2020 Year in Review – Advancing Buckreef
January 20 2021 - 12:05AM
Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold
or the Company) is pleased to provide a summary of 2020 activities
and accomplishments.
2020 Activities and
Accomplishments
- Doubling of Measured &
Indicated Resources at the Buckreef Gold Project (the Buckreef
Project) to 2.04 million ounces of gold and increased average grade
by 15% to 1.77 grams per ton (gpt) from 1.54 gpt in the Measured
& Indicated category. The Company also reported 635.5 thousand
ounces of gold at 1.11 gpt in the Inferred Category, and
exploration targets of between 1.2 million to 2.2 million ounces of
gold. (See press release dated June 24, 2020.)
- Continued to move forward key
components of the Feasibility Study for a stand-alone sulphide
processing plant:
- The Company’s technical partner,
the SGS Group of Companies (SGS), continued to advance
metallurgical test work to determine the final flowsheet for the
treatment of the sulphide ore;
- SGS also continued geotechnical,
rock stress and other test work; and
- The Company has also started to
develop internal open pit models for Buckreef.
- Successful completion, ramp-up and
operation of a 5 tons per hour (tph) test oxide plant. The test
plant has operated 7 days a week with two 12-hour shifts.
Ultimately, the test plant has significantly de-risked the
development of a much larger oxide operation (upon Government
approval) which will be capable of producing 15,000 – 20,000 ounces
of gold per year. (See press release dated November 17, 2020.)
- Continued exploration through the
Phase III drilling program, which has indicated the Buckreef
deposit is open at depth. Further results are pending, and the
Company will provide updates in the future. (See Management’s
Discussion & Analysis for Q1-2021 filed January 14, 2021.)
- Discovered an additional gold
bearing shear zone at surface approximately 1 kilometer to the west
of the main Buckreef Shear Zone. Further results are pending, and
the Company will provide updates in the future. (See Management’s
Discussion & Analysis for Q1-2021 filed January 14, 2021.)
- Added Mr. Andrew Cheatle, P.Geo.,
MBA, to its Board of Directors. Mr. Cheatle is an experienced and
accomplished gold mining industry professional. (See press release
dated October 29, 2020.)
- Appointed on December 1st, 2020,
Mr. Stephen Mullowney, CPA, CA, CFA as Chief Executive Officer
(CEO) of Tanzanian Gold Corporation. He has also accepted an
appointment to the Board of Directors of the Company, (pending the
approval of the expansion of the Board of Directors at the 2021
Annual General Meeting). (See press release dated December 1,
2020.)
- TanGold and Stamico, working
together submitted an updated mine plan for Buckreef to the Mining
Commission in Tanzania. The updated mine plan, once approved, will
replace the mine plan submitted to the Mining Commission in 2017 as
part of the renewal of Buckreef’s Special Mining License. (See
press release dated January 8, 2020.)
- TanGold and STAMICO agreed to
amendments to the Buckreef Joint Venture Agreement (the “JV
Agreement”) to bring the agreement in line with recent changes in
Tanzanian mining laws and to modernize the working arrangement
between the parties (the original JV Agreement was entered into in
2011). The amendments are subject to the obtaining of necessary
Government approvals and the finalization of relevant legal
documentation. (See press release dated January 8, 2020.)
Mr. Stephen Mullowney, Chief Executive Officer
of TanGold, commented, “As we enter a new year, we would like to
thank all our stakeholders for their continued support. It has been
an extremely constructive 12 months for TanGold and I am excited to
be onboard and look forward to contributing to the advancement of
Buckreef in conjunction with our joint venture partner STAMICO, for
the benefit of all stakeholders.”
About Tanzanian Gold
Corporation
TanGold 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. An ongoing drill program has, to date, more than doubled
the size of Measured and Indicated Mineral Resources to include
2.04 million ounces of gold. Exploration Targets determined in
accordance with NI 43-101 standards have the potential to add up to
another 2.0 million ounces of gold (see press release dated June
24, 2020). The Company commenced initial test production from oxide
ore in June 2020 at an oxide test plant and is now anticipating
government approval for an expanded (oxide) plant.
TanGold 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 oxides upon approval of an expanded
oxide plant;
- Advancing the Final Feasibility
Study for a stand-alone sulphide treating plant that is
substantially larger than previously modelled, targeting annual
gold production of 150,000 to 175,000 oz.; and
- Continuing with a drilling program
to further test the potential of its Mineral Resource base by: (i)
drilling at deeper levels; (ii) drilling new oxide targets; (iii)
infill drilling to upgrade Mineral Resources currently in the
Inferred category; and (iv) a step-out drilling program in the
Northeast Extension.
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,
Stephen R. MullowneyCEO
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
Find us on Social Media.
LinkedIn
https://www.linkedin.com/company/tanzanian-gold-corporation
Twitter
https://twitter.com/TanzanianGold
Facebook
https://www.facebook.com/tanzaniangold
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 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, include, but are not limited to, that
Buckreef’s updated mine plan and amendments to the JV Agreement
will be approved, and 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
Form 6-K, for more information concerning these risks,
uncertainties, and other factors.
TRX Gold (AMEX:TRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
TRX Gold (AMEX:TRX)
Historical Stock Chart
From Apr 2023 to Apr 2024