Globe & Mail 10:03 AM EDT, 10/05/2020 (MT Newswires) -- West Africa-focused gold producer Teranga Gold Corp. (TGZ.TO) at last look rose 3% after saying Monday that resources increased at Golden Hill project in Burkina Faso.
The property now hosts indicated resources of 12.62 million tonnes averaging 1.85 g/t gold for 750,000 ounces of gold and inferred resources of 11.48 million tonnes averaging 1.81 g/t gold for 670,000 ounces of gold.
The updated estimate was based on more than 900 reverse circulation and core drill holes totaling over 100,000 meters, including a 27,000-meter drill campaign completed earlier this year.
Teranga said it expects to spend about $15 million on its resource expansion program at Golden Hill through the end of 2021 to reach its goal of defining a resource of between 2 million and 3 million ounces of gold.
Price: 14.74, Change: +0.43, Percent Change: +3.00