Tanzanian Gold Announces End of Phase II Drilling and Start of Phase III Ultra-Deep Drilling; 50m @ 1.8 g/t Au Including 5m @...
January 23 2020 - 5:05PM
Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American:TRX) (the
“Company’s”) Board of Directors is pleased to announce final
results from Phase II of its ongoing drill program at the Buckreef
Project. The Company also announces the start of Phase III drilling
that will test the extension to ultra-deep levels of mineralization
found below the pit bottom in Phase II.
The results summarized below from Hole 26-2
confirm that the Northeast Extension is still open along strike.
Phase II tested the mineralization below the open pit bottom of a
pit defined by the Company’s Pre-Feasibility Study of the Buckreef
Project. The last hole in Phase II has extended a wide and robust
mineralized shear zone in the Northeast Extension by 300m along
strike.
Notable intercepts from Hole 26-2 (BMRCD308)
are:
- 50.0m grading 1.8 g/t Au from 315m to 365m which
includes;
- 7.0m grading 3.9 g/t Au from 319m which
includes:
- 3.0m grading 5.3 g/t Au at 322m
- 5.0m grading 4.6 g/t Au from360m which
includes;
- 1.0m grading 7.0 g/t Au at 362m
The intersections reported here are a down-hole
length and may not represent true width but the true width is
estimated to be 50 – 60%.
“The drilling program of the past year (2019)
has been the largest such program in the Company’s history,” stated
Mr. James E. Sinclair, Executive Chairman, who went on to say that
“Phase I and Phase II have most likely increased our total gold
endowment at Buckreef and have demonstrated that gold
mineralization is still open along strike and down dip."
“With our new Resource Model, we have been able
to carefully plan Phase III drilling that has now started to test
the down dip extension into the ultra-deep; and many of these holes
will be over 1,000m long,” concluded Mr. Sinclair.
Sample Protocol and QA/QC
The sample chain of custody is managed by the
Buckreef technical team under the supervision of Anthony Minde.
Gold analyses 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.
Qualified Person
The Company’s Qualified Person, Mr. Peter
Zizhou, has reviewed and approved the contents of this news
release. Mr. Zizhou has a Master of Science (Exploration Geology)
degree from the University of Zimbabwe (2000) and is a registered
professional natural scientist with SACNASP (Reg. No.
400028/08).
Respectfully Submitted,
“James E. Sinclair”
James E. SinclairExecutive Chairman
For further information, please contact Michael
Martin, Investor Relations, via email at m.martin@tangoldcorp.com,
direct line 860-248-0999, or visit the Company website at
www.tangoldcorp.com
The Toronto Stock Exchange and NYSE MKT LLC have
not reviewed and do not accept responsibility for the adequacy or
accuracy of this release
Cautionary Note to U.S. Investors - The
United States Securities and Exchange Commission limits disclosure
for U.S. reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use certain terms
on this news release, such as “reserves”, “resources”, “geologic
resources”, “proven”, “probable”, "measured", "indicated", or
"inferred" which may not be consistent with the reserve definitions
established by the SEC. 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 the British Columbia, Alberta and Ontario provincial
securities regulatory authorities.
Certain information presented in this release
may constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors,
including risks inherent in mineral exploration and development,
which may cause the actual results, performance, or achievements of
the Company to be materially different from any projected future
results, performance, or achievements expressed or implied by such
forward-looking statements. Investors are referred to our
description of the risk factors affecting the Company, as contained
in our SEC filings, including our annual report on Form 20-F and
Registration Statement on Form F-10, as amended, for more
information concerning these risks, uncertainties, and other
factors.
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