Gold Spot Price $00.00

 

Mako Mine, Senegal – Exploration Update

May 22, 2018

Toro Gold (“Toro Gold” or the “Company”), a gold producer, developer and explorer with assets in
West Africa, is pleased to announce the first results from a 15,000 metre core drilling programme at
its 90% owned Mako gold mine in Senegal.

Highlights include:

  • 31m @ 3.4g/t Au from 196m in PWD 367;
  • 42m @ 2.2g/t Au from 244m in PWD365;
  • 24m @ 2.3g/t Au from 233m in PWD366;
  • 15m @ 2.3g/t Au from 189m in PWD364; and,
  • 37m @ 1.7g/t Au from 188m in PWD368.

The programme commenced in early February 2018 and will comprise 15,000 metres of core drilling for up to 60 holes.  The programme is scheduled for completion in early Q4 2018 when an update of the Mineral Resource Estimate will be undertaken for use in a mine planning exercise before the end of 2018.  To date 18 drill holes have been completed for 3,700 metres.

Howard Bills, Chief Exploration Officer, commented:

“We are really encouraged by this first set of drill results after a two-year pause in exploration drilling at Petowal while we focused on construction of the Mako mine.  The potential for further Resource growth has been well understood by the Company and these first results support that confidence in the ability to add more ounces to the Mako mine inventory and ultimately the Reserve base.  The Petowal geological model is well understood and we are seeing typical Petowal style mineralisation in the drill holes intersection at depth beneath the pit.  The programme is now well underway and with three rigs turning we expect to have a steady flow of drill results over the coming months. We look forward to providing regular drilling updates throughout the programme.”

Drill Programme Objectives

The main objective of the drilling programmes is to investigate the potential to extend the open pit life by further investigating the mineralised zone beneath the final pit design on a 40m * 40m drill spacing.  In addition, some deeper drill holes will continue to investigate the potential for underground mining targets within a southwest plunging zone of mineralisation identified 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, 3000 metres).

See Petowal collar plan below showing historical drilling (black), grade control drilling (yellow) and the current 15,000 metre programme (green and red with assay results annotated)

Results to date

Of the 18 holes drilled to date the results for 7 holes (PWD362 to 368) have been received, their summarised drilling and assay results are provided in the table, below.  Drilling at depth beneath the pit continues to confirm the Petowal geological model and mineralisation is being intersected where predicted by the geological interpretation.  Maps below contain a series of cross sections that highlight mineralised intercepts and assay results in hole numbers PWD363 to PWD368.

Sample Preparation and Analysis

Drill core is subjected to a series of logging and data recording procedures and then cut and sampled (1/2 core) over intervals of 1.5 metre.  The ½ core samples are subjected to a standard industry practice sample preparation process at Toro Gold’s 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 at Mako is audited on a 3-month basis by an independent consultant.

ENDS

(Scroll down for drill results table and cross sections)

Download PDF of this News Release

 


TABLES AND MAPS

Mako core drilling results to date

Petowal
Section
Hole
Number
Line
Number
Easting
Local
Northing
Local
Total
Depth (m)
Results
SW PetPWD3621780N19301780206.56m @ 1.55 g/t Au
SW PetPWD3631780N18651780
272.6
4.5m @ 1.34 g/t Au
SW Pet_ShallowPWD3721780N20861780
83.7
Waiting for assays
SW PetPWD3731780N20501780
116.7
Waiting for assays
SW Pet_ShallowPWD3641800N19071800
221.3
15m @ 2.34 g/t Au
SW Pet_ShallowPWD3751800N20881800
83.7
Waiting for assays
SW Pet_ShallowPWD3761800N20601800
114.9
Waiting for assays
SW Pet_ShallowPWD3781820N20811820
83.9
Waiting for assays
SW PetPWD3791828N20441828
122.7
Waiting for assays
SW PetPWD3651840N18781840
254.1
42m @ 2.19 g/t Au
SW PetPWD3661880N18421880
281.5
24m @ 2.29 g/t Au
SW PetPWD3672000N18052000
240.0
30.63m @ 3.38 g/t Au
SW PetPWD3682040N18002040
245.5
36.76m @ 1.66 g/t Au
SW PetPWD369208017802080
248.6
Waiting for assays
SW PetPWD374212017562120
260.6
Waiting for assays
SW PetPWD381216018482160In progress
SW PetPWD370220017532200
284.7Waiting for assays
SW PetPWD377220017962200
280.5
Waiting for assays
SW PetPWD371224017512240
281.7
Waiting for assays
SW PetPWD380224018042240
In progress
Metres DRilled3682.9
Number of Holes20

PETOWAL Collar Plan

Petowal collar plan showing historical drilling (black), grade control drilling (yellow) and the current 15,000 metre programme (green and red with assay results annotated).

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.