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Mako Mine, Senegal – Exploration Update

September 12, 2018

Toro Gold (“Toro Gold” or the “Company”) is pleased to provide a further update on the results from the 15,000 metre core drilling programme currently in progress at its 90% owned Mako gold mine in Senegal. The programme is targeting mineralisation underneath the current open pit that has the potential to extend the life of mine.

Drilling highlights from 18 new core holes completed (PWD382 to PWD399) include:

  • 19.5m @ 3.4 g/t Au from 193.4m in PWD394
  • 19.5m @ 3.0 g/t Au from 224.6m in PWD389 (including 9m @ 5.6 g/t Au from 235.1m)
  • 25.5m @ 2.3 g/t Au from 247.0 in PWD392
  • 19.5m @ 2.3 g/t Au from 229.2m in PWD385
  • 15.0m @ 2.3 g/t Au from 239.7m in PWD399
  • 19.5m @ 2.0 g/t Au from 232.1m in PWD387
  • 10.5m @ 2.3 g/t Au from 247.2m in PWD396

The 15,000 metre 60 hole coring programme is scheduled for completion by the end of September with 90% of the planned metres drilled to date.  Up to the end of August, 53 drill holes had been completed for 13,300 metres with the results of 38 drill holes received to date.

Howard Bills, Chief Exploration Officer, commented:  “Drilling has progressed well at Mako through the wet season and is on track for completion in September.  We are pleased that the main Petowal lode continues to yield encouraging results and we are looking forward to being able to use the results of 15,000 metres of new exploration data and 10 months of in pit mine geology data to prepare an updated independent Mineral Resource Estimate in the last quarter of the year.  We look forward to updating you on further progress in the near future.”

 Drill Programme Objectives

The main objective of the drilling programmes is to investigate the potential to extend the open pit life through exploration of the main mineralised lode beneath the current final pit design.  In addition, some deeper drill holes have been sited to investigate the potential for underground mining targeting a southwest plunging zone of mineralisation at SW Petowal and a steeply plunging zone at NE Petowal.

Two areas of the Petowal ore body are being investigated:

  • Southwest and Central Petowal over a strike length of 460 metres (45 planned holes, 12,000 metres), and
  • Northeast Petowal over a strike length of 280 metres (10 planned holes, 3,000 metres).

The drill spacing achieved across both sections of the ore body beneath the reserve pit (Level 100m) and to depth beneath the US$1500/oz resource pit (Level 60m to 40m) is now 40 metres * 40 metres.

Figure 1. Petowal Collar Plan

Results to date

Of the 53 holes drilled to date the results for 38 holes (PWD362 to 399) have been received.  Table 1 in Appendix A summarises these drilling and assay results.  Drilling at depth beneath the pit has continued to confirm the Petowal geological model and mineralisation is being intersected where predicted by the block model.  Appendix B contains a series of cross sections that highlight mineralised intercepts and assay results in hole numbers PWD382 to PWD399.

Resource Update

Final assays results will be available in mid-October when the new exploration data for the 15,000 metre drilling programme as well as grade control drilling data from 10 months of mining activity will be provided to Cube Consulting Pty Ltd, of Perth Australia, who will be carrying out the Mineral Resource Estimation update through October.  A Cube Consulting geologist visited Mako in August to review the exploration drilling and mining geology activities in the open pit.

 Sample Preparation

Drill core is subjected to a series of logging and data recording procedures and then cut and sampled (½core) over 1.5 metre intervals.  The ½ core samples are subjected to a standard industry practice sample preparation at Toro Gold’s sample preparation laboratory at Mako.  Samples are jaw crushed to a nominal top size of 2mm, 1kg is riffle split and milled (LM2) to 95% passing 75 microns and finally a 150g of pulp split is taken for assay.  Prepared samples are being routinely assayed at ALS Loughrea in Ireland by 50g Fire Assay with an ICP Finish.  Toro’s internal QA-QC procedures include introduction of 5% prepared Blanks, 5% pulp Duplicates and 5% CRM’s.  The sample preparation laboratory is audited on a 3 month basis by an independent consultant.

Ends

(Scroll down to Appendices A and B for drill results table and cross sections)

APPENDIX A: MAKO CORE DRILLING – SUMMARY OF DRILLING TO DATE

APPENDIX B: CROSS SECTIONS

 

This press release has been reviewed by the in-house qualified person Howard Bills who is a Fellow of the Geological Society and Chartered and European Geologist.

 Cautionary Note Regarding Forward Looking Statements

This Press Release may contain statements which constitute “forward-looking”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, and its directors, or officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions or the negative thereof, as they relate to the Company, or its management, are intended to identify such forward-looking statements.

 Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors.

 Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.  These forward-looking statements speak only as at the date of this press release.  Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.