Teranga Gold announces two new gold discoveries in Burkina Faso
Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ)(ASX:TGZ) is pleased to announce two new gold discoveries from its exploration program at Golden Hill, its joint venture with Boss Resources Limited (ASX:BOE) ("Boss"), in Burkina Faso, West Africa.
The Company's new discoveries are located within the Ma and Nahiri prospects, representing the first two of the ten drill ready targets that have been identified to date at Golden Hill. All ten targets are within close proximity to each other.
"The assay results for Ma and Nahiri are very encouraging for an early stage exploration program," said David Mallo, Teranga's Vice President, Exploration. "They display good grades, widths, continuity and strike length in each prospect, and the mineralized zones occur from surface with good oxide depth developed."
Additionally, the next two targets - Jackhammer Hill and Pourey-Peksou - were also drilled during the first quarter. The Company can report that, while these assay results are pending, drilling intersected the expected alteration and structures at each of these targets.
Mr. Mallo added, "Overall, we are excited by these positive results, especially given their close proximity to one another. Based on the success of this first phase, a multi-drill second phase program on these targets has begun."
The Golden Hill property is located within the highly mineralized Houndé Greenstone Belt in Burkina Faso. This belt hosts a number of high-grade gold discoveries, including the recently discovered Sious, 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.HIGHLIGHTS
Initial assays from the Company's initial drilling evaluation at the Ma prospect intersected favorable results over the minimum 1,300-metre strike extent drilled to date. Highlight results include:
- 6.5 m @ 2.67 g/t Au and 3 m @ 8.86 g/t Au in GHDD-010
- 9.8 m @ 1.92 g/t Au including 5.3 m @ 2.62 g/t Au in GHDD-011
- 7.9 m @ 2.71 g/t Au in GHDD-015
- 5.2 m @ 5.15 g/t Au in GHDD-017
- 4.9 m @ 3.64 g/t Au in GHDD-020
The initial drilling evaluation at the Nahiri prospect intersected broad, highly anomalous intersections within which highlight intervals include:
- 14 m @ 2.85 g/t Au including 5 m @ 6.56 g/t Au and 18 m of 1.46 g/t Au including 4 m @ 2.38 g/t Au in GHRC-011
- 13 m @ 1.56 g/t Au including 6 m @ 2.23 g/t Au in GHRC-010
- 12 m @ 1.25 g/t Au including 3 m @ 2.28 g/t Au in GHRC-001
- 12 m @ 1.06 g/t Au and 1 m @ 11.00 g/t Au in GHRC-015
At the Ma prospect, 13 diamond drill (DD) holes were completed to test the primary NW-trending Ma structure, a secondary, parallel, NW-trending structure and N-S trending cross-structures. To date, a 1,300-metre strike extent of the primary Ma structure has been successfully intersected in all eight of these holes over varying spacing.
A follow-up drill program is scheduled to begin in early May to further evaluate the strike extent on regularly spaced sections, extend drilling further along trend and test depth extensions below the initial drill holes. Nahiri Prospect
At the maiden Nahiri prospect, 17 reverse circulation (RC) drill holes were completed in four drill profiles designed to test a 500-metre strike extent of a combined soil and auger geochemical anomaly. Three of the northernmost drill profiles, comprising a minimum 350-metre strike extent, returned the most favorable results, within a broadly anomalous gold zone. About the Golden Hill Property Joint Venture
The Golden Hill property is comprised of three adjacent exploration permits covering 468km2 located in southwest Burkina Faso in the central part of the Houndé Greenstone Belt. Teranga, through the acquisition of Gryphon Minerals Ltd, has an earn-in agreement with Boss 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.