Modern Mining May 2017

MINING News

Two new gold discoveries at Golden Hill and structures at each of these targets.

The Golden Hill property is located within the highly mineralised Houndé greenstone belt in Burkina Faso. This belt hosts a number of high-grade gold depos- its, including the recently discovered Siou, Yaramoko and Houndé deposits. To the south of Golden Hill is another large land position where active exploration pro- grammes are well underway. 

Teranga Gold Corporation, listed on the ASX, has announced two new gold dis- coveries from its exploration programme at Golden Hill, its joint venture with ASX- listed Boss Resources in Burkina Faso. The company’s new discoveries are located within the Ma and Nahiri pros- pects, representing the first two of the ten drill ready targets that have been identi- fied to date at Golden Hill. All ten targets are within close proximity to each other. “The assay results for Ma and Nahiri are very encouraging for an early stage exploration programme,” said David Mallo, Teranga’s Vice President, Exploration.“They display good grades, widths, continuity and strike length in each prospect, and the mineralised zones occur from surface with good oxide depth developed.” Additionally, the next two targets – Jack­ hammer Hill and Pourey-Peksou – were also drilled during the first quarter. Teranga says that while these assay results are pending, drilling intersected the expected alteration

“Overall, we are excited by these posi- tive results, especially given their close proximity to one another,” said Mallo. “Based on the success of this first phase, a multi-drill second phase programme on these targets has begun.”

Important step forward for Sese Joint Venture ASX-listed African Energy Resources reports that Botswana’s Ministry of Finance and Economic Development has approved the Sese Joint Venture (JV)'s application for a Manufacturing Development Approval Order (DAO) for the proposed 450 MW Sese power station

Botswana which requires the approval of the National Assembly of Botswana, subse- quent to which it will become a Statutory Instrument under the Tax Act. Approval of the DAO is another important step towards completing the permitting of the Sese coal and power proj- ect, with the Generation and Export Licence being the only major outstanding permit required before the project can commence. The Sese JV is planning the development of an integrated coal mine and power sta- tion in Botswana for the delivery of power to Zambia and neighbouring countries. 

Sese Power, the JV entity responsible for power generation, has been granted a five-year tax holiday from its first year of commercial operation and thereafter a preferential 15 % company tax rate. The company is now required to enter into a for- mal tax agreement with the Government of

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