Tanzanian Gold Corp. (“Tangold”) is pleased to announce that it has received a 43-101 Independent Technical Report entitled “Updated Mineral Resource Estimate for the Buckreef Gold Mine Project, Tanzania, East Africa”. This Report follows the Company’s release of March 17, 2020 that announced a doubling of Resources in the Measured and Indicated Categories as well as highlighting the upside potential in Exploration Targets.
Removal of topsoil at the Buckreef oxide open pit
Tangold is the majority shareholder and Operator of Buckreef Gold Company. The other shareholder, and JV Partner is STAMINCO the Tanzanian government owned mining company.
The Gold Mineral Resources: The estimated Mineral Resources released today at a cut-off grade of 0.4 g/t Au are set out below:
States the Report ”Since the last update, June 2018, the Buckreef Shear Zone Measured Mineral Resources have more than doubled in terms of tonnage but increased by two and half times in terms of contained ounces mainly due to the high grades intersected in the Main Zone Central and North East extension during the last drilling campaign. Indicated Mineral Resources have increased by approximately 20% percent with a corresponding nearly 30% increase in contained ounces. Inferred Mineral Resources have also more than doubled with but contained ounces just fall short of being double. This is due to the deeper drilling and to reflect the open–ended nature of the mineralisation.”
Checking tank densities
No Changes in the Exploration Targets: As stated on March 17, 2020 “In accordance with Part 2 of the NI 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), set out below are the potential exploration targets at The Buckreef Sheer Zone (the “Exploration Targets”).
Exploration Targets At Buckreef Sheer Zone:
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 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. The Exploration Targets assume that the extension of the Northeast Zone along strike will be confirmed by additional drilling”
Statement By Chairman: “I am delighted that the report today has clearly highlighted two significant aspects of our growing resource base – the high grade nature ( almost 2.0 g/t Au) of the bulk of our resources ; and – the potential to the Inferred category with additional drilling” stated Mr. James E. Sinclair, Executive Chairman, who went on to say that “When we upgrade the Inferred category we will most likely have more gold than we announced on March 17, 2020 and today; and this still leaves the potential for further increased from the deep drilling.”.
About Tanzanian Gold Corporation
Tanzanian Gold Corporation is building a world class gold mine at the Buckreef Project in Tanzania. An ongoing drill program has, to date, more than doubled the size of measured and indicated resources to 2.036 million oz . NI 43-101 compliant exploration mining targets have the potential to add up to another 2 million ounces -. The company is rapidly advancing on three value-creating tracks, simultaneously: 1. Production from an oxide processing plant to begin in June, to operate as a separate, stand-alone plant for the full life of the larger sulphide mining and processing operation; 2. The company moves to Final Feasibility for the sulphide operation and now envisions a plant substantially larger than previously modelled, which could produce 150,000 to 175,000 ounces of gold annually. 3. The Company has begun Ultra-Deep Drilling and completed a Level 1 stope design to consider an underground gold mining component at Buckreef and will start infill drilling to upgrade ounces currently in the Inferred category.
