- Teranga Gold Corporation (TGZ) announced strong oxide and fresh mineralization at its Afema exploration project in West Africa
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- Shares of Teranga Gold are up 1.68 per cent on the day, trading at C$12.71 at market close
Teranga Gold Corporation (TGZ) announced strong oxide and fresh mineralization at its Afema exploration project in West Africa.
The driling results are from the Woulo Woulo discovery at the Afema project, located in Côte d’Ivoire.
One significant drill intercept produced 1.50 grams of gold per tonne over 70 metres.
Another showed 1.51 grams of gold per tonne over 54 metres.
The results include numerous near-surface gold intercepts and expand a nearly three-kilometre strike extent of continuous known gold mineralization to depths exceeding 150 metres.
“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 Teranga president and CEO Richard Young.
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 14-hundred 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.
The Woulo Woulo prospect is currently comprised of four parts: North, Central, South and East and the company is now readying it for trenching and drilling.
Teranga owns a 51 per cent interest in the project along with privately held Sodim Limited.
The company has the right to earn a 70 per cent interest in Afema by completing a three-year, USD$11-million exploration and community relations work program.
Shares of Teranga Gold are up 1.68 per cent on the day, trading at C$12.71 at market close.