Exploration Target Clarification
February 25 2021 - 6:05AM
Tanzanian Gold Corporation (TSX: TNX) (NYSE American: TRX) (TanGold
or the Company) announces that, as a result of a review by the
British Columbia Securities Commission we are issuing the following
news to clarify our disclosure. Certain of the Company’s press
releases disseminated between June 17, 2020 and January 8, 2021
included disclosure of exploration targets in the ‘About Tanzanian
Gold Corporation’ section.
The disclosure should be replaced with:
Exploration Targets (see
June 23rd, 2020 press
release)
Target Area |
Tonnage (millions) |
Grade (g/t Au) |
Northest Extension |
4.0 – 6.0 |
1.40 – 2.50 |
Main
Zone |
25.0 – 35.0 |
1.30 – 1.50 |
It should be noted that the potential quantity
and grade of these Exploration Targets is conceptual in nature,
that there has been insufficient exploration to define a mineral
resource and that it is uncertain if further exploration will
result in the target being delineated as a mineral resource as per
the NI 43-101 reporting standards. The Exploration Targets include
5 isolated drill holes and assume projections of mineralized
structures to deep levels as well as an extension of the Northeast
Zone and are based on a continuation of favourable geological
conditions that host mineralized structures which have been
encountered in shallower drilling of Phase II to deep levels below
the limits of the current wireframes used in the estimation of the
new resources described herein.
About Tanzanian Gold Corporation
Tanzanian Gold Corporation, along with its joint
venture partner STAMICO, is building a significant gold project at
Buckreef in Tanzania that is based on an expanded Mineral Resource
base and the treatment of its mineable Mineral Reserves in two
standalone plants. Measured Mineral Resource now stands at 19.98MT
at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated
Mineral Resource now stand at 15.89MT at 1.48g/t gold containing
755,119 ounces of gold for a combined tonnage of 35.88MT at 1.77g/t
gold containing 2,036,280 ounces of gold. The Buckreef Project also
contains an Inferred Mineral Resource of 17.8MT at 1.11g/t gold for
contained gold of 635,540 ounces of gold. The Company is actively
investigating and assessing multiple exploration targets on its
property. Please refer to the Company’s Updated Mineral Resources
Estimate for Buckreef Gold Project, dated May 15, 2020, for more
information.
Tanzanian Gold Corporation is advancing on three
value-creation tracks:
- Strengthening its balance sheet by
expanding near-term production to 15,000 - 20,000 oz. of gold per
year from the processing of oxide material from an expanded oxide
plant.
- Advancing the Final Feasibility
Study for a stand-alone sulphide treating plant that is
substantially larger than previously modelled and targeting
significant annual gold production.
- Continuing with a drilling program
to further test the potential of its property, Exploration Targets
and Mineral Resource base by: (i) identifying new prospects; (ii)
drilling new oxide/sulphide targets; (iii) infill drilling to
upgrade Mineral Resources currently in the Inferred category; and
(iv) a step-out drilling program in the Northeast Extension.
Andrew M. Cheatle, P.Geo. is the Company’s Qualified Person as
defined by the NI 43-101 who has verified the data disclosed in
this news release and has otherwise reviewed and assumes
responsibility for the technical content of this press release.
For further information, please contact Michael Martin, Investor
Relations, m.martin@tangoldcorp.com, 860-248-0999, or visit the
Company website at www.tangoldcorp.com
The Toronto Stock Exchange and NYSE American
have not reviewed and do not accept responsibility for the adequacy
or accuracy of this release.
U.S. Investors are urged to consider closely the
disclosure in our SEC filings. You can review and obtain copies of
these filings from the SEC's website at
http://www.sec.gov/edgar.shtml
This news release contains certain
forward-looking statements and forward-looking information. All
statements, other than statements of historical fact, included
herein are forward-looking statements and forward-looking
information that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time-to-time
with provincial securities regulatory authorities.
Note to U.S. Investors
US investors are advised that the mineral
resource and mineral reserve estimated disclosed in this press
release have been calculated pursuant to Canadian standards which
use terminology consistent with the requirements CRIRSCO reporting
standards. For its fiscal year ending August 31, 2021, and
thereafter, the Company will follow new SEC regulations which uses
a CRIRSCO based templet for mineral resources and mineral reserves,
that includes definitions for inferred, indicated, and measured
mineral resources.
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