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Teranga Gold Reports More Strong Drill Results from the Woulo Woulo Discovery at its Afema Project in Côte d’Ivoire

20.01.2021  |  GlobeNewswire
Drill intercepts include 1.50 g/t gold over 70 metres and 1.51 g/t gold over 54 metres

Approximately 3 kilometres of consistent gold mineralization in oxides and at depth


TORONTO, Jan. 20, 2021 - Teranga Gold Corp. (“Teranga” or the “Company”) (TSX: TGZ, OTCQX:TGCDF) is pleased to announce strong drill results on both the oxide and fresh mineralization from its Woulo Woulo prospect at the Afema exploration project (“Afema”) in southeastern Côte d’Ivoire, West Africa.

Woulo Woulo drill results released today include numerous near-surface gold intercepts and expand a nearly 3-kilometre strike extent of continuous known gold mineralization to depths exceeding 150 metres. Results indicate that Woulo Woulo remains open along trend and to depth, building upon strong initial results announced in September 2020. Bottle roll tests conducted for a preliminary understanding of the potential leachability provided encouraging results


Drilling Highlights
  • 39 m @ 1.69 g/t gold, including 23 m @ 2.37 g/t gold from 96 m down hole depth (DHD) in WWDD-021

  • 57 m @ 1.38 g/t gold, including 18 m @ 2.19 g/t gold from 23 m DHD in WWDD-056

  • 54 m @ 1.51 g/t gold, including 15 m @ 2.56 g/t gold from 146 m DHD in WWDD-071

  • 48 m @ 1.41 g/t gold, including 11 m @ 3.02 g/t gold from 78 m DHD in WWDD-074

  • 70 m @ 1.50 g/t gold, including 25 m @ 3.09 g/t gold from 48 m DHD in WWDD-084

A listing of significant recent Woulo Woulo drill results from over 80-diamond drill (“DD”) holes is presented as Table 1 in Appendix A. A complete table of results from all Woulo Woulo holes is hosted on the Teranga web site under the Exploration tab.

“The results from our recent exploration and drilling at the Woulo Woulo prospect support our expectation that the Afema project has significant potential for future development,” said Richard Young, President and Chief Executive Officer. “The combination of Teranga’s Afema, Massawa and Golden Hill projects and Endeavour’s already attractive pipeline has the potential to be one of the best organic growth pipelines of any senior gold producer.”

The Woulo Woulo prospect is the most recent discovery at Afema, a project that covers more than 1,400 square kilometres. It includes a historical near-surface oxide and sulphide resource and lies within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana.

“Our team is encouraged by the broad widths and considerable depths of gold mineralization across the Woulo Woulo prospect’s entire known strike extent,” said David Mallo, Vice President, Exploration. “The solid grades and widths of mineralization demonstrated within surface trenching correlate extremely well with mineralization intersected at depth across the area drilled. It is also very encouraging to see that the initial results from the bottle roll tests indicate potential for a conventional leach extraction process. Our results to date continue to suggest that Woulo Woulo could be a large mineralized system warranting significant exploration and drilling evaluation.”


Woulo Woulo Prospect Overview

The Woulo Woulo prospect is currently comprised of four parts: North, Central, South and East. Woulo Woulo West is now being readied for trenching and drilling. Each component of this prospect exhibits the same unique geologic host displaying very similar alteration, structure, veining and mineralization over a presently defined minimum strike extent approaching 3,000 metres (Figure 3 in Appendix B).

The recent discovery at the Woulo Woulo prospect has been outlined utilizing coincident field mapping/prospecting observations, gold-in-soil geochemistry, airborne magnetics/radiometrics imagery and excavator trenching results. All have culminated in an ongoing systematic RC and DD drilling evaluation. To date, we have drilled 137 DD holes and 23 RC holes totaling more than 22,000 metres at this high-priority prospect.

The host rock geology of the gold mineralization at the Woulo Woulo prospect is an altered felsic intrusive unit within a mixed sedimentary and mafic volcanic sequence. Two distinct types of alteration have been observed, one dominated by hematite and the second dominated by sericite. Both display similar brittle shear fracturing, occasionally brecciated, and multiple oriented fracture-controlled quartz veining with minor pyrite. The mineralized felsic unit is exposed at surface and drilling to-date has not identified a lower depth limit. In addition, the felsic unit remains open to further extension along trend both to the north and south.

The most recent drilling program has focused on both infill drilling at 40-metre sections along the current 3 km strike length, as well as stepping back from the earlier successful drilling campaign to test the extent and continuity of mineralization to greater depths. This ongoing phase of drilling has demonstrated that the Woulo Woulo gold mineralized body remains robust to the depths drilled. Positive grades and widths of mineralization, encountered in our drilling program since discovery in early 2020, remain open to along trend and to-depth expansion, which will be evaluated further during our multi-drill exploration program.

Four representative sections have been included as Figures 4, 5, 6 and 7 in Appendix B that outline the excellent correlation observed from surface to drilled depths across the majority of the area successfully drill tested to-date.


Next Steps for Afema Property
  • Continue the multi-drill exploration campaign at the Woulo Woulo prospect, the Niamienlessa structural trend and the Afema Shear (Figure 2 in Appendix B).

  • Expand trenching and drilling to new areas of interest within the Afema mining license and outward onto the three regional exploration permits.

  • Initiate early-stage metallurgical test work and environmental and social assessments.

  • Work towards completing an initial resource estimation for all of Woulo Woulo, Afema Shear and Niamienlessa, expected during H1 2021.


Qualified Person

Patti Nakai-Lajoie, P.Geo., has reviewed Teranga’s Afema exploration program data, including the drill holes and trenching results reported herein. Ms. Nakai-Lajoie 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 (“NI 43-101”). Ms. Nakai-Lajoie has sufficient experience that is relevant to the style of mineralization under consideration and to the activity, which she is undertaking to qualify as a “Qualified Person” under NI 43-101. Ms. Nakai-Lajoie has verified and approved the technical information disclosed in this release, including the sampling, analytical and test data underlying such information in the form and context in which it appears herein. The excavator trenching, reverse circulation and diamond core samples are assayed at the Bureau Veritas Laboratory in Abidjan, C?te d’Ivoire.


Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management’s expectations regarding Teranga’s future growth and business prospects and opportunities. Forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results of operations, future economic conditions expectations and anticipated courses of action. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration potential of Afema and the Woulo Woulo prospect in particular and the costs and timing in respect thereof, proposed operational changes and the timing thereof, future opportunities for enhancing development at Afema, and timing for the release of the Company’s disclosure in connection with the foregoing. Although the forward-looking statements contained in this press release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements are based upon assumptions, opinions and analysis that management believes to be reasonable and relevant but that may prove to be incorrect. Teranga cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga’s 2019 Annual Information Form dated March 30, 2020, and in other filings of Teranga with securities and regulatory authorities which are available on SEDAR at www.sedar.com.Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries unless the context requires otherwise.


About the Afema Project

Teranga holds a 51% interest in the project with privately held Sodim Limited. The Company has the right to earn a 70% interest in Afema by completing a three-year, $11-million exploration and community relations work program on the Afema mine license and its Ayame, Mafere and Aboisso exploration permits, and the delivery of a positive feasibility study. The Company has completed the required exploration obligation spend and is in the final phase of meeting its community spend requirement. The final step to earn a 70% interest in the project is the completion of a positive feasibility study.


bout Teranga

Teranga is a mid-tier gold producer operating two mines – Sabodala-Massawa and Wahgnion – and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development. On November 16, 2020, Teranga and Endeavour announced their plans to combine to create a best-in-class top 10 senior gold producer with industry-leading low production costs and high cash flow yield, a strong balance sheet and one of the best organic growth pipelines of any senior gold company. Subject to successful completion of the transaction, the new combined company will have diversification across three countries and highly complementary assets with the potential for significant capital, operating and financing synergies. To learn more about Teranga, please visit www.terangagold.com.



Contact Information

Teranga Gold Corp.
Richard Young, President & CEO
T: +1 416-594-0000
E: ryoung@terangagold.com

Trish Moran, VP, Investor Relations & Corporate Communications
T: +1 416-607-4507
E: tmoran@terangagold.com



Appendix A

Table 1: Selected Drill Highlights (Minimum 4-metre widths and 1.00 g/t Au grade included)

Hole # Northing Easting Elevation Azimuth Dip EOH (m) Interval (m) Core length (m) Grade (g/t Au)
WWDD-012 599882 500895 1,012 90 -45 185 58-76 18 1.00
Including 64-70 6 1.75
100-109 9 1.08
Including 104-108 4 1.38
WWDD-013 600606 500985 998 90 -50 173 117-122 5 1.07
WWDD-014 600527 500991 981 90 -50 150 72-82 10 1.03
Including 75-80 5 1.22
WWDD-015 600496 500989 976 90 -45 145 62-92 30 1.55
Including 70-88 18 2.20
Including 82-88 6 5.41
Including 82-83 1 27.88
WWDD-016 600408 500969 976 90 -45 150 91-95 4 1.01
WWDD-017 598692 500646 963 90 -45 161.5 0-1 1 6.50
118-123 5 1.02
124-128 4 1.11
WWDD-018 600567 500987 993 90 -45 155 109-116 7 1.02
WWDD-019 599214 500690 983 90 -45 180 38-47 9 1.76
Including 39-43 4 3.21
98-107 9 1.42
Including 99-102 3 2.52
WWDD-020 600646 500997 998 90 -45 150 81-90 9 1.07
Including 81-84 3 2.25
96-100 4 1.01
WWDD-021 600246 500925 998 90 -45 171.5 96-135 39 1.69
Including 96-119 23 2.37
Including 96-107 11 3.24
WWDD-023 600169 500920 990 90 -50 137 51-115 64 1.10
Including 66-75 9 3.33
WWDD-027 598853 500678 992 90 -45 138 86-135 49 1.20
Including 101-120 19 1.90
Including 112-120 8 3.07
WWDD-029 600008 500897 1,014 90 -45 161 89-93 4 1.22
95-102 7 1.21
115-119 4 1.07
WWDD-031 598299 500566 988 90 -45 131 39-47 8 1.05
WWDD-032 599926 500940 1,003 90 -50 102 8-51 43 1.02
Including 12-42 30 1.31
Including 32-42 10 1.72
56-61 5 1.04
WWDD-033 598300 500530 980 90 -45 113 84-88 4 1.02
99-111 12 1.30
WWDD-034 598224 500519 984 90 -45 126 60-90 30 1.14
Including 62-81 19 1.37
Including 62-67 5 1.74
And 75-81 6 1.57
WWDD-035 598063 500436 959 90 -45 143 50-59 9 1.12
Including 56-59 3 1.82
66-70 4 1.09
91-96 5 1.16
WWDD-036 598936 500677 997 90 -45 167.5 110-111 1 7.49
122-125 3 1.50
WWDD-037 598141 500516 978 90 -45 86 0-20 20 1.59
Including 13-20 7 2.52
60-66 6 1.37
81-86 + 5 + 1.07
WWDD-038 598776 500694 970 90 -45 125 59-70 11 1.12
Including 65-70 5 2.02
76-87 11 1.08
Including 81-84 3 1.60
WWDD-040 599847 500919 1,009 90 -50 99 4-69 65 1.01
Including 8-33 25 1.44
Including 44-49 5 1.61
WWDD-041 599931 500890 1,013 90 -50 152 83-100 17 1.20
Including 90-96 6 2.28
WWDD-043 598178 500531 982 90 -45 79 0-13 13 1.18
Including 1-7 6 1.94
WWDD-044 598374 500606 985 90 -45 95 35-40 5 1.02
WWDD-045 599766 500891 1,007 90 -50 104 35-60 25 1.08
Including 39-47 8 1.52
69-78 9 1.24
WWDD-046 598019 500461 962 90 -45 80 12-15 3 2.06
WWDD-047 598255 500552 998 90 -45 107 31-46 15 1.01
Including 41-44 3 2.06
WWDD-048 599848 500876 1,012 90 -50 172 83-151 68 1.07
Including 83-133 50 1.32
Including 84-89 5 2.00
And 100-105 5 2.08
And 130-133 3 4.12
WWDD-050 598335 500583 985 90 -45 86 44-53 9 1.10
WWDD-051 598425 500595 989 90 -45 95 60-83 23 1.61
Including 60-73 13 2.45
WWDD-052 599166 500689 998 90 -45 160 54-65 11 1.14
Including 55-58 3 2.62
97-132 35 1.00
Including 100-106 6 1.55
And 111-115 4 2.04
WWDD-053 598812 500713 983 90 -45 104 62-73 11 1.66
Including 62-64 2 5.41
WWDD-056 598892 500725 995 90 -45 116.5 23-80 57 1.38
Including 24-42 18 2.19
69-80 11 1.89
Including 69-72 3 3.43
WWDD-058 599007 500721 1,000 90 -45 135 12-37 25 1.02
Including 14-22 8 1.72
56-68 12 1.10
Including 62-67 5 1.94
WWDD-059 598650 500693 977 90 -45 80 1-22 21 1.08
Including 1-9 8 1.52
45-50 5 1.02
WWDD-060 599057 500719 1,001 90 -45 137 60-71 11 1.08
75-81 6 1.10
99-110 11 1.09
Including 100-102 2 2.49
And 106-109 3 2.01
WWDD-061 599298 500675 970 90 -50 154 109-119 10 1.05
Including 114-116 2 1.85
150-154 + 4 + 1.12
WWDD-062 599137 500676 999 90 -45 167 77-84 7 1.09
126-144 18 1.15
Including 126-135 9 1.62
WWDD-063 598572 500672 985 90 -45 69 4-25 21 1.75
Including 6-13 7 2.15
And 16-21 5 2.77
WWDD-064 599292 500644 975 90 -45 170 146-160 14 1.20
WWDD-065 598738 500729 964 90 -45 116 15-19 4 1.33
WWDD-066 598574 500625 985 90 -45 110.5 76-93 17 1.40
Including 76-79 3 2.88
And 86-92 6 1.74
WWDD-067 598651 500662 972 90 -45 107 31-98 67 1.06
Including 31-67 36 1.58
Including 33-51 18 2.36
Including 36-43 7 4.07
WWDD-068 598488 500601 991 90 -45 146 90-98 8 1.05
Including 91-93 2 1.99
WWDD-069 599093 500737 995 90 -45 127 45-80 35 1.02
Including 47-70 23 1.26
Including 52-64 12 1.54
WWDD-070 598974 500716 999 90 -45 140 91-99 8 1.45
WWDD-071 600206 500877 999 90 -50 208 146-200 54 1.51
Including 151-163 12 2.20
And 176-191 15 2.56
Including 186-191 5 4.92
WWDD-072 600123 500877 1,003 90 -50 206 108-152 44 1.00
Including 112-130 18 1.34
Including 118-127 9 1.62
And 134-138 4 1.54
WWDD-073 600500 500949 976 90 -45 173 120-149 29 1.05
Including 132-137 5 2.42
WWDD-074 598220 500486 969 90 -45 197 79-127 48 1.41
Including 116-127 11 3.02
WWDD-075 600165 500879 996 90 -50 197 108-166 58 1.14
Including 108-135 27 1.67
Including 119-134 15 2.03
WWDD-077 600283 500986 996 90 -50 128 25-49 24 1.89
Including 29-42 13 2.91
Including 33-35 2 11.57
93-97 4 1.16
WWDD-079 600040 500856 1,010 90 -50 220 122-188 66 1.09
Including 122-156 34 1.49
Including 123-134 11 2.09
And 148-156 8 1.79
WWDD-081 599960 500850 1,006 90 -50 216 131-188 57 1.16
Including 131-160 29 1.53
Including 131-140 9 2.09
Including 148-153 5 2.68
Including 162-166 4 1.81
WWDD-082 598220 500561 987 90 -45 92 8-24 16 1.08
Including 14-22 8 1.51
WWDD-083 598258 500508 980 90 -45 188 93-105 12 1.13
119-132 13 1.58
Including 126-130 4 3.76
WWDD-084 598185 500499 975 90 -45 155 2-5 3 6.71
Including 2-3 1 18.85
48-118 70 1.50
Including 49-91 42 2.14
Including 49-74 25 3.09
Including 49-61 12 5.73
Including 49-50 1 59.04
WWDD-085 599883 500858 1,003 90 -45 183 111-122 11 1.01
Including 111-115 4 1.58
131-135 4 1.20
WWDD-086 598419 500628 988 90 -45 74 20-24 4 1.12
32-36 4 1.12
WWDD-088 599805 500857 1,014 90 -50 175 98-139 41 1.01
Including 100-112 12 1.64
Including 105-111 6 2.30
And 135-138 3 1.93
WWDD-089 598776 500731 972 90 -45 83 26-60 34 1.05
Including 27-30 3 2.03
And 33-37 4 1.82
And 55-58 3 2.40
66-73 7 1.01
Including 70-73 3 1.55
WWDD-090 598779 500656 972 90 -45 179 123-129 6 1.17
Including 123-126 3 1.53
WWDD-091 599765 500839 1,010 90 -50 209 119-142 23 1.02
Including 128-131 3 1.65
144-150 6 1.05
162-167 5 1.45
181-185 4 1.99
WWDD-092 598975 500678 998 90 -45 161 77-81 4 1.30
WWDD-093 599093 500704 1,002 90 -45 170 81-101 20 1.18
Including 88-92 4 1.86
And 94-98 4 1.81
115-121 6 1.50
127-143 16 1.04
Including 138-143 5 1.86
WWDD-094 600396 500931 976 90 -50 176 121-131 10 10.33
Including 126-127 1 102.2
155-162 7 1.19
WWDD-095 599292 500747 980 90 -45 113 0-8 8 1.37
Including 0-4 4 2.09
42-53 11 1.08
Including 43-48 5 1.88
Intervals calculated using a 0.2 g/t Au cut-off and 2 metres of maximum internal dilution per ten metre interval (ie. a 40 metre interval may have up to 8 metres of internal dilution). True widths are unknown; however, drill orientation is planned to intersect both the strike and dip orientations of the mineralized body as close to perpendicular as possible. UTMs are WGS84-30N. Intervals with grade x thickness (gram x metre) of 10 or higher are highlighted in bold. Intercept gold values are determined from uncapped assays.


Appendix B
Figure 1: Afema Property – Location in C?te d’Ivoire

https://www.globenewswire.com/NewsRoom/AttachmentNg/f61545ba-b188-4dfc-8071-e49ad16351a6

Figure 2: Afema Property – Prospect Location Plan Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a1ad191-92cf-46a7-b658-53fc3c95f118

Figure 3: Woulo Woulo Prospect – Compilation Plan Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/a159398e-532e-4e2f-b0a7-d4b1b08bdb94

Figure 4: Woulo Woulo Prospect – Representative Section 0+00 (A – A’)

https://www.globenewswire.com/NewsRoom/AttachmentNg/021f4689-142e-44af-a9b3-344f0abe6186

Figure 5: Woulo Woulo Prospect – Representative Section 0+80 S (B – B’)

https://www.globenewswire.com/NewsRoom/AttachmentNg/fcd60366-c212-466f-b51a-7a1b7bf66da8

Figure 6: Woulo Woulo Prospect – Representative Section 1+60 S (C – C’)

https://www.globenewswire.com/NewsRoom/AttachmentNg/7c874a5e-54f2-4d9a-a825-ae787923c71a

Figure 7: Woulo Woulo Prospect – Representative Section 2+40 S (D – D’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/d465d82c-29c5-4e00-9a61-ed88f27e6639


(All amounts are in U.S. dollars unless otherwise stated)

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