TORONTO, February 25, 2021 (GLOBE NEWSWIRE) – Tanzanian Gold Corporation (TSX: TNX) (NYSE American: TRX) (TanGold or the Company) announces that, as a result of a review by the British Columbia Securities Commission we are issuing the following news to clarify our disclosure. Certain of the Company’s press releases disseminated between June 17, 2020 and January 8, 2021 included disclosure of exploration targets in the ‘About Tanzanian Gold Corporation’ section.
The disclosure should be replaced with:
Exploration Targets
(see June 23rd, 2020 press release)
| Target Area | Tonnage (millions) | Grade (g/t Au) |
| Northest Extension | 4.0 – 6.0 | 1.40 – 2.50 |
| Main Zone | 25.0 – 35.0 | 1.30 – 1.50 |
It should be noted that the potential quantity and grade of these Exploration Targets is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as per the NI 43-101 reporting standards. The Exploration Targets include 5 isolated drill holes and assume projections of mineralized structures to deep levels as well as an extension of the Northeast Zone and are based on a continuation of favourable geological conditions that host mineralized structures which have been encountered in shallower drilling of Phase II to deep levels below the limits of the current wireframes used in the estimation of the new resources described herein.
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.
