Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold
or the Company) operating through its wholly owned subsidiary in
Tanzania (Tanzam2000), and its joint venture partner, The State
Mining Company (STAMICO), is pleased to expand on TanGold’s recent
MD&A filings and formally announce detailed results from its
exploration program targeting the newly delineated Buckreef West
Shear Zone (Buckreef West) - a splay off the well mineralized
Buckreef Main Zone.
The results summarized from Buckreef West, which
lies in close proximity to the Buckreef Main Zone, define a near
vertical shear zone, over a strike length of 400 meters (m), with
interpreted gold mineralization shallowly plunging to the
northeast. The mineralized zone remains open to the south and at
depth.
Highlights Include:
- Shallow
Depth: All reported intercepts are at shallow depth on a
well-defined structure which is interpreted as a splay off the
Buckreef Main Zone.
- Open at
Depth and Along Strike: Over 400m of strike length has
been drilled to date and the deposit remains open at depth and
along strike in both directions.
- Select Intercepts:
- Hole BWDD017 intersected
4.57m @ 6.4 g/t Au from 44.9m;
- Hole BWDD015, on the same line as
Hole BWDD017, had two intersections: (i) 2.18m @ 1.24 g/t
Au from 86.9m and (ii) 2.49m @1.3 g/t Au
from 105.1m;
- Hole BWDD012 intersected
5.57m @ 4.95 g/t Au from 98.4m and 4.0m @
2.19 g/t Au from 92.0m;
- Hole BWDD013, on the same line as
Hole BWDD012 intersected 1.5m @ 2.2 g/t Au from
59.5m;
- BWDD0018 intersected 7.0m @
2.03 g/t Au from 44.0m and 3.85m @ 2.86
g/t from 56.0m; and
- BWDD0031 intersected 2.5m @
7.29 g/t Au from 46.1m.
Mr. Stephen M. Mullowney, CEO (TanGold)
commented, “Wow, we are ecstatic with these near surface
exploration results as they have confirmed a new discovery at
Buckreef! We will continue with exploration and seek expansion of
both the oxide and sulphide potential down-dip and along strike at
Buckreef West. On the exploration front, the Company continues to
evaluate the widespread gold potential across the entire Buckreef
property and is currently evaluating multiple additional targets
while developing an exploration triangle for the property.”
Buckreef West In Detail
During 2020 and into early 2021 the Company
identified and pursued drilling at Buckreef West. The goal of the
program was to define additional oxide mineral resources and define
a new mineralized shear zone. During the past two quarters, a total
of 2,903m from 31 drillholes have been drilled at Buckreef West to
conclude the current phase.
The drilling has consistently intersected a well
pronounced sheared meta-basalt, with variable sulphide
mineralization, and mild to strong quartz-carbonate-sericite-pyrite
alteration typical of the Buckreef Main Zone. The Company will
continue to evaluate the drill results and geology and prioritise
the most prospective areas for infill drilling, with the explicit
aim of upgrading the target to indicated mineral resource and
ultimately into the mine plan. Assay results from samples received
during the programme are summarized in the map, aerial image and
table below.
Figure 1: Map with Recent Results from the Buckreef West
Drilling Campaign
https://www.globenewswire.com/NewsRoom/AttachmentNg/416f9042-bb01-472a-a023-4e22089bafe8
Table 1: Summary Table of Buckreef West Assay
Results
https://www.globenewswire.com/NewsRoom/AttachmentNg/640d68d1-e350-4417-bcb2-5f155a711590
Figure 2: Aerial Composite with Select Intercepts -
Highlighting the Position of Buckreef West vs. the Buckreef Main
Zone
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ce46848-d5aa-49ab-a27f-6ad67e229c8b
Sample
Protocol QA/QC
The exploration program, including all QA/Q and
sample chain of custody is managed by Isaac Bisansaba, an
experienced Mineral Resource geologist with over 20 years of field
and mine site experience in Africa, South East Asia and Pacific
islands. Gold analysis reported in this release were performed by
standard fire assay using a 50-gram charge with atomic absorption
finish (0.01ppm LLD) and a gravimetric finish for assays greater
than 10 grams per tonne. All assays were performed by Nesch Mintech
Laboratory in Mwanza. Sampling and analytical procedures are
subject to a comprehensive quality assurance and quality control
program. The QAQC program includes duplicate samples, blanks and
analytical standards.
Intervals of core to be analyzed are split in
half with a mechanized core cutter, with one half sent to the
Laboratory for geochemical analysis and the remaining half kept in
storage for future reference and uses. Nesch Mintech Laboratory is
ISO 90001 and 17025 accredited and employs a Laboratory Information
Management System for sample tracking, quality control and
reporting.
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
Forward-Looking StatementsThis
press release contains certain forward-looking statements as
defined in the applicable securities laws. All statements, other
than statements of historical facts, are forward-looking
statements. Forward-looking statements are frequently, but not
always, identified by words such as “expects”, “anticipates”,
“believes”, “hopes”, “intends”, “estimated”, “potential”,
“possible” and similar expressions, or statements that events,
conditions or results “will”, “may”, “could” or “should” occur or
be achieved. Forward-looking statements relate to future events or
future performance and reflect Tanzanian Gold management’s
expectations or beliefs regarding future events and include, but
are not limited to, statements with respect to the estimation of
mineral reserves and resources, recoveries, subsequent project
testing, success and viability of mining operations, the timing and
amount of estimated future production, and capital expenditure.
Although TanGold believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance. The actual achievements of TanGold or other
future events or conditions may differ materially from those
reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors. These risks,
uncertainties and factors include general business, legal,
economic, competitive, political, regulatory and social
uncertainties; actual results of exploration activities and
economic evaluations; fluctuations in currency exchange rates;
changes in costs; future prices of gold and other minerals; mining
method, production profile and mine plan; delays in exploration,
development and construction activities; changes in government
legislation and regulation; the ability to obtain financing on
acceptable terms and in a timely manner or at all; contests over
title to properties; employee relations and shortages of skilled
personnel and contractors; the speculative nature of, and the risks
involved in, the exploration, development and mining business.
These risks are set forth under Item 3.D in Tanzanian Gold’s Form
20-F for the year ended August 31, 2020, as amended, as filed with
the SEC.
The information contained in this press release
is as of the date of the press release and TanGold assumes not duty
to update such information.
Note to U.S. InvestorsUS
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.
TRX Gold (AMEX:TRX)
Historical Stock Chart
From Aug 2024 to Sep 2024
TRX Gold (AMEX:TRX)
Historical Stock Chart
From Sep 2023 to Sep 2024