Taruga Gold Ltd. Quarterly Activities Report

Perth, Australia (ABN Newswire) - Taruga Gold Ltd. (ASX:TAR) (Taruga or the Company) is pleased to present its quarterly activities report for the June quarter. During the quarter, Taruga announced capital raising activities consisting of a placement in two tranches to raise $1,000,000 before costs, and a Share Purchase Plan (SPP) to eligible shareholders. Completed subsequent to the quarter, the placement was supported by a combination of existing and new sophisticated shareholders, including resource focussed North American investment manager, Sprott Inc (TSE:SII), who participated for $500,000 of the placement.


Highlights:

- Successful Capital Raising Activities, consisting of placement and SPP

- Joint Venture partner, Resolute Mining Ltd. (ASX:RSG), commenced exploration at Tiebissou and Nielle, Cote d'Ivoire


Exploration Activities

Mali

Field activity during the Quarter continued at the Nangalasso project in southern Mali. Field reconnaissance and geological mapping focussed on the gold mineralised trend defined by recent aircore drilling, trenching and geochemical sampling. The recent aircore drilling intersection of 21m at 1.25g/t gold confirms and extends the high-priority target where previous trenching (7m at 4.3g/t gold in quartz veining and alteration) and preliminary reconnaissance drilling (1m at 7.8g/t gold) define a trend that extends for a minimum of 1,700m and remains open along strike and at depth.

The recent field reconnaissance located a new area of artisanal workings where over 2,000 artisanal miners were active. Investigation of this site indicates gold is being recovered from residual saprolite material and that the trend of gold mineralisation is consistent with the geological interpretation. Gold mineralisation is hosted in a series of metasediments and granodiorite units with significant quartz veining.

Taruga is continuing to investigate this high priority area and will be undertaking follow-up geochemistry and trenching following the completion of the seasonal rains.


Cote d'Ivoire

Dabakala Project

During the Quarter a program of reconnaissance stream sediment sampling, rock chip sampling and laterite sampling was completed on the Dabakala project. The aim of the program was to investigate extensions to the geochemical gold anomaly (refer ASX Announcement 12 December 2014) and first pass assessment of the concession area.

Review of the sampling results is in progress and full details will be reported when all results have been received and analysed. The program consisted of 44 samples (32 Stream sediment, 3 rock samples and 9 rock samples).

Taruga is also continuing to review opportunities to advance exploration on the Dabakala permit either in conjunction with other parties in a Joint Venture arrangement or continuing to sole fund exploration of this highly prospective region.


Resolute Joint Venture (Cote d'Ivoire)

Taruga announced a Joint Venture with Resolute Mining Ltd. (Resolute) on 26th February 2015. The Joint Venture covered three exploration permits in Cote d'Ivoire (two granted and one application) with the terms of the agreement allowing Resolute to earn a 75% interest in the three concessions through committed expenditure of US$3m over four years (Figure 1).

Resolute commenced exploration on the two granted Research Permits, Tiebissou and Nielle during the June quarter. Tiebissou covers a 15km strike length of the highly prospective Birimian greenstone belt which hosts Newcrest's Bonikro and Endeavour Mining's Agbaou gold deposits.

Detailed geological mapping was carried out over both the Nielle and Tiebissou research permits during the quarter. A comprehensive multi-element soil survey commenced on the Tiebissou research permit in June and is expected to be completed in July.

Geological mapping was carried out at Tiebissou and Nielle, and a comprehensive multi-element soil sampling program commenced at Tiebissou.

To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TAR-728761.pdf


About Taruga Gold Ltd:

Taruga Gold Ltd. (ASX:TAR) is a West African focused gold explorer that has compiled, and is currently compiling, a diverse portfolio of exploration projects within the Birimian geology of West Africa. This region is at present one of the world's great gold districts and has had a significant rate of discovery and development on new gold mines over past decades.



Contact:

Bernard Aylward, Managing Director
Taruga Gold Ltd.
Mob: +61 418 943 345