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TRX Gold Announces Best Drill Hole Result In History Of Buckreef Gold

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TRX Gold Announces Best Drill Hole Result In History Of Buckreef Gold

 

 

 

 

 

TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) is excited to announce its best drill result ever, on a gram x tonne x meters basis with hole BMDD310 intersecting 35.5 metres @ 5.48 g/t Au (194.54 gtm) from 64 m. This drill hole result is approximately 200 m east of the Buckreef Main Zone, host to Buckreef Gold’s 2M+ ounce Au Mineral Resource1 and where current operations are ongoing in the Main Pit.

 

The Company is also excited to announce the discovery of a promising new gold mineralization shear zone, named the “Stamford Bridge Zone” at which current drill results are revealing geological characteristics and mineral alterations similar to that at Buckreef’s Main Zone. Hole BMDD310, mentioned above, is located along the Stamford Bridge Zone.

 

Stamford Bridge Shear Zone Drill Results To Date:

  1. Hole BMDD310 intersected 35.5 m @ 5.48 g/t Au from 64 m; including 13m @8.06g/t Au.
  2. Hole BMDD312 intersected 17.2 m @ 3.14 g/t Au from 164.6 m.
  3. Geotechnical hole BMGT001 intersected 11.39 m @ 2.80 g/t Au from 104.0 m, and 22.0 m @ 2.36 g/t Au from 186.6 m. Both results are interpreted to be part of the Stamford Bridge Zone trend.
  4. BMGT001 intersected the Buckreef Main Zone of 32.80 m @ 1.70 g/t Au (ending in mineralization) from 393.0 m.

 

The Stamford Bridge Zone was discovered through detailed geological mapping of the Main Pit floor that identified a trend of high-grade mineralization on the eastern side of the Main Pit trending 0700 East (Figures 1). This is an exceptional discovery at the Buckreef Gold Project, resulting in the most significant mineralization identified within Buckreef Gold’s drill history.

 

The exploration team then identified that geotechnical hole BMGT001 (one of geotechnical holes drilled as part of the Buckreef Main Zone geotechnical study completed by Terrane Geoscience Inc.) located 160 m east of the Main Pit, drilled across the Stamford Bridge (Figure 1), and was subsequently relogged (Table 1). The logging confirmed the presence of three mineralization zones, including the Stamford Bridge Zone. The zones were sampled, and the assay results are summarized below (Table 1). To date, the new Stamford Bridge Zone has shown evidence of a sheared mineralized zone with similar geological characteristics to that found in the Main Zone, i.e., zones are measured as being near vertical with strong alteration.

Isaac Bisansaba, Manager of Technical Services at Buckreef Gold, explains, “To have an over 50% success rate at this early stage of drilling a newly discovered shear zone is very exciting. Thus far, from four drillholes, two returned remarkable results and the two other holes still show evidence of strongly mineralized shear structure. This seems to represent the pinch and swell, typical of shear zones.”

 

Thus far, drilling has covered 100 m of this newly identified mineralized structure and geological logging confirms the continuity of the structure. These results are beginning to form what can become a potential 1-kilometer “bridge” between the Buckreef Gold Main Zone, where current operations are ongoing, and the parallel, high-priority, gold mineralization zone known as the Eastern Porphyry (see Figure 1). The latter also links to the Anfield Zone, discovered in 2022. (see May 15, 2023 press release)

 

The Company has planned an expanded diamond drill program to test for further mineralization along this newly developing trend.   Although these are early-stage results, and only two sections along the newly identified trend have been drilled, key interpretations include:

  1. The Stamford Bridge Zone is potentially a significant shear zone and geologically similar to the Buckreef Main Zone. It bridges the gap between Buckreef Main Zone and the Eastern Porphyry deposit to the Southeast.
  2. Pinching and swelling of the Stamford Bridge Zone has been observed in the first section drilled; 4m wide in the first drillhole and over 17 m wide on the second drillhole down dip; and
  3. The second section has intercepted a significant shear zone, over 35 m wide with distorted shear fabric by alteration overprint. Therefore, a minimal number of follow-up drillholes will be required to understand geometry of this new discovery.

 

“We are very excited about these new findings, which have resulted from diligent geoscientific work and interpretation by our team at Buckreef Gold. The grades and widths are both impressive and encouraging as the new Stamford Bridge Zone represents a great exploration opportunity and a chance to uncover more mineable gold in the ground at Buckreef Gold. Being relatively shallow and in close proximity to our Main Pit, mineralization from this Stamford Bridge Zone would be expected to make it into future mine plans and possibly reduce the strip ratio overall, making future mining more economic. I have always said, there is a lot of gold at Buckreef Gold, we need to continue exploring this underexplored property and look forward to further exploration results!”, commented Stephen Mullowney, TRX Gold Chief Executive Officer.

 

Figure 1. Buckreef Gold Property Showing Location of Stamford Bridge Zone and Drill Hole Results

 

 

Figure 2. Drill sections – Stamford Bridge Zone

 

 Table 1: Summary of Results – Stamford Bridge

 


Hole ID

Hole
Type
Drill Holes Location Sample Depth
Width
(m)

Assay
Grade
(gpt)

Lithology

Comment

East
(m)

North
(m)

RL
(m)

Azimuth

Dip
From (m) To (m)
BMGT001 DD 391,780 9,658,453 1,217.8 270 -50 104.00 115.39 11.39 2.80 Msh  
              186.00 208.00 22.00 2.36 Msh Stamford Bridge Mineralized shear zone with strong alteration
              393.00 425.80 32.80 1.70 Msh Buckreef Main mineralized shear zone
BMDD309 DD 391,676 9,658,400 1,216.6 334 -60 101.80 104.50 2.70 1.65 Msh Mineralized shear zone with strong alteration
                         
BMDD310 DD 391,723 9,658,418 1,217.2 334 -60 64.50 100.00 35.50 5.48 Msh  
          Including 76.00 89.00 13.00 8.06   Mineralized shear zone with strong alteration
BMDD312 DD 391,685 9,658,382 1,216.4 335 -60 164.60 181.80 17.20 3.14 Msh Mineralized shear zone with strong alteration

Qualified Person

 

Mr. William van Breugel, P.Eng, BASc (Hons), technical Advisor to TRX Gold Corporation, is the Company’s Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and has reviewed and assumes responsibility for the scientific and technical content in this press release.

 

Sample Protocol QA/QC

 

The sample chain of custody is managed by the Buckreef geology team on site. Reported results are from diamond drilled core samples. Intervals of core to be analyzed are split into half using 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. Diamond drilled core has been a HQ size and recoveries are consistently 100% across all drill holes intercept reported.

 

Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QAQC program involves insertion of duplicate samples, blanks and certified reference materials in the sample stream. Gold analyses are performed by standard fire assaying protocols using a 50-gram charge with atomic absorption (AAS) finish and a gravimetric finish performed for assays greater than 10 grams per tonne.

 

Sample Preparation and analysis are performed by independent SGS Laboratory in Mwanza, Tanzania. SGS Laboratory is ISO17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting.

 

The results summarized in this release are from Stamford Bridge target. The intercepts confirm an interpreted mineralized shear zone trending 070 degrees (ENE) that is over a km long. The intersections reported here has covered only the first 100m strike length, they are down-hole lengths and may not represent true width, however the true width is estimated to be between 50% – 60% of the length.

 

About TRX Gold Corporation

 

TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 2020, the project currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of gold and an Inferred Mineral Resource of 17.8 MT at 1.11g/t gold for 635,540 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow. The positive cash flow will be utilized for exploratory drilling with the goal of increasing the current gold Resource base and advancing the Sulphide Ore Project which represents 90% of current gold Resources. TRX Gold’s actions are led by the highest ESG standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in Geita Region, Tanzania.

 

Posted October 24, 2024

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