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Boss Resources Ltd.
Summary
| Project: | Golden Hill | |
|---|---|---|
| Deposit: | C-Zone | |
| Location: | Burkina Faso | |
| Commodities: | Gold | |
| Date: | 4/17/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 17-4-2018: Boss Resources Ltd. announces an Exploration/Drilling Update report for its C-Zone deposit at the Golden Hill project. JV - Drilling results incl. 7m @ 21.86g/t Au from 26m. Boss Resources Limited (ASX: BOE) (“Boss” or the “Company”) is pleased | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Peter Mann (Teranga Gold Corp/Internal) | |
| ABSTRACT: | Boss Resources Limited (ASX: BOE) (“Boss” or the “Company”) is pleased to report that Teranga Gold Corporation ("Teranga") (TSX: TGZ) announced on 16 April 2018 (Canadian time) its phase 2 diamond drill program at the C-Zone prospect on the Golden Hill property in Burkina Faso, West Africa has returned near surface and deeper high-grade gold intersections. Boss currently holds a 49% interest in joint venture with Teranga over the Golden Hill and Gourma Gold Projects located in Burkina Faso, West Africa. Teranga manages the joint venture and is funding all exploration on the projects up to the completion of a DFS and Decision to Mine. On delivery of the DFS, Teranga’s interest in the joint venture will increase to 70% and they retain the rights to acquire an additional 10% in the joint venture for A$2.5 million. Upon completion of the DFS but prior to a Decision to Mine, Boss may elect to convert the remainder of their interest to a 1.5% Net Smelter Return, otherwise Boss shall be free carried to a decision to mine and will then be required to contribute on a pro rata basis. Richard Young, Teranga’s President & CEO, states “The phase 2 drill results released today elevate C-Zone to the category of advanced exploration prospect from a drill target. Significantly, these results substantiate the continuity of gold mineralization in all dimensions with room to expand mineralization laterally and to depth. This second phase of results from C-Zone strengthen our confidence that Golden Hill will play a key role in helping us achieve our vision of becoming the next multi-asset, mid-tier gold producer in West Africa.” | |
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