05 Oct Teranga Gold publishes mineral resource update for Burkina Faso project
TSX-listed Teranga Gold has published a mineral resource update for its Golden Hill exploration project in Burkina Faso, after conducting over 100,000 metres of drilling at five deposits and several prospects.
The firm estimates that Golden Hill, located within the central part of the Houndé Greenstone Belt in Southwest Burkina Faso, has a current indicated mineral resource of 12.62 million tonnes (Mt) averaging 1.85 g/t gold for 750,000 ounces.
Golden Hill is a key component of Teranga’s growth pipeline and has delivered multiple near-surface, high-grade, oxide gold discoveries extending to depth well below the oxide component of the mineralised bodies.
“Drilling and preliminary engineering work to date confirms the potential for a high-grade open pit gold mine at Golden Hill. As a result, we expect to submit a mine license application in the fourth quarter,” said Teranga president and CEO Richard Young.
“We expect to spend approximately US$15 million on our resource expansion programme at Golden Hill through the end of 2021 in order to reach our goal of outlining a resource of between two and three million ounces of gold.”
Next steps at the project will include recommencing exploration drilling in order to add resources and evaluate numerous prospects identified to date, as well as advancing engineering studies, metallurgical test work and baseline environmental and social assessments.