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Teranga Gold Corp (2)
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Close 2018-02-27 C$ 3.62
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Teranga drills one m of 294.4 g/t Au at Golden Hill

2018-02-27 17:18 ET - News Release

Mr. Richard Young reports


Teranga Gold Corp.'s continuing, early-stage drilling has intersected additional high-grade, near-surface and deeper gold mineralization at its newest discovery, Jackhammer Hill, situated on the Golden Hill property in Burkina Faso, West Africa.

Teranga has an earn-in agreement on the Golden Hill property with Boss Resources Ltd. pursuant to which Teranga, as the operator, can earn an 80-per-cent interest in the joint venture upon delivery of a feasibility study and the payment of $2.5-million (Australian). Teranga is aggressively drilling all five prospects at Golden Hill. Each prospect is located within approximately five kilometres from a central point.

Diamond drill results returned to date are confirming that the Jackhammer Hill discovery is a large mineralized system hosting a high-grade central core. Drilling has intersected multiple mineralized zones that are often associated with visible gold, especially within the central area of the prospect.

Jackhammer Hill prospect highlights:

  • Nine metres of 34.25 grams per tonne gold, including one m of 294.4 g/t Au (GHDD-221) -- uncut;
  • Eight m of 10.49 g/t Au, including one m of 71.93 g/t Au (GHDD-222) -- uncut;
  • Eight m of 4.36 g/t Au, including one m of 10.19 g/t Au (GHDD-197);
  • 12 m of 2.68 g/t Au, including four m of 5.83 g/t Au (GHDD-225).

Jackhammer Hill -- prior selected drill highlights (released in November, 2017):

  • 15 m of 5.72 g/t Au, including four m of 16.37 g/t Au, including one m of 42.1 g/t Au (GHDD-104) -- uncut;
  • 14 m of 110.6 g/t Au, including five m of 306.7 g/t Au, including one m of 1,499 g/t Au (GHDD-111) -- uncut.

"Today's positive results continue our strong momentum at the Golden Hill project and confirm its status as one of the most exciting gold projects in West Africa," said Richard Young, Teranga Gold's president and chief executive officer. "We have discovered five high-grade prospects at Golden Hill to date, including Jackhammer Hill, increasing our confidence that this project may represent Teranga's third gold mine in West Africa."

"Jackhammer Hill continues to provide a series of high-grade gold intersections," said David Mallo, Teranga's vice-president, exploration. "Although we are still at an early stage of evaluation, we recognize strong potential for considerable upside with continued exploration success as we extend our drilling evaluation program at Jackhammer Hill, both along trend beyond the initial target area and to depth, where the mineralized structures remain open for further expansion."

The Golden Hill property is composed of three adjacent exploration permits covering 470 square kilometres, located in southwest Burkina Faso in the central part of the Hounde greenstone belt. This belt hosts a number of high-grade gold discoveries, including the Siou, Yaramoko and Hounde 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 under way.

Jackhammer Hill prospect

Sixteen diamond drill results from recent drilling at the Jackhammer Hill prospect are reported within this news release in the attached table. Cumulative results from Jackhammer Hill drilling are available on the company's website under exploration.

The gold mineralized zones identified thus far comprise a series of southeast-dipping horizons hosted within an altered and sheared diorite intrusive unit. Drilling has been initiated along an approximate 1,000-metre strike extent, predominantly to vertical depths of 50 to 75 metres and locally to vertical depths of approximately 125 metres (GHDD-197).

A central core portion of the Jackhammer Hill prospect includes a number of intersections reflective of higher-grade visible gold occurrences in the drill core over a current strike extent of 160 metres. A number of the higher-grade intervals associated with the visible gold occurrences will be reanalyzed by metallic screen (total gold) analytical methods.

Drilling results

Hole No.                        Interval (m)*       Core length (m)*      Grade (g/t Au)

GHDD-194                              52-54                      2                 1.24
GHDD-195                              78-79                      1                 1.53
GHDD-196                              24-27                      3                 1.20
                                      88-91                      3                 2.37
                                     93-101                      8                 1.17
GHDD-197                            117-125                      8                 4.36
Including                           117-120                      3                10.19
                                    131-132                      1                 3.32
                                    171-173                      2                 1.38
                                    176-179                      3                 1.00
GHDD-198***                            8-13                      5                 1.06
                                      13-15              No sample
                                      15-18                      3                 1.10
                                      28-31                      3                 2.16
                                      67-70                      3                 1.67
GHDD-199***                           11-13                      2                 2.16
                                      13-14              No sample
                                      14-15                      1                 3.11
                                      45-49                      4                 1.31
                                      58-60                      2                 1.50
GHDD-200                              16-19                      3                 1.46
                                      67-73                      6                 6.35
GHDD-220***                             2-4                      2                 1.00
                                      22-23              No sample
                                      23-24                      1                 1.21
                                      26-27                      1                 1.00
                                      39-42                      3                 2.00
                                      55-56                      1                 1.87
                                      63-65                      2                 1.08
GHDD-221**                            34-35                      1                 1.16
Uncut                                 62-71                      9                34.25
Uncut         Including               65-71                      6                51.10
Uncut         Including               65-66                      1                294.4
Cut                                   62-71                      9                 4.87
Cut           Including               65-71                      6                 7.02
Cut           Including               65-66                      1                30.00
GHDD-222**                            21-23              No sample
And***                                23-24                      1                 2.70
                                      38-41                      3                 1.07
                                      69-70                      1                 5.90
Uncut                                 73-81                      8                10.49
Uncut         Including               78-81                      3                26.36
Uncut         Including               78-79                      1                71.93
Cut                                   73-81                      8                 5.25
Cut           Including               78-81                      3                12.39
Cut           Including               78-79                      1                30.00
                                      94-95                      1                 4.97
GHDD-223                              50-52                      2                 1.05
                                      74-88                     14                 2.04
Including                             74-75                      1                10.73
                                      91-94                      3                 2.30
                                    106-107                      1                 2.90
                                    132-134                      2                 4.16
                                    141-144                      3                 1.40
GHDD-224                              39-40                      1                 3.63
                                      50-52                      2                 1.18
GHDD-225**                            17-22                      5                 1.70
And***                                22-23              No sample
                                      24-25                      1                 4.46
                                      30-38                      8                 1.06
                                      66-78                     12                 2.68
Including                             66-70                      4                 5.83
GHDD-226                              14-15                      1                 1.16
                                      25-26                      1                 1.02
                                      49-50                      1                 1.12
                                      73-74                      1                 2.63
                                      96-97                      1                 1.70
GHDD-227                              51-55                      4                 1.21
                                    126-127                      1                 1.69

* Intervals calculated with a 0.4-gram-per-tonne-gold cut-off and 
two-metre maximum internal dilution. True widths are unknown.      
** Visible gold observed in core. Uncut and cut intervals are 
reported. All individual sample results in excess of 30 g/t Au are
cut to that value.
*** Hole GHDD-198 encountered an artisanal opening from 13 to 15 m 
for which no sample was taken within the eight- to 18-metre
mineralized interval.  
*** Hole GHDD-199 encountered an artisanal opening from 13 to 14 m
for which no sample was taken within the 11- to 15-metre 
mineralized interval.               
*** Hole GHDD-220 encountered an artisanal opening from 22 to 23 m
for which no sample was taken within the 22- to 27-metre 
mineralized interval.               
*** Hole GHDD-222 encountered an artisanal opening from 21 to 23 m
for which no sample was taken within the 21- to 24-metre
mineralized interval.               
*** Hole GHDD-225 encountered an artisanal opening from 22 to 23 m
for which no sample was taken within the 17- to 24-metre
mineralized interval.

Competent person statements

Teranga's exploration programs in Burkina Faso 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 (Standards of Disclosure for Mineral Projects). 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 data disclosed in this release, including the sampling, analytical and test data underlying the information. The RC (reverse circulation) 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.

About Teranga Gold Corp.

Teranga is a multijurisdictional West African gold company focused on production and development, as well as the exploration, of more than 5,000 square kilometres of land, located on prospective gold belts. Since its initial public offering in 2010, Teranga has produced more than 1.4 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 Wahgnion gold project, with a recently released positive feasibility study, and conducting extensive exploration programs in three countries: Burkina Faso, Senegal and Ivory Coast. Teranga has a strong balance sheet and the financial flexibility to execute on its growth strategy.

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