Teranga Gold First Quarter 2016 Exploration Update

Transcription

1 Teranga Gold First Quarter 2016 Exploration Update Three exploration prospects on the Mine Lease; Golouma North, Goumbati West and Goumbati East, have yielded encouraging results thus far during the ongoing 2016 trenching and diamond drilling program. In addition, there are a number of Regional Exploration targets that, although not quite as advanced as the Mine Lease prospects, have also returned favourable trenching and drilling results. Of these, Maragou Main is the more advanced prospect with encouraging trench and step-out core drilling results. For full assay results, please refer to the Appendix on page 11. MINE LEASE PROSPECTS Figure 1: Sabodala Mining Lease Deposits and Prospects. Location Plan. GOLOUMA NORTH PROSPECT The Golouma North prospect is located approximately 1.5 Km north-northeast of the Golouma South pit and 0.3 Km northwest of the proposed Kerekounda pit, (Figure 1). The close proximity to current development pits is a very positive attribute for the Golouma North prospect. In the first half of 2015, several gold zones, including the Golouma North prospect, were identified during a Rotary Air Blast drilling program completed in the areas adjacent to the proposed Golouma South and Kerekounda Pits. A follow up program consisting of seven trenches totaling 563m and two diamond drill core holes (Figure 2) totaling 155m was undertaken in Q Favorable results confirmed the presence of gold mineralization associated with quartz veining in strongly sheared and siliceous, carbonate altered volcanics similar to other Golouma deposits. April 28,

2 During the first quarter 2016, twenty-six additional trenches totaling 3,063m were excavated in the Golouma Kerekounda region and, four diamond drill holes ( DDH ) totaling 409m were drilled along the northeast trend of Golouma North as identified by the trenching results, (Figure 2). Examples of the elevated gold values outlined in the Golouma North trenches include: GONTR0002: 2.4 g/t Au over 6m, including 4.7 g/t Au over 2m, GON00024A: 2.0 g/t Au over 7m, including 3.1 g/t Au over 4m, GONTR0025: 15.7 g/t Au over 2m The gold mineralization at Golouma North has been successfully drilled over a strike length of 300m. The mineralized zone, which dips at 60-70º to the northwest, varies in width from 1-13m and has been intersected at depths of 11-24m below surface. A typical cross-section through Golouma North Zone A mineralization is presented in Figure 3. Table 1 lists drilling highlights from the DDH drilling program. Regional structural trends and gold-in-soil anomalies indicate that the Golouma North mineralization (Zone A) is likely to extend southwest into Zone B and Zone C, (Figure 4). Zone C is interpreted as a possible extension to the Golouma Northwest Red Shear Zone based by information gained from earlier trenching and diamond drilling programs. The Zone A mineralization is also open to the north-northeast. During the second quarter 2016, additional trenching and an expanded drilling program will be undertaken to test for extensions to the northeast and to depth of Zone A and to the southwest towards Zones B & C. The goal of this drilling program is towards achieving initial resource classification for this prospect. Figure 2: Golouma North Prospect - Zone A. Plan distribution of gold-in-soil anomalies, trench traces, DDH collar and surface trace. April 28,

3 Figure 3: Golouma North Prospect Zone A. MDD Section facing NNE. Table 1: Golouma North Prospect Zone A. Drilling Highlights. Hole # UTM28N East UTM28N North Azimuth/Dip Interval (m) Intercept Values (g/t Au) ** GONDD / g/t; incl g/t GONDD / g/t MDD / g/t; incl g/t MDD / g/t g/t MDD / g/t g/t; incl g/t MDD / g/t g/t * Bold type Hole# represents 2016 drilling while others are previously announced 2015 drill holes. ** Intervals calculated using a 0.5 g/t Au cut-off and 2 m maximum internal dilution. Intercepts are not true widths as there is insufficient data to determine the true orientation of the mineralization. April 28,

4 Figure 4: Golouma North Prospect Zones A, B and C. Plan of regional structure, gold-in-soil anomalies, trench traces, DDH collars and surface trace. GOUMBATI WEST PROSPECT The Goumbati West prospect is situated 1.0 Km southwest of the Kobokoto gold deposit and roughly 14.0 Km south-southwest of the Sabodala Mill, (Figure 1), within the regional north-northeast trending Masato- Niakafiri Structural Corridor. This prospect coincides with a zone of ppb gold-in-soil anomalies outlined along a strike length in excess of 400m, (Figure 5). Gold mineralization at Goumbati West occurs within a 1.2 Km long, NNE trending shear structure hosting a series of quartz veins within a sheared sequence of epiclastics displaying silica and carbonate alteration. During the fourth quarter 2015, four reconnaissance diamond drill holes totaling 388m targeted the quartz vein system associated with gold mineralization at surface, (Figure 5). In the first quarter 2016, six trenches totaling 580m were excavated across the gold-in-soil anomalies to the west (Goumbati West-West) and a further 5 diamond drill holes totaling 535m were drilled along strike of the 2015 holes. Additionally, four holes were drilled in the Golouma West-West area. The gold mineralized zone at Goumbati West has been intersected by this drilling at depths ranging from 11-24m below surface over a combined strike length of 400m. Additional trenching and diamond drilling will be undertaken in the second quarter 2016 to test the open ended strike and depth extensions to the Goumbati West mineralized zone. The upcoming drilling program at Goumbati West has the same goal as for the drilling at Golouma North, that being achieving initial resource classification for this prospect. April 28,

5 Figure 5: Goumbati West Prospect. Plan distribution of gold-in-soil anomalies, DDH collars and surface trace. Table 2: Goumbati West Drilling Highlights. Hole # * UTM28N East UTM28N North Azimuth/Dip Interval (m) Intercept Values (g/t Au) ** GBWDD / g/t GBWDD / g/t MDD / g/t MDD / g/t g/t MDD / g/t; incl g/t MDD / g/t; incl g/t MDD / g/t * Bold type Hole# represents 2016 drilling while others are previously announced 2015 drill holes. ** Intervals calculated using a 0.5 g/t Au cut-off and 2 m maximum internal dilution. Intercepts are not true widths as there is insufficient data to determine the true orientation of the mineralization. GOUMBATI EAST PROSPECT The Goumbati East prospect is located 3.0 Km southwest of the Golouma South gold deposit, in-between the regional north-northeast trending Niakafiri and Golouma Structural Corridors. Goumbati East is defined by a series of ppb gold-in-soil anomalies coincident with WNW and NE trending shear structures containing quartz veins within a sequence of volcanoclastics and basalts displaying quartz-carbonate alteration and tourmaline. In the fourth quarter 2015, four diamond drill holes were completed for a total of 374m, (Figure 6). Two of these holes tested the north-northeast trending shear structures and two others were collared to test the north-northwest trending shear structures. Positive results were received from the holes which tested the north-northeast shear structures. April 28,

6 During the first quarter 2016, four trenches totaling 438m were excavated over the north-northeast trending gold-in-soil anomalies and zones with quartz vein development. Ten additional diamond drill holes totaling 900m have now been completed along strike of the successful 2015 holes on the north-northeast trending shear structures. Drilling highlights are presented in Table 3. The mineralized zone, which varied in width from 1-4m, was intersected in drilling at depths ranging from 10-50m below surface over a strike length of 250m. Gold mineralization appears to drop off or has been offset towards the north-northeast as reflected in the drill results from MOD and MOD but remains open-ended towards the southsouthwest and to depth. Figure 6: Goumbati East Prospect. Plan of gold-in-soil anomalies, trench traces, DDH collars and surface trace. Table 3: Goumbati East Drilling Highlights. Hole # * UTM28N East UTM28N North Azimuth/Dip Interval (m) Intercept Values (g/t Au) ** g/t GBEDD / g/t g/t GBEDD / g/t GBEDD / g/t GBEDD / g/t GBEDD / g/t g/t GBEDD / g/t GBEDD / g/t * Bold type Hole# represents 2016 drilling while others are previously announced 2015 drill holes. ** Intervals calculated using a 0.5 g/t Au cut-off and 2 m maximum internal dilution. Intercepts are not true widths as there is insufficient data to determine the true orientation of the mineralization. April 28,

7 OTHER MINE LEASE PROSPECTS Currently, there are additional Mine Lease prospects at an early stage of exploration including the Maleko and Koulouqwinde prospects, (Figure1). An eight-hole diamond drilling program will commence at Maleko during the second quarter 2016 to follow up on a broad, 500m long, northwest-southeast trending gold-insoil anomaly identified during an earlier geochemical soil sampling program. At Koulouqwinde, a trenching program will be initiated early in the second quarter 2016 to follow up a 400m long zone, parallel to the northeast-southwest trending regional shear structures, with coincident gold-in-soil anomalies. REGIONAL PROSPECTS Figure 7: Regional Prospects. Location Plan. MAROUGOU MAIN PROSPECT The Marougou Main prospect, originally defined by termite mound soil geochemistry, is situated 35 Km northwest of the Sabodala Mill, (Figure 7). The Marougou Main prospect was further defined by rotary air blast (RAB) drilling, followed by reverse circulation ( RC ) drilling in This drilling identified a series of north-northeast trending, northwest dipping (25-45 ), auriferous quartz vein lenses, with disseminated pyrite, developed over a 1,200m strike length down to depths of 170m below surface. The recent diamond drilling completed in the fourth quarter 2015 and first quarter 2016 indicates that gold mineralization is associated with quartz veins and stringers developed in medium to coarse grained immature sandstones and felsic intrusive sills. Four trenches totaling 493m were excavated in the first quarter 2016, (Figure 8). Three diamond drill holes totaling 424m were completed in the fourth quarter 2015 with six additional diamond drill holes, totaling 650m, completed in the first quarter 2016, (Figure 8). Drilling and trenching results are currently being assessed to provide structural information on the orientation of the mineralized zones which will assist with follow-up drilling programs throughout the Marougou area. Some of the assay result highlights from the diamond drilling and trenching are presented in Table 4 and Table 5, respectively. April 28,

8 Additional trenching and diamond drilling will be undertaken in the second quarter 2016 to test for strike and down dip extensions to the mineralized zones. Figure 8: Marougou Prospects. Plan of regional structure, termite mound gold anomalies, trench traces, RC collars and surface trace, DDH collars and trace. Table 4: Marougou Main Drilling Highlights. Hole # * UTM28N East UTM28N North Azimuth/Dip Interval (m) Intercept Values (g/t Au) ** MARDD / g/t; inclu g/t MARDD / g/t; inclu g/t g/t MARDD / g/t g/t MARDD / g/t; inclu g/t g/t g/t MARDD / g/t g/t g/t MARDDD / g/t g/t MARDD / g/t g/t MARDD / g/t; inclu g/t MARDD / g/t; inclu g/t * Bold type Hole# represents 2016 drilling while others are previously announced 2015 drill holes. ** Intervals calculated using a 0.5 g/t Au cut-off and 2 m maximum internal dilution. Intercepts are not true widths as there is insufficient data to determine the true orientation of the mineralization. April 28,

9 Table 5: Marougou Main Trenching Highlights. Trench # UTM28N East UTM28N North Azimuth Interval (m) Intercept Values (g/t Au) * g/t RT g/t g/t g/t g/t RT g/t g/t g/t RT g/t RT g/t * Intervals calculated using a 0.5 g/t Au cut-off and 2 m maximum internal dilution. Intercepts are not true widths as there is insufficient data to determine the true orientation of the mineralization. NIENIENKO MAIN PROSPECT The Nienienko Main prospect is located 45 Km north-northeast of the Sabodala Mill, (Figure 7 & 9). Gold mineralization is primarily associated with flat lying white and smoky quartz veins developed within locally brecciated granodiorite, granite, and andesitic units. Gold mineralization has been traced in trenches excavated over a distance of 1,200m and coincides with a termite geochemical gold anomaly extending over a minimum 2,500m strike length. The mineralization is possibly controlled by regional scale northnortheast trending decollement and imbricate thrust systems. An RC drilling program has been planned for Nienienko Main to commence in the second quarter This RC program will entail drilling 3,300m to provide an initial evaluation of the economic potential of the extensive, flat lying, quartz-breccia vein system. Figure 9: Nienienko Main Prospect. Plan of surface geology and drill fences for RC Drilling program. April 28,

10 OTHER PROSPECTS Other early stage exploration prospects (locations given in Figure 7) which are currently being investigated include: Leoba, situated 5.0 Km southwest of the Nienienko Main prospect, where trenching and a threehole diamond drilling program were completed in the first quarter 2016, (drill assay results pending). Kodadian, where three diamond drill holes were completed in the first quarter 2016, (assay results pending). Diegoun North Cinnamon, where a detailed soil sampling and trenching programs over the Doughnut Regional Scale Soil Anomaly, are underway with follow up diamond drilling programs planned. The initial three-hole diamond drilling program is planned for the second quarter Diegoun North Honey, where a detailed soil sampling and trenching programs over the Doughnut Regional Scale Soil Anomaly are underway with a follow up, minimum 8-hole diamond drilling program planned in the second quarter Marougou West, where a large scale trenching program is underway to evaluate a strike extensive grouping of termite mound geochemical anomalies. Marougou North and Marougou South, where a trenching program is planned in the second quarter Tourokhoto, where evaluation of soil anomalies, RC and DDH drilling programs is underway. KA, where additional trenching and diamond drilling programs are planned for the second quarter Competent and Qualified Persons Statement 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 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 Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Mann is a "Qualified Person" under National Instrument 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 document, including the sampling, analytical and test data underlying the information. The RC and initial diamond drill samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for elevated gold assays in the diamond drilling samples are sent for confirmatory fire assay analysis at ALS Johannesburg, South Africa. Mr. Mann has consented to the inclusion in this document of the matters based on his compiled information in the form and context in which it appears herein. April 28,

11 APPENDIX First Quarter 2016 Exploration Results DDH intersections, >0.5 g/t Au with max 2m internal dilution/no external dilution HOLE ID UTM28N UTM28N Downhole Intercept Values (core Azimuth Dip East North Depth (m) g/t Au) GBEDD ,622 1,451, g/t g/t GBEDD ,791 1,454, g/t g/t Including g/t GBEDD ,029 1,452, g/t g/t g/t GBEDD ,191 1,451, g/t GBEDD ,162 1,451, g/t g/t GBEDD ,200 1,451, g/t GBEDD ,156 1,451, g/t g/t -50 GBEDD ,170 1,451, g/t Including g/t GBEDD ,157 1,451, g/t g/t GBEDD ,133 1,451, g/t g/t GBEDD ,126 1,451, g/t g/t GBEDD ,142 1,451, g/t Including g/t GBEDD ,098 1,451, g/t MDD ,126 1,451, g/t GBWDD ,239 1,450, g/t GBWDD ,212 1,450, g/t Including g/t GBWDD ,161 1,450, g/t GBWDD ,994 1,450, g/t MDD ,229 1,450, g/t g/t MDD ,180 1,450, Including g/t g/t MDD ,149 1,450, g/t g/t MDD MDD , ,027 1,450,119 1,450, g/t 2.91 g/t Including Including g/t 3.57 g/t GONDD ,851 1,454, ,768 1,454, GONDD ,791 1,454, MDD g/t Including g/t g/t g/t Including g/t g/t g/t g/t Including g/t g/t g/t MDD ,798 1,454, Including g/t g/t MDD ,823 1,454, g/t g/t MDD ,887 1,454, g/t g/t Including g/t Goumbati East DDH Program - 4 Holes 2015 Goumbati East DDH Program - 10 Holes 1st Quarter 2016 Goumbati West DDH Program - 4 Holes 2015 Goumbati West DDH Program - 5 Holes 1st Quarter 2016 Golouma North DDH Program - 2 Holes 2015 Golouma North DDH Program - 4 Holes 1st Quarter 2016 MARDD0001 MARDD g/t Including g/t g/t Including g/t g/t g/t g/t Including g/t MARDD ,348 1,469, g/t MARDD0004 MARDD0005 MARDD0006 MARDD0007 MARDD0008 MARDD , , , , ,094 1,468,595 1,469,068 1,469,582 1,469, ,109 1,469, , ,727 1,469,623 1,468,611 1,468, g/t g/t Including g/t g/t g/t Including g/t g/t g/t Including g/t g/t g/t g/t g/t g/t g/t g/t g/t g/t g/t g/t Including g/t g/t g/t Including g/t Marougou Main DDH Program - 1 Hole 2015 Marougou Main DDH Program - 8 Holes 1st Quarter 2016 April 28,