Teranga Gold Reports Favourable Results from Drilling on the Sabodala Mine License
MARKET WIRE 3:05 AM ET 2/27/2017
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TORONTO, ONTARIO -- (Marketwired) -- 02/27/17 -- Teranga Gold Corporation(TGCDF) ("Teranga" or the "Company") (ASX:TGZ) is pleased to announce initial results from its exploration drilling program at its Niakafiri deposit on the Sabodala mine license in Senegal, West Africa.
"We are pleased to be drilling at Niakafiri. With the resumption of drilling, we believe there is considerable opportunity to upgrade the existing resources and reserves. With results received from 27 of the 115 planned holes, we are encouraged by the favourable results thus far," stated Paul Chawrun, Chief Operating Officer of Teranga.
The majority of the Niakafiri suite of deposits were delineated at the inception of the Sabodala project in 2009 and represents a combined measured and indicated resource of approximately 600,000 ounces, an inferred resource of approximately 220,000 ounces and reserves of over 300,000 ounces(1) included within the total resource estimate (see Table 1A in Appendix 1). These resources and reserves have been delineated near surface with the oxide zone extending at depth and are approximately 3 kilometres from the Sabodala mill (see Figure 1 in Appendix 1). Further development drilling of Niakafiri resources was halted until Teranga was able to access these areas with stakeholder support. Since re-initiation of this program with one drill in late 2016, we have increased present activity to four drills in order to complete the drilling in time for inclusion in an updated mid-year resource and reserve statement.
Added David Mallo, Vice President Exploration of Teranga, "The Niakafiri drilling program will continue throughout 2017 as we seek to upgrade resource classification, infill gaps between resource outlines and evaluate mineralisation along strike of the deposits."
HIGHLIGHTS
6.90 g/t Au over 8 metres including 45.5 g/t Au over 1 metre in MDD17-242
2.45 g/t Au over 17 metres including 3.25 g/t Au over 11 metres in MDD16-235
1.89 g/t Au over 12 metres including 5.25 g/t Au over 3 metres in MDD17-239
Teranga has four diamond core drills currently active at Niakafiri
DRILLING UPDATE
The current phase of the Niakafiri drill program consists of 115 proposed core holes totaling 12,000 metres to be drilled at four components of the Niakafiri deposit; Niakafiri Main, Niakafiri Southeast, Niakafiri West and Dinkokono (see Figure 2 in Appendix 1). The most advanced portion of Niakafiri is the eastern component where most of the current drilling program has been completed and all reported results are located. The majority of the planned 2017 drilling is at Niakafiri West where the objectives are to upgrade the resource categories and to fill in a gap of approximately 1.5 kilometres along Niakafiri West extending northwards towards known mineralization at Soukhoto. An additional phase of drilling will be undertaken based on interpretation of the results from the current program.
The results received to date from the eastern portion of the Niakafiri deposit drilling (see Figure 2 in Appendix 1) are encouraging. We have successfully filled in gaps between previously outlined resource pit shells, extended mineralization up-dip in a number of areas of the deposit and successfully filled in previous widely spaced drill intersections. In addition, a number of near surface high grade intercepts have been received from the initial assay results (see Table 1 on the next page).
Furthermore, the results from all components of the current Niakafiri drill program will be incorporated into an updated mid-year resource and reserve statement. The current Niakafiri resource and reserve base estimation is outlined in Tables 1A and 1B (see Tables 1A & 1B in Appendix 1).
Pending further favourable results at Niakafiri, the Company expects to further evaluate the impact on pit sequencing in the life of mine plan and the timing of village relocation.
A listing of the favourable drill hole intersections currently available from the eastern portion of the Niakafiri deposit is outlined in the following Table 1, while the complete listing of drill results for all 27 holes currently available from this extensive drill program is included in Table 2 (see Table 2 in Appendix 1).
Table 1: Niakafiri Drilling Highlights*
Interval (m)
Hole # Northing Easting Azimuth Dip From To Core Length (m) Grade
(g/t Au)
MDD16-228 1457509 813556 111 -47 8 12 4 1.09
MDD16-228 1457509 813556 111 -47 42 54 12 1.01
MDD16-228 1457509 813556 111 -47 incl. 43 46 3 2.63
MDD16-229 1457274 813506 112 -45 29 37 8 1.72
MDD16-229 1457274 813506 112 -45 incl. 32 37 5 2.45
MDD16-233 1457208 813444 111 -49 50 55 5 1.63
MDD16-235 1455851 813253 110 -53 0 22 22 0.92
MDD16-235 1455851 813253 110 -53 incl. 4 11 7 1.42
MDD16-235 1455851 813253 110 -53 24 41 17 2.45
MDD16-235 1455851 813253 110 -53 incl. 24 35 11 3.25
MDD17-239 1456189 813384 110 -47 11 23 12 1.89
MDD17-239 1456189 813384 110 -47 incl. 15 18 3 5.25
MDD17-240 1456229 813389 110 -45 2 5 3 3.97
MDD17-240 1456229 813389 110 -45 19 27 8 1.86
MDD17-240 1456229 813389 110 -45 incl. 24 27 3 4.2
MDD17-241 1456257 813280 111 -63 20 28 8 1.34
MDD17-241 1456257 813280 111 -63 incl. 26 27 1 5.56
MDD17-242 1456267 813402 110 -60 17 25 8 6.9
MDD17-242 1456267 813402 110 -60 incl. 20 21 1 45.5
MDD17-249 1457469 813549 112 -45 34 40 6 1.5
MDD17-249 1457469 813549 112 -45 incl. 35 36 1 6.8
MDD17-255 1456335 813295 112 -58 1 2 1 4.51
MDD17-255 1456335 813295 112 -58 13 18 5 1.68
MDD17-255 1456335 813295 112 -58 22 23 1 2.87
MDD17-255 1456335 813295 112 -58 34 35 1 12.3
*Intervals calculated using a 0.4 g/t Au cut-off and 2 metres maximum internal dilution. True widths are unknown and intercept gold values are determined from uncapped assays. UTM Coordinates are WGS84 30N
