Toro Gold Ltd Trafalgar Court Admiral Park Guernsey GY1 3EL News Release: 10 th July 2018, Guernsey Mako Mine, Senegal Exploration Drilling Update Toro Gold ( Toro Gold or the Company ) is pleased to provide a further update on the results from the 15,000 metre core drilling programme currently in progress at its 90% owned Mako gold mine in Senegal. The programme is targeting mineralisation underneath the current open pit that has the potential to extend the life of mine. Drilling highlights include: 32m @ 3.4g/t Au from 239.5m in PWD371 34m @ 2.8g/t Au from 209.5m in PWD377 30m @ 2.9g/t Au from 199m in PWD380 35m @ 2.3g/t Au from 214m in PWD370 9m @ 3.1g/t Au from 220m in PWD369 15m @2.2g/t Au from 226m in PWD374 The 15,000 metre, 60 hole core programme is now 50% complete and with 3 rigs turning the programme is scheduled for completion in early Q4 2018. To date 32 drill holes have been completed for 7,300 metres, and results received for twenty of those holes. Howard Bills, Chief Exploration Officer, commented: We continue to be encouraged by the results emerging from the deeper holes intersecting the Petowal mineralised zone immediately beneath the life of mine reserve pit. To date the mineralisation intersected throughout the programme is the down dip continuation of the main Petowal lode that forms the ore body. At South-West and Central Petowal the main mineralised zone is hosted by a felsic volcanic rock which is consistent with these latest drill results. Further, as seen during previous drilling campaigns, higher grade sections of drill holes are typified by intense bleaching, abundant pyrite and in places a well-developed shear fabric. The programme will continue over the next few months with the aim of developing an updated mineral resource for the Mako mine towards the end of this year. We look forward to updating you in due course with further results as they become available.
Drill Programme Objectives The main objective of the drilling programmes is to investigate the potential to extend the open pit life by further investigating the mineralised zone beneath the current final pit design. In addition, some deeper drill holes will continue to investigate the potential for underground mining targets within a southwest plunging zone of mineralisation identified at SW Petowal and a steeply plunging zone at NE Petowal. Two areas of the Petowal ore body are being investigated: Southwest and Central Petowal over a strike length of 460 metres (45 planned holes, 12,000 metres), and Northeast Petowal over a strike length of 280 metres (10 planned holes, 3,000 metres). Figure 2. Petowal collar plan showing historical drilling (black), grade control drilling (yellow) and the current 15,000 metre programme (green and red with recent assay results annotated).
Results to date Of the 32 holes drilled to date the results for 20 holes (PWD362 to 381) have been received. Table 1 in Appendix A summarises these drilling and assay results. Drilling at depth beneath the pit continues to confirm the Petowal geological model and mineralisation is being intersected where predicted by the block model. Appendix B contains a series of cross sections that highlight selected mineralised intercepts and assay results in hole numbers PWD369 to PWD381. Figure 1. PWD367 (Sample number 70126) 201.97m to 203.47m: Assay 15.2 ppm Au. Coarse pyrite with patches of intense bleaching in Felsic Unit. Figure 2. PWD367 (sample number 70135) 211.6m to 213.1m: Assay 6.0 ppm Au. Intensely bleached and sheared Felsic Unit with abundant coarse pyrite.
Sample Preparation Drill core is subjected to a series of logging and data recording procedures and then cut and sampled (1/2 core) over intervals of 1.5 metre intervals. The ½ core samples are subjected to a standard industry practice sample preparation at Toro Gold s sample preparation laboratory at Mako. Samples are jaw crushed to a nominal top size of 2mm, 1kg is riffle split and milled (LM2) to 95% passing 75 microns and finally a 150g of pulp split is taken for assay. Prepared samples are being routinely assayed at ALS Loughrea in Ireland by 50g Fire Assay with an ICP Finish. Toro s internal QA-QC procedures include introduction of 5% prepared Blanks, 5% pulp Duplicates and 5% CRM s. The sample preparation laboratory is audited on a 3 month basis by an independent consultant. This press release has been reviewed by the in-house qualified person Howard Bills who is a Fellow of the Geological Society and Chartered and European Geologist. Cautionary Note Regarding Forward Looking Statements This Press Release may contain statements which constitute forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, and its directors, or officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions or the negative thereof, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. These forward-looking statements speak only as at the date of this press release. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
APPENDIX A Mako core drilling programme Summary of drilling to date Petowal Section Hole ID Line no Easting Local Northing Local Total Depth (m) Inclination Azimuth (UTM) Results SW Petowal PWD362 1780N 1930 1780 206.45-65 140 Reported in news release 22nd May SW Petowal PWD363 1780N 1865 1780 272.55-70 140 Reported in news release 22nd May SW Petowal PWD364 1800N 1907 1800 221.30-60 140 Reported in news release 22nd May SW Petowal PWD365 1840N 1878 1840 254.10-70 140 Reported in news release 22nd May SW Petowal PWD366 1880N 1842 1880 281.45-70 140 Reported in news release 22nd May SW Petowal PWD367 2000N 1805 2000 240.00-70 140 Reported in news release 22nd May SW Petowal PWD368 2040N 1800 2040 245.50-70 140 Reported in news release 22nd May SW Petowal PWD369 2080N 1780 2080 248.55-70 140 8.5m @ 3.1g/t Au from 220m Central Petowal PWD370 2200N 1753 2200 284.65-70 140 16.5m @ 0.5g/t Au from 164.5m and 35m @ 2.3g/t Au from 214m and 6m @ 0.5g/t Au from 257m Central Petowal PWD371 2240N 1751 2240 281.65-70 140 9m @ 1.5g/t Au from 221.5m and 31.5m @ 3.4g/t* Au from 239.5m SW Petowal Shallow Hole PWD372 1780N 2086 1780 83.70-70 140 No significant assay results SW Petowal Shallow Hole PWD373 1780N 2050 1780 116.70-75 140 No significant assay results SW Petowal PWD374 2120N 1756 2120 260.60-70 140 15m @ 2.2g/t Au from 226m SW Petowal Shallow Hole PWD375 1800N 2088 1800 83.70-70 140 No significant assay results SW Petowal Shallow Hole PWD376 1800N 2060 1800 114.90-80 140 No significant assay results Central Petowal PWD377 2200N 1796 2200 281.50-70 140 34m @ 2.8g/t Au from 209.5m SW Petowal Shallow Hole PWD378 1820N 2081 1820 83.90-70 140 No significant assay results SW Petowal Shallow Hole PWD379 1820N 2044 1828 122.70-75 140 No significant assay results Central Petowal PWD380 2240N 1804 2240 275.10-70 140 30m @ 2.9g/t Au from 199m Central Petowal PWD381 2160N 1848 2160 226.66-70 140 7.5m @ 1.2g/t Au from 146.5m and 12m @ 1.7g/t Au from 172m SW Petowal PWD382 2120N 1791 2120 251.50-70 140 Waiting for assays Central Petowal PWD383 2200N 1712 2200 287.70-70 140 Waiting for assays SW Petowal PWD384 2040N 1765 2040 251.65-70 140 Waiting for assays Central Petowal PWD385 2160N 1713 2160 290.70-70 140 Waiting for assays SW Petowal Shallow Hole PWD386 1800N 1972 1800 170.50-60 140 Waiting for assays SW Petowal PWD387 2120N 1717 2120 275.60-70 140 Waiting for assays SW Petowal PWD388 1920N 1797 1920 284.70-70 140 Waiting for assays SW Petowal PWD389 2080N 1700 2080 260.10-70 140 Waiting for assays SW Petowal PWD390 1880N 1872 1880 266.70-70 140 Samples not yet shipped SW Petowal PWD391 1780N 1998 1780 152.90-70 140 Samples not yet shipped SW Petowal PWD392 1880N 1807 1880 301.55-70 140 Samples not yet shipped SW Petowal PWD393 1960N 1792 1960 260.70-70 140 Samples not yet shipped SW Petowal PWD394 1800N 1904 1800-70 140 Drill hole in progress SW Petowal PWD395 1920N 1763 1920-70 140 Drill hole in progress SW Petowal PWD396 1800N 1824 1800-70 140 Drill hole in progress *Contains single assay of 89.3g/t top cut to 30g/t Meters drilled # drill holes completed Meters remaining # drill holes remaining 7,239.96 32 7,760.04 27
APPENDIX B CROSS SECTIONS Figure 3. Cross section Line 2080N: 8.5m @ 3.1g/t Au from 220m in PWD369 Figure 4. Cross section Line 2120N: 15m @2.2g/t Au from 226m in PWD374
Figure 5. Cross section Line 2200N: 35m @ 2.3g/t Au from 214m in PWD370 and 34m @ 2.8g/t Au from 209.5m in PWD377 Figure 6. Cross section Line 2240N: 31.5m @ 3.4g/t Au from 239.5m in PWD371 and 30m @ 2.9g/t Au from 199m in PWD380