Teranga Gold Reports More Strong Drill Results from the Woulo Woulo Discovery at its Afema Project in Côte d’Ivoire

Drill intercepts include 1.50 g/t gold over 70 metres and 1.51 g/t gold over 54 metres

Approximately 3 kilometres of consistent gold mineralization in oxides and at depth

TORONTO, Jan. 20, 2021 - Teranga Gold Corp. (“Teranga” or the “Company”) (TSX: TGZ, OTCQX:TGCDF) is pleased to announce strong drill results on both the oxide and fresh mineralization from its Woulo Woulo prospect at the Afema exploration project (“Afema”) in southeastern Côte d’Ivoire, West Africa.

Woulo Woulo drill results released today include numerous near-surface gold intercepts and expand a nearly 3-kilometre strike extent of continuous known gold mineralization to depths exceeding 150 metres. Results indicate that Woulo Woulo remains open along trend and to depth, building upon strong initial results announced in September 2020. Bottle roll tests conducted for a preliminary understanding of the potential leachability provided encouraging results


Drilling Highlights

• 39 m @ 1.69 g/t gold, including 23 m @ 2.37 g/t gold from 96 m down hole depth (DHD) in WWDD-021


• 57 m @ 1.38 g/t gold, including 18 m @ 2.19 g/t gold from 23 m DHD in WWDD-056


• 54 m @ 1.51 g/t gold, including 15 m @ 2.56 g/t gold from 146 m DHD in WWDD-071


• 48 m @ 1.41 g/t gold, including 11 m @ 3.02 g/t gold from 78 m DHD in WWDD-074


• 70 m @ 1.50 g/t gold, including 25 m @ 3.09 g/t gold from 48 m DHD in WWDD-084
  

A listing of significant recent Woulo Woulo drill results from over 80-diamond drill (“DD”) holes is presented as Table 1 in Appendix A. A complete table of results from all Woulo Woulo holes is hosted on the Teranga web site under the Exploration tab.

“The results from our recent exploration and drilling at the Woulo Woulo prospect support our expectation that the Afema project has significant potential for future development,” said Richard Young, President and Chief Executive Officer. “The combination of Teranga’s Afema, Massawa and Golden Hill projects and Endeavour’s already attractive pipeline has the potential to be one of the best organic growth pipelines of any senior gold producer.”

The Woulo Woulo prospect is the most recent discovery at Afema, a project that covers more than 1,400 square kilometres. It includes a historical near-surface oxide and sulphide resource and lies within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana.

“Our team is encouraged by the broad widths and considerable depths of gold mineralization across the Woulo Woulo prospect’s entire known strike extent,” said David Mallo, Vice President, Exploration. “The solid grades and widths of mineralization demonstrated within surface trenching correlate extremely well with mineralization intersected at depth across the area drilled. It is also very encouraging to see that the initial results from the bottle roll tests indicate potential for a conventional leach extraction process. Our results to date continue to suggest that Woulo Woulo could be a large mineralized system warranting significant exploration and drilling evaluation.”


Woulo Woulo Prospect Overview

The Woulo Woulo prospect is currently comprised of four parts: North, Central, South and East. Woulo Woulo West is now being readied for trenching and drilling. Each component of this prospect exhibits the same unique geologic host displaying very similar alteration, structure, veining and mineralization over a presently defined minimum strike extent approaching 3,000 metres (Figure 3 in Appendix B).

The recent discovery at the Woulo Woulo prospect has been outlined utilizing coincident field mapping/prospecting observations, gold-in-soil geochemistry, airborne magnetics/radiometrics imagery and excavator trenching results. All have culminated in an ongoing systematic RC and DD drilling evaluation. To date, we have drilled 137 DD holes and 23 RC holes totaling more than 22,000 metres at this high-priority prospect.

The host rock geology of the gold mineralization at the Woulo Woulo prospect is an altered felsic intrusive unit within a mixed sedimentary and mafic volcanic sequence. Two distinct types of alteration have been observed, one dominated by hematite and the second dominated by sericite. Both display similar brittle shear fracturing, occasionally brecciated, and multiple oriented fracture-controlled quartz veining with minor pyrite. The mineralized felsic unit is exposed at surface and drilling to-date has not identified a lower depth limit. In addition, the felsic unit remains open to further extension along trend both to the north and south.

The most recent drilling program has focused on both infill drilling at 40-metre sections along the current 3 km strike length, as well as stepping back from the earlier successful drilling campaign to test the extent and continuity of mineralization to greater depths. This ongoing phase of drilling has demonstrated that the Woulo Woulo gold mineralized body remains robust to the depths drilled. Positive grades and widths of mineralization, encountered in our drilling program since discovery in early 2020, remain open to along trend and to-depth expansion, which will be evaluated further during our multi-drill exploration program.

Four representative sections have been included as Figures 4, 5, 6 and 7 in Appendix B that outline the excellent correlation observed from surface to drilled depths across the majority of the area successfully drill tested to-date.


Next Steps for Afema Property

• Continue the multi-drill exploration campaign at the Woulo Woulo prospect, the Niamienlessa structural trend and the Afema Shear (Figure 2 in Appendix B).


• Expand trenching and drilling to new areas of interest within the Afema mining license and outward onto the three regional exploration permits.


• Initiate early-stage metallurgical test work and environmental and social assessments.


• Work towards completing an initial resource estimation for all of Woulo Woulo, Afema Shear and Niamienlessa, expected during H1 2021.

Qualified Person

Patti Nakai-Lajoie, P.Geo., has reviewed Teranga’s Afema exploration program data, including the drill holes and trenching results reported herein. Ms. Nakai-Lajoie is a full-time employee of Teranga, and is not “independent” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Ms. Nakai-Lajoie has sufficient experience that is relevant to the style of mineralization under consideration and to the activity, which she is undertaking to qualify as a “Qualified Person” under NI 43-101. Ms. Nakai-Lajoie has verified and approved the technical information disclosed in this release, including the sampling, analytical and test data underlying such information in the form and context in which it appears herein. The excavator trenching, reverse circulation and diamond core samples are assayed at the Bureau Veritas Laboratory in Abidjan, C?te d’Ivoire.


Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management’s expectations regarding Teranga’s future growth and business prospects and opportunities. Forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results of operations, future economic conditions expectations and anticipated courses of action. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration potential of Afema and the Woulo Woulo prospect in particular and the costs and timing in respect thereof, proposed operational changes and the timing thereof, future opportunities for enhancing development at Afema, and timing for the release of the Company’s disclosure in connection with the foregoing. Although the forward-looking statements contained in this press release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements are based upon assumptions, opinions and analysis that management believes to be reasonable and relevant but that may prove to be incorrect. Teranga cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga’s 2019 Annual Information Form dated March 30, 2020, and in other filings of Teranga with securities and regulatory authorities which are available on SEDAR at www.sedar.com.Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries unless the context requires otherwise.


About the Afema Project

Teranga holds a 51% interest in the project with privately held Sodim Limited. The Company has the right to earn a 70% interest in Afema by completing a three-year, $11-million exploration and community relations work program on the Afema mine license and its Ayame, Mafere and Aboisso exploration permits, and the delivery of a positive feasibility study. The Company has completed the required exploration obligation spend and is in the final phase of meeting its community spend requirement. The final step to earn a 70% interest in the project is the completion of a positive feasibility study.


bout Teranga

Teranga is a mid-tier gold producer operating two mines – Sabodala-Massawa and Wahgnion – and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development. On November 16, 2020, Teranga and Endeavour announced their plans to combine to create a best-in-class top 10 senior gold producer with industry-leading low production costs and high cash flow yield, a strong balance sheet and one of the best organic growth pipelines of any senior gold company. Subject to successful completion of the transaction, the new combined company will have diversification across three countries and highly complementary assets with the potential for significant capital, operating and financing synergies. To learn more about Teranga, please visit www.terangagold.com.



Contact Information

Teranga Gold Corp.
Richard Young, President & CEO
T: +1 416-594-0000
E: ryoung@terangagold.com

Trish Moran, VP, Investor Relations & Corporate Communications
T: +1 416-607-4507
E: tmoran@terangagold.com



Appendix A

Table 1: Selected Drill Highlights (Minimum 4-metre widths and 1.00 g/t Au grade included)

Hole #	Northing	Easting	Elevation	Azimuth	Dip	EOH (m)	Interval (m)	Core length (m)	Grade (g/t Au)
WWDD-012	599882	500895	1,012	90	-45	185	58-76	18	1.00
						Including	64-70	6	1.75
							100-109	9	1.08
						Including	104-108	4	1.38
WWDD-013	600606	500985	998	90	-50	173	117-122	5	1.07
WWDD-014	600527	500991	981	90	-50	150	72-82	10	1.03
						Including	75-80	5	1.22
WWDD-015	600496	500989	976	90	-45	145	62-92	30	1.55
						Including	70-88	18	2.20
						Including	82-88	6	5.41
						Including	82-83	1	27.88
WWDD-016	600408	500969	976	90	-45	150	91-95	4	1.01
WWDD-017	598692	500646	963	90	-45	161.5	0-1	1	6.50
							118-123	5	1.02
							124-128	4	1.11
WWDD-018	600567	500987	993	90	-45	155	109-116	7	1.02
WWDD-019	599214	500690	983	90	-45	180	38-47	9	1.76
						Including	39-43	4	3.21
							98-107	9	1.42
						Including	99-102	3	2.52
WWDD-020	600646	500997	998	90	-45	150	81-90	9	1.07
						Including	81-84	3	2.25
							96-100	4	1.01
WWDD-021	600246	500925	998	90	-45	171.5	96-135	39	1.69
						Including	96-119	23	2.37
						Including	96-107	11	3.24
WWDD-023	600169	500920	990	90	-50	137	51-115	64	1.10
						Including	66-75	9	3.33
WWDD-027	598853	500678	992	90	-45	138	86-135	49	1.20
						Including	101-120	19	1.90
						Including	112-120	8	3.07
WWDD-029	600008	500897	1,014	90	-45	161	89-93	4	1.22
							95-102	7	1.21
							115-119	4	1.07
WWDD-031	598299	500566	988	90	-45	131	39-47	8	1.05
WWDD-032	599926	500940	1,003	90	-50	102	8-51	43	1.02
						Including	12-42	30	1.31
						Including	32-42	10	1.72
							56-61	5	1.04
WWDD-033	598300	500530	980	90	-45	113	84-88	4	1.02
							99-111	12	1.30
WWDD-034	598224	500519	984	90	-45	126	60-90	30	1.14
						Including	62-81	19	1.37
						Including	62-67	5	1.74
						And	75-81	6	1.57
WWDD-035	598063	500436	959	90	-45	143	50-59	9	1.12
						Including	56-59	3	1.82
							66-70	4	1.09
							91-96	5	1.16
WWDD-036	598936	500677	997	90	-45	167.5	110-111	1	7.49
							122-125	3	1.50
WWDD-037	598141	500516	978	90	-45	86	0-20	20	1.59
						Including	13-20	7	2.52
							60-66	6	1.37
							81-86 +	5 +	1.07
WWDD-038	598776	500694	970	90	-45	125	59-70	11	1.12
						Including	65-70	5	2.02
							76-87	11	1.08
						Including	81-84	3	1.60
WWDD-040	599847	500919	1,009	90	-50	99	4-69	65	1.01
						Including	8-33	25	1.44
						Including	44-49	5	1.61
WWDD-041	599931	500890	1,013	90	-50	152	83-100	17	1.20
						Including	90-96	6	2.28
WWDD-043	598178	500531	982	90	-45	79	0-13	13	1.18
						Including	1-7	6	1.94
WWDD-044	598374	500606	985	90	-45	95	35-40	5	1.02
WWDD-045	599766	500891	1,007	90	-50	104	35-60	25	1.08
						Including	39-47	8	1.52
							69-78	9	1.24
WWDD-046	598019	500461	962	90	-45	80	12-15	3	2.06
WWDD-047	598255	500552	998	90	-45	107	31-46	15	1.01
						Including	41-44	3	2.06
WWDD-048	599848	500876	1,012	90	-50	172	83-151	68	1.07
						Including	83-133	50	1.32
						Including	84-89	5	2.00
						And	100-105	5	2.08
						And	130-133	3	4.12
WWDD-050	598335	500583	985	90	-45	86	44-53	9	1.10
WWDD-051	598425	500595	989	90	-45	95	60-83	23	1.61
						Including	60-73	13	2.45
WWDD-052	599166	500689	998	90	-45	160	54-65	11	1.14
						Including	55-58	3	2.62
							97-132	35	1.00
						Including	100-106	6	1.55
						And	111-115	4	2.04
WWDD-053	598812	500713	983	90	-45	104	62-73	11	1.66
						Including	62-64	2	5.41
WWDD-056	598892	500725	995	90	-45	116.5	23-80	57	1.38
						Including	24-42	18	2.19
							69-80	11	1.89
						Including	69-72	3	3.43
WWDD-058	599007	500721	1,000	90	-45	135	12-37	25	1.02
						Including	14-22	8	1.72
							56-68	12	1.10
						Including	62-67	5	1.94
WWDD-059	598650	500693	977	90	-45	80	1-22	21	1.08
						Including	1-9	8	1.52
							45-50	5	1.02
WWDD-060	599057	500719	1,001	90	-45	137	60-71	11	1.08
							75-81	6	1.10
							99-110	11	1.09
						Including	100-102	2	2.49
						And	106-109	3	2.01
WWDD-061	599298	500675	970	90	-50	154	109-119	10	1.05
						Including	114-116	2	1.85
							150-154 +	4 +	1.12
WWDD-062	599137	500676	999	90	-45	167	77-84	7	1.09
							126-144	18	1.15
						Including	126-135	9	1.62
WWDD-063	598572	500672	985	90	-45	69	4-25	21	1.75
						Including	6-13	7	2.15
						And	16-21	5	2.77
WWDD-064	599292	500644	975	90	-45	170	146-160	14	1.20
WWDD-065	598738	500729	964	90	-45	116	15-19	4	1.33
WWDD-066	598574	500625	985	90	-45	110.5	76-93	17	1.40
						Including	76-79	3	2.88
						And	86-92	6	1.74
WWDD-067	598651	500662	972	90	-45	107	31-98	67	1.06
						Including	31-67	36	1.58
						Including	33-51	18	2.36
						Including	36-43	7	4.07
WWDD-068	598488	500601	991	90	-45	146	90-98	8	1.05
						Including	91-93	2	1.99
WWDD-069	599093	500737	995	90	-45	127	45-80	35	1.02
						Including	47-70	23	1.26
						Including	52-64	12	1.54
WWDD-070	598974	500716	999	90	-45	140	91-99	8	1.45
WWDD-071	600206	500877	999	90	-50	208	146-200	54	1.51
						Including	151-163	12	2.20
						And	176-191	15	2.56
						Including	186-191	5	4.92
WWDD-072	600123	500877	1,003	90	-50	206	108-152	44	1.00
						Including	112-130	18	1.34
						Including	118-127	9	1.62
						And	134-138	4	1.54
WWDD-073	600500	500949	976	90	-45	173	120-149	29	1.05
						Including	132-137	5	2.42
WWDD-074	598220	500486	969	90	-45	197	79-127	48	1.41
						Including	116-127	11	3.02
WWDD-075	600165	500879	996	90	-50	197	108-166	58	1.14
						Including	108-135	27	1.67
						Including	119-134	15	2.03
WWDD-077	600283	500986	996	90	-50	128	25-49	24	1.89
						Including	29-42	13	2.91
						Including	33-35	2	11.57
							93-97	4	1.16
WWDD-079	600040	500856	1,010	90	-50	220	122-188	66	1.09
						Including	122-156	34	1.49
						Including	123-134	11	2.09
						And	148-156	8	1.79
WWDD-081	599960	500850	1,006	90	-50	216	131-188	57	1.16
						Including	131-160	29	1.53
						Including	131-140	9	2.09
						Including	148-153	5	2.68
						Including	162-166	4	1.81
WWDD-082	598220	500561	987	90	-45	92	8-24	16	1.08
						Including	14-22	8	1.51
WWDD-083	598258	500508	980	90	-45	188	93-105	12	1.13
							119-132	13	1.58
						Including	126-130	4	3.76
WWDD-084	598185	500499	975	90	-45	155	2-5	3	6.71
						Including	2-3	1	18.85
							48-118	70	1.50
						Including	49-91	42	2.14
						Including	49-74	25	3.09
						Including	49-61	12	5.73
						Including	49-50	1	59.04
WWDD-085	599883	500858	1,003	90	-45	183	111-122	11	1.01
						Including	111-115	4	1.58
							131-135	4	1.20
WWDD-086	598419	500628	988	90	-45	74	20-24	4	1.12
							32-36	4	1.12
WWDD-088	599805	500857	1,014	90	-50	175	98-139	41	1.01
						Including	100-112	12	1.64
						Including	105-111	6	2.30
						And	135-138	3	1.93
WWDD-089	598776	500731	972	90	-45	83	26-60	34	1.05
						Including	27-30	3	2.03
						And	33-37	4	1.82
						And	55-58	3	2.40
							66-73	7	1.01
						Including	70-73	3	1.55
WWDD-090	598779	500656	972	90	-45	179	123-129	6	1.17
						Including	123-126	3	1.53
WWDD-091	599765	500839	1,010	90	-50	209	119-142	23	1.02
						Including	128-131	3	1.65
							144-150	6	1.05
							162-167	5	1.45
							181-185	4	1.99
WWDD-092	598975	500678	998	90	-45	161	77-81	4	1.30
WWDD-093	599093	500704	1,002	90	-45	170	81-101	20	1.18
						Including	88-92	4	1.86
						And	94-98	4	1.81
							115-121	6	1.50
							127-143	16	1.04
						Including	138-143	5	1.86
WWDD-094	600396	500931	976	90	-50	176	121-131	10	10.33
						Including	126-127	1	102.2
							155-162	7	1.19
WWDD-095	599292	500747	980	90	-45	113	0-8	8	1.37
						Including	0-4	4	2.09
							42-53	11	1.08
						Including	43-48	5	1.88
Intervals calculated using a 0.2 g/t Au cut-off and 2 metres of maximum internal dilution per ten metre interval (ie. a 40 metre interval may have up to 8 metres of internal dilution). True widths are unknown; however, drill orientation is planned to intersect both the strike and dip orientations of the mineralized body as close to perpendicular as possible. UTMs are WGS84-30N. Intervals with grade x thickness (gram x metre) of 10 or higher are highlighted in bold. Intercept gold values are determined from uncapped assays.

Appendix B
Figure 1: Afema Property – Location in C?te d’Ivoire

https://www.globenewswire.com/NewsRoom/AttachmentNg/f61545ba-b188-4dfc-8071-e49ad16351a6

Figure 2: Afema Property – Prospect Location Plan Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a1ad191-92cf-46a7-b658-53fc3c95f118

Figure 3: Woulo Woulo Prospect – Compilation Plan Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/a159398e-532e-4e2f-b0a7-d4b1b08bdb94

Figure 4: Woulo Woulo Prospect – Representative Section 0+00 (A – A’)

https://www.globenewswire.com/NewsRoom/AttachmentNg/021f4689-142e-44af-a9b3-344f0abe6186

Figure 5: Woulo Woulo Prospect – Representative Section 0+80 S (B – B’)

https://www.globenewswire.com/NewsRoom/AttachmentNg/fcd60366-c212-466f-b51a-7a1b7bf66da8

Figure 6: Woulo Woulo Prospect – Representative Section 1+60 S (C – C’)

https://www.globenewswire.com/NewsRoom/AttachmentNg/7c874a5e-54f2-4d9a-a825-ae787923c71a

Figure 7: Woulo Woulo Prospect – Representative Section 2+40 S (D – D’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/d465d82c-29c5-4e00-9a61-ed88f27e6639


(All amounts are in U.S. dollars unless otherwise stated)