Teranga Gold Corporation is pleased to announce that early-stage diamond drilling has intersected additional high-grade, near surface and deeper gold mineralisation at the Ma and Peksou prospects, both of which are situated on its Golden Hill property in Burkina Faso, West Africa.
Teranga has an earn-in agreement on the Golden Hill property with Boss Resources Limited 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.
Teranga is actively drilling a number of prospects at Golden Hill – the most advanced of which are Ma, Peksou, Jackhammer Hill, C-Zone and Nahiri. These prospects are located within approximately five kilometres from a central point. The exploration program has advanced significantly over the past year, a metallurgical test program has been initiated, while the base line environmental plan is in the initiation phase and monitoring on site is expected to commence by mid-year 2018. An initial resource on the most advanced prospects is expected by the end of 2018.
All diamond drill holes at the Peksou and Ma North prospects announced in this release intersected gold mineralisation. Highlights include:
• 11 m @ 6.78 g/t gold including 2 m @ 27.01 g/t gold (GHDD-230) from 47 m downhole depth (DHD)
• 16 m @ 2.23 g/t gold including 2 m @ 7.69 g/t gold (GHDD-234) from 106 m DHD
• 14 m @ 2.84 g/t gold including 4 m @ 4.31 g/t gold (GHDD-237) from 41 m DHD
• 27 m @ 2.09 g/t gold including 4 m @ 8.31 g/t gold including 1 m @ 26.37 g/t gold (GHDD-241) from 14 m DHD
Ma Prospect (Ma North Portion)
• 5 m @ 3.80 g/t Au (GHDD-252) from 66 m DHD
• 5 m @ 6.46 g/t Au including 1 m @ 17.34 g/t Au (GHDD-256) from 41 m DHD
• 6 m @ 6.39 g/t Au including 1 m @ 20.30 g/t Au (GHDD-260) from 96 m DHD
“Teranga’s Golden Hill project is progressing rapidly. Today’s results from Ma North and Peksou expand known zones of gold mineralisation at both prospects and confirm the potential of these targets and the project overall,” said Richard Young, President & CEO. “We have initiated preliminary technical work to progress in parallel with the drill program towards a goal of announcing an initial resource estimation for the most advanced prospects by the end of 2018.
“In addition, we have secured a $25 million financing commitment for future advancement of Golden Hill to feasibility study. We are working toward becoming the next multi-asset, mid-tier gold producer in West Africa and these drill results from the Ma and Peksou prospects continue to increase our confidence that Golden Hill will play a role in realising this vision.”
Peksou Prospect: 600-Metre Strike Extent
The Company’s diamond drilling at the Peksou prospect now covers a 600-metre strike extent and extends locally to vertical depths approaching 100 metres. Gold mineralisation at Peksou is hosted both within mafic volcanic and granodiorite intrusive units where two distinct styles of alteration have been noted – one hematite dominant and the second sericite dominant. With multiple favourable results from this latest drill phase, confidence in the interpretation has improved considerably and correlation of mineralised zones, both hole-to-hole and section-to-section, is greatly enhanced.
Ma Prospect (Ma North Portion): Third Mineralised Breccia Zone Discovered
Recent Ma North diamond drill results confirm that a third well-mineralised breccia zone exists within the Ma structural complex. The recent Ma North drilling focused on the mafic volcanic units hosting the western portion of the mineralised structural zone crossing both granodiorite intrusive and mafic volcanic hosts.
Drilling at Ma North is at a very early-stage when compared to other portions of the Ma structural complex. However, early-stage hole-to-hole correlation is demonstrating excellent continuity of mineralisation. Additional drilling is planned to further evaluate Ma North both along trend and to depth where the breccia hosted mineralisation remains open to expansion.
Cumulative results from Ma North drilling are available on the Company’s website www.terangagold.com under Exploration.
“Our drilling program at Golden Hill continues to provide a series of excellent gold intersections at multiple prospects including these most recent results from Peksou and the confirmation of a third mineralised breccia zone at our most advanced prospect, the Ma structural complex,” said David Mallo, Vice President, Exploration. “Our most recent and ongoing drilling at Golden Hill includes a second phase program completed at the C-Zone prospect and initial drilling at both the A-Zone and B-Zone prospects. All three prospects lie to the immediate south of the Peksou prospect.”