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Boss Resources Ltd.
Summary
| Project: | Golden Hill | |
|---|---|---|
| Deposit: | Golden Hill | |
| Location: | Burkina Faso | |
| Commodities: | Gold | |
| Date: | 9/21/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 21-9-2018: Boss Resources Ltd. announces an Exploration/Drilling Update report for its Golden Hill deposit at the Golden Hill project. JV - Drilling results incl. 3m @ 19.69g/t Au from 109m. Boss Resources Limited (ASX: BOE) (“Boss” or the “Company”) is p | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Peter Mann (Internal) | |
| ABSTRACT: | Boss Resources Limited (ASX: BOE) (“Boss” or the “Company”) is pleased to report that Teranga Gold Corporation ("Teranga") (TSX: TGZ) announced on 20th September 2018 (Canadian time) its most recent diamond drill program at the Golden Hill property in Burkina Faso, West Africa, has returned strong near surface, oxide zone and deeper gold intersections at a number of advanced prospects. The latest drill results from the C-Zone, Ma North, Peksou and Jackhammer Hill prospects have expanded mineralization along trend and to depth. Teranga has an earn-in agreement on Golden Hill with Boss Resources Limited (ASX: BOE) pursuant to which Teranga, as operator, can earn an 80% interest in the joint venture upon delivery of a definitive feasibility study (DFS) and the payment of AUD2.5 million. 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 “Golden Hill continues to be one of West Africa’s most exciting advanced stage exploration projects and, with recent drilling completed, the district-scale, multiprospect potential of the project is becoming clearer. We continue to see consistent intervals of both highgrade and near-surface gold mineralization from a variety of prospects, all located in relatively close proximity.” David Mallo, Teranga’s Vice-President Exploration said, “Our advanced-stage exploration program at Golden Hill continues to provide a high rate of drilling success at all priority targets. Gold intersections continue to demonstrate excellent strike and depth continuity at multiple proximal prospects. Drilling through the remainder of 2018 is designed to follow up on the dozens of high-grade gold intersections already announced and expand gold mineralization at our primary prospects, building towards our initial resource estimations.” Duncan Craib, Boss Resources Managing Director, states “Drilling to date across Golden Hill continues to deliver a high rate of success across priority targets demonstrating continuity both at along strike and typically still less than 100m in vertical depth, and we look forward to reporting further results as Teranga completes the remainder of the 2018 drilling program and provides an initial resource estimation.” | |
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