011-1211.11
   Including   21.2548.51
GHDD-0621237759451804 017-4512538-3911.74
GHDD-0631237777451770 017-4512543-551212.28
   Including   46-50434.04
   Including   46-48257.68
GHDD-0641237793451732 021-45116 NSR 
GHDD-0651237757451716 021-4512855-5612.79
   Including   82-8424.66
* Intervals calculated with a 0.4 g/t Au cut-off and 2 metres maximum internal dilution. True widths are unknown. UTM's are WGS84-30N. 
Intervals with grade x thickness (gram x metre) of 10 or higher are in bold.
NSR means no significant results.

Table 2: Ma / Ma East Prospects – RC Drilling Results

Hole #Northing *Easting *ElevationAzimuthDipEOH (m)Interval
length (m)*
(g/t Au)
   Including   0-111.47
   Including   11-1322.78
   Including   30-3441.73
GHRC-0421237090452846382025-5577 NSR 
   Including   45-4722.58
   Including   44-4512.48
   Including   50-5222.16
GHRC-04612369024530014371025-5570 NSR 
   Including   12-1421.30
   Including   64-6513.61
GHRC-0511236674453230366025-5570 NSR 
GHRC-0521236639453211367025-5570 NSR 
   Including   18-2021.73
   Including   14-1624.29
GHRC-0561236436453163368063-5575 NSR 
   Including   38-4684.65
* Intervals calculated with a 0.4 g/t Au cut-off and 2 metres maximum internal dilution. True widths are unknown. UTM's are WGS84-30N. 
NSR means no significant results. 

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 mineralisation 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" (the “JORC Code”). 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.  See Appendix 2 for the JORC Code explanations relating to the results in this press release.

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 “objective to”, “likely”, “intend to”, “potential”, “belief”, “believe”, “expects”, “estimates”, “plans”, “anticipated”, “ability” and similar expressions or statements that certain actions, events or results “should”, 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 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 Teranga

Teranga is a multi-jurisdictional West African gold company focused on production and development as well as the exploration of more than 5,000 km2 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, which as of June 30, 2017 had a reserve base of 2.7 million ounces of gold.  Focused on diversification and growth, the Company is advancing its Banfora development project and conducting extensive exploration programs in three countries: Burkina Faso, Senegal and Côte d’Ivoire.  Teranga has a strong balance sheet and the financial flexibility 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 responsibility report, is available at www.terangagold.com/responsibilityreport and is prepared in accordance with its commitments under the United Nations Global Compact and in alignment with the Global Reporting Initiative guidelines.

Contact Information 
Richard YoungTrish Moran
President & CEO Head of Investor Relations
T: +1 416-594-0000 | E: ryoung@terangagold.com       T: +1 416-564-4290 | E: tmoran@terangagold.com                                                             


Table 3: DDH Results For All Prospects (GHDD-001 to GHDD-065)

Hole #Northing *Easting *ElevationAzimuthDipEOH (m)Interval
 (m) *
length (m) *
(g/t Au)
GHDD-0101237505452175399039-4512239.5 - 
   Including    40.0 - 
       52.0 - 
       81.0 - 
       100.0 - 
       116.0 - 
GHDD-011**1237408452333434024-456229.2 - 40.0** 9.81.92 
   Including    29.2 - 
   Including    32.8 - 
GHDD-0121237377452363440020-459230.0 - 
       34.0 - 
   Including    34.0 - 
GHDD-0131237342452435437024-458823.0 - 
       79.0 - 
GHDD-0141237297452457428024-456345.0 - 
   Including    53.0 - 
GHDD-0151237231452621412020-456620.9 - 
   Including    26.2 - 
       56.0 - 
GHDD-0161236966452873375040-455911.0 - 
       26.0 - 
GHDD-0171237758451855382039-4511132.0 - 
    Including   34.0 - 
GHDD-0181237607452249406020-458025.0 - 
GHDD-0191237675452205412279-4580 NSR   
GHDD-0201237687452084408024-458023.6 - 
   Including    25.9 - 
   Including   38.0- 
   Including   36.0- 
GHDD-0311237217452656409025-456022.0-35.0 13.01.30 
   Including   24.0- 
   Including   26.0- 
   Including   58.0- 
GHDD-0361237251452506420025-4580 NSR  
   Including   67.0- 
   Including   66.0- 
   Including   90.0- 
   Including   92.0- 
   Including   96.0- 
   Including   51.0- 
   Including   50.0- 
   Including   53.0- 
   Including   49.0- 
   Including   97.0- 
   Including   25.0- 
   Including   25.0- 
   Including   79.0- 
   Including   41.0- 
   Including   31.0- 
   Including   55.0- 
   Including   22.0- 
   Including   25.0- 
   Including   21.0- 
   Including   46.0- 
   Including   46.0- 
GHDD-0641237793451732380021-45116 NSR  
   Including   82.0- 
   Including   43.0-
GHDD-0221233926450582366065-6050 NSR 
GHDD-0241233779450653360065-5096 NSR 
  Including    33.0-
  Including    9.0-23.0***14.0***12.38
  Including    20.0-21.01.0140.3
GHDD-0271233726450717360065-5071 NSR 
GHDD-0281233741450755359065-5023 LOST HOLE 
   Including   47.0-
   Including   58.0-
   Including   23.0-
   And   89.0-
   Including   18.0-
   Including   26.0-
   Including   27.0-
   Including   35.0-
* Intervals calculated with a 0.4 g/t Au cut-off and 2 metres maximum internal dilution. Sampling used lithologic contacts for the initial drill program, standard metre-metre sampling will be utilized in future. True widths are unknown. UTM's are WGS84-30N 
** Interval includes 2 metres of no recovery (34.5-36.5) where hole intersected an artisanal opening
*** During the drilling of the mineralized interval of 4 to 38 metres in drill hole GHDD-026, there were four metre-by-metre samples for which no recovery was reported: (11-12 m, 12-13m, 15-16 m and 19-20m).  As such, both the 34-metre and 14-metre intervals reported in the above Table include these four metres without sample material available for analysis.  Each of these individual samples have been given a nil value in the reported interval calculations.
**** Drill hole GHDD-004 was designed as a test of the continuity of mineralization identified by historic RC drilling and to provide a continuous drill hole through the primary mineralization hosting Granitic Intrusive and across the contact with the Mafic Volcanics.  As demonstrated in Figure 9, drill hole GHDD-004 was drilled in large part down the trend of mineralization and is an exaggerated width. However, this hole has in part, confirmed the continuity of grade down trend, extended the known depth of gold mineralization considerably deeper than previous historic drilling and has greatly improved the confidence in the geologic model of Peksou which will guide future drilling.
NSR means no significant results.

Figure 1: Golden Hill Property – Prospect Location Plan Map

Figure 2: Ma Prospect – Drill Plan

Figure 3: Ma Prospect – Representative Drill Section (A-A’)

Figure 4: Ma Prospect – Representative Drill Section (B-B’) 

Figure 5:  Ma Prospect – Representative Drill Section (C-C’)

Figure 6: Ma Prospect – Representative Drill Section (D-D’)

Figure 7:  Ma Prospect – Representative Drill Section (E-E’)

Figure 8:  Ma Prospect (Ma East) – Representative Drill Section (F-F’)

Figure 9: Jackhammer Hill Prospect– Drill Plan

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Source: Teranga Gold Corporation