Progress Intersects 17m at 2.21g/t Au and Completes 100% Acquisition at the Bobosso Gold Project in Côte d'Ivoire

VANCOUVER, Nov. 19, 2018 /CNW/ - Progress Minerals Inc. ("Progress" or the "Company") is pleased to announce the receipt of initial assay results from the reverse-circulation ("RC") drill program on the Bobosso Gold Project in Côte d'Ivoire. Progress is also pleased to report that the previously announced consolidation of a 100%-interest in Bobosso has now been completed (see Company news release dated June 12, 2018).

HIGHLIGHTS

Figure 1: 2018 RC Drill Plan (CNW Group/Progress Minerals Inc.)

• As at November 15th, 41 RC holes for 4,438m have been completed of a 7,500-metre planned RC drill at the Bobosso Gold Project
• Results for 22 holes have been received with the most significant results including:
• BOBRC080 17m from 91m at 2.21g/t Au, including 1m at 23.24g/t Au; and
• BOBRC083 8m from 13m at 4.50g/t Au, including 1m at 29.24g/t Au
• Additional pending drill results are expected in the coming weeks

DETAILS

The RC drill program began on October 7th, 2018 with 7,500m of drilling planned to test six target areas on the Wendene permit; IP Anomaly, BRC104, Area 1, BRC302, Area 4 and BRC039 (Figure 1).

As of November 15th, 41 holes have been completed (BOBRC063-102) for 4,438m of RC drilling. To date, complete results have been received for the initial 22 holes (BOBRC063-84). Thus far the most significant results have been reported from the chargeability anomaly identified during the recently completed pole-dipole induced polarization ("IP") survey and, in particular, the western extension. Specifically, BOBRC080 reported 17m from 91m at 2.21g/t gold, including 1m at 23.24g/t gold and BOBRC083 reported 8m from 13m at 4.50g/t gold, including 1m at 29.24g/t gold.

"We are encouraged by the initial results received from this drill program, in particular the wider intersections at higher grades from the most recently completed holes along the western extent of the IP anomaly near target BRC104. We look forward to building upon these results as we continue to execute this 7,500m drill program," commented Adam Spencer, CEO of Progress.

Work is underway to gain more understanding of the structural controls and the geometry of the mineralization to determine its true thickness. The remaining metres of the program are being spotted based on these positive results. Highlight of results reported from the drilling are included in Table 1 below.

Table 1: RC Drill Highlights
Significant mineralization defined as a minimum of 2m at 0.5g/t

HOLE ID	TARGET	ADDITIONAL	FROM (m)	TO (m)	LENGTH (m)	AU GRADE (g/t)
BOBRC063	IP Anomaly		44	48	4	1.94
		and	93	97	4	2.46
		including	93	94	1	7.44
		and	102	105	3	2.11
		including	102	103	1	3.15
BOBRC064	IP Anomaly		62	67	5	2.04
		including	62	63	1	5.41
		and	81	82	1	3.99
		and	113	117	4	1.60
		and	122	129	7	1.53
BOBRC065	IP Anomaly		0	6	6	1.05
		including	4	5	1	2.02
		and	51	55	4	1.78
		including	53	54	1	2.93
BOBRC066	IP Anomaly		114	117	3	3.82
		including	116	117	1	5.06
		and	128	132	4	9.18
		including	131	132	1	34.10
BOBRC067	IP Anomaly		46	52	6	1.62
		including	47	48	1	3.38
		and	118	123	5	2.72
		including	119	120	1	4.62
		and	135	137	2	2.85
		including	135	136	1	5.29
BOBRC068	IP Anomaly		62	63	1	3.34
		and	115	120	5	1.85
		including	117	118	1	3.25
		and	133	142	9	2.05
		including	133	134	1	5.65
BOBRC069	BRC302	No significant mineralization
BOBRC070	BRC302		40	41	1	1.09
BOBRC071	BRC302		104	105	1	1.48
BOBRC072	BRC302		6	13	7	0.53
BOBRC073	BRC302		45	46	1	1.34
BOBRC074	BRC302		31	34	3	0.73
		including	33	34	1	1.58
BOBRC075	BRC302	No significant mineralization
BOBRC076	BRC302		27	29	2	1.83
		including	27	28	1	3.08
		and	38	49	11	1.14
		including	46	48	2	2.82
BOBRC077	BRC302		0	1	1	16.83
BOBRC078	BRC104		60	61	1	6.42
		and	90	93	3	2.04
		including	92	93	1	3.79
BOBRC079	BRC104	No significant mineralization
BOBRC080	BRC104		91	108	17	2.21
		including	91	92	1	23.24
		and	119	128	9	1.74
		including	122	123	1	4.85
BOBRC081	BRC104		32	36	4	1.95
		including	33	34	1	3.46
		and	45	51	6	2.55
		including	45	46	1	8.10
		and	72	87	15	1.60
		including	77	78	1	5.87
BOBRC082	BRC104		15	26	11	1.04
		including	15	16	1	3.76
		and	43	54	11	1.56
		including	53	54	1	7.68
BOBRC083	BRC104		13	21	8	4.50
		including	18	19	1	29.24
		and	55	60	5	1.48
		including	57	59	2	3.27
		and	72	74	2	3.81
		including	72	73	1	6.12
		and	76	84	8	1.23
		including	77	79	2	3.78
BOBRC084	BRC104		50	56	6	0.54

QUALIFIED PERSON'S STATEMENT

K. Kirk Woodman, P. Geo, Vice President Exploration is the Qualified Person overseeing Progress' exploration projects in Burkina Faso and Côte d'Ivoire and has reviewed and approved this press release.

All drill holes reported are reverse-circulation.

A Quality Assurance/Quality Control program was part of the sampling program on the Bobosso prospect. This program includes the systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the sampling.

Samples were prepared at Bureau Veritas in Abidjan and assayed using a 50-gram fire-assay. Drilling intercept lengths are reported in the tabulations. Additional information is required to calculate true thicknesses.

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.

Adam Spencer CFA, President & CEO, [phone], [email protected]; Progress Minerals Inc., Unit 1 - 15782 Marine Drive, White Rock, British Columbia, CANADA V4B 1E6