Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) operating through its wholly owned subsidiary in Tanzania, 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 – 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.
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
Table 1: Summary Table of Buckreef West Assay Results
Figure 2: Aerial Composite with Select Intercepts – Highlighting the Position of Buckreef West vs. the Buckreef Main Zone
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:
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.
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