Progress Adds New Permits Around Bira Trend in Burkina Faso

VANCOUVER, Nov. 19, 2018 /CNW/ - Progress Minerals Inc. ("Progress" or the "Company") is pleased to announce the granting of two new permits along the Bira trend and contiguous with the Bira group permits in Burkina Faso (Figure 1). This represents the initial granting of the two permits, each good for three years with two three-year renewals available per permit. Progress' total land position in Burkina Faso is now 1,115km².

The Mansila permit (Arêtté No. 2018-231) is 107.2km² and represents the western extension of the recently identified artisanal workings north-west of the Bira drilling, although little historical work has been reported on the permit.

The Haoura permit (Arêtté No. 2018-232) is 41.7km², has received significant historic work and has a number of auger targets already identified (Figure 2).

Under the terms of the existing earn-in agreement with Progress' partner, Predictive Discovery Ltd. ("Predictive"), these two new permits will be immediately held in a joint-venture between Progress and Predictive, each owning and contributing 70% and 30%, respectively.

"We are very pleased to be building upon of strategic land package around the Bira Trend. The addition of Haoura will be immediately impactful as it contains several high priority auger targets. Exploration activities along the Bira Trend will commence in January 2019," commented Adam Spencer, CEO of Progress.

ABOUT PROGRESS MINERALS INC.

Progress is an exploration company, focused on the West African Birimian Greenstone Belts, targeting large, low-cost, high-quality, gold deposits. Progress is currently earning into a portfolio of permits in both Burkina Faso and Côte d'Ivoire, covering approximately 2,000km² including anchor projects in each jurisdiction; the Bira Trend Project (Burkina Faso) and the Bobosso Project (Côte d'Ivoire).

On the Bira Trend Project, Progress has completed a district-wide power auger program targeting over 24km of a geochemical anomaly and recently completed a concurrent follow-on 5,129m (49 hole) reverse-circulation ("RC") drill program to test priority targets within an area of known mineralization. Progress has identified ten drill-ready targets for follow-on RC drilling to commence in the fall of 2018. Progress is earning into a 70% interest in a large property package in Burkina Faso in partnership with Predictive Discovery Ltd. (ASX:PDI), whereby Progress is sole-funding US$5 million in expenditures by October 2021 to earn a 70% interest, after which time a joint-venture will be formed. Progress is finalizing its initial earn-in of 51% with Predictive after having spent the first US$1 million in eligible expenditures in Burkina Faso.

On the Bobosso Project, Progress has released final assays from its 2017 reverse-circulation drill program which have generated a number of targets for further follow-up within a large 7km² gold-in-soil anomaly. A 7,500m reverse-circulation drill program is underway for the 2018/2019 field season. Progress recently completed a consolidation of a 100% interest in the Bobosso Project. 

SOURCE Progress Minerals Inc.