Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American:TRX) (the
“Company’s”) Board of Directors is pleased to announce that it has
received an update of the Estimated Mineral Resources in the
Buckreef Shear Zone from Virimai Projects, its independent
technical advisor. This update incorporates the results from the
2019 drilling campaign, the largest drill campaign in the Company’s
history.
NI 43-101 Estimated Mineral Resource For
Buckreef Sheer Zone (cut-off grade 0.4 g/t
Au)
MEASURED |
|
INDICATED |
INFERRED |
|
MEASURED + INDICATED |
Tonnes |
Au (g/t) |
Ounces |
Tonnes |
Au (g/t) |
Ounces |
Tonnes |
Au (g/t) |
Ounces |
Tonnes |
Au (g/t) |
Ounces |
35,871,600 |
1.74 |
2,010,780 |
10,010,350 |
1.03 |
331,870 |
9,926,300 |
0.63 |
39,190 |
45,881,950 |
1.59 |
2,342,650 |
Notes and Key Assumptions:Mineral Resources
inclusive of Mineral Reserves (no Mineral Reserves reported in this
update)Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viabilityAll resources below 540mRL
classified as inferredEstimates over variable widths of 3m to
40mBulk Density ranges 2.0g/cm3 to 2.8g/cm355% attributable to the
CompanyEffective Date: March 16, 2020
In order to appreciate the significance of these
new results, at a cut-off of 0.5g/t, the updated Mineral Resource
for the Buckreef Sheer Zone (Measured + Indicated) comes up to
40.90 million tonnes grading @ 1.73g/t that contain 2,270,700
ounces. At the same cut-off grade, the last published Measured +
Indicated Resource for the Buckreef Sheer Zone (at a cut-off grade
of 0.50 g/t Au) amounted to 21.99 million tonnes grading @ 1.54 g/t
Au that contained 1,085,465 ounces of gold. This is more than
double the estimated Mineral Resource in the Measured + Indicated
categories for the Buckreef Shear Zone.
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
|
Tonnage Range |
Grade Range |
Ounces Range |
Target Area |
Tonnes |
Tonnes |
Au (g/t) |
Au (g/t) |
Ounces |
Ounces |
Northeast Extension |
4,000,000 |
6,000,000 |
1.40 |
2.50 |
180,047 |
482,269 |
Main Zone |
25,000,000 |
35,000,000 |
1.30 |
1.50 |
1,044,915 |
1,687,940 |
In 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.
The Phase III drilling program is currently
underway to further test the continuity of these mineralized
structures. Current information from drill holes show high grade
intersections including drill-hole BMRCD298 with an intercept
average 2.45g/t from 650 to 681m down the hole (NE Extension) and
drill-hole BMRCD309 with an intercept average 3.4g/t from 617 to
630m down the hole (Main North) as reported in a recent press
release dated February 26, 2020 announcing the results from the
first hole in the Phase III campaign.
A Technical Report prepared pursuant to the
requirements of NI 43-101 will be released by the Company within 45
days as part of the continuation of the results reported in the
Pre-Feasibility Report published in June 2018. This Technical
Report will provide greater details in respect of the
Company’s disclosure herein, and investors are encouraged to review
the Technical Report, when available under the Company’s profile at
www.sedar.com.
Sample Protocol and QA/QC
The sample chain of custody is managed by the
Buckreef technical team under the supervision of Anthony Minde.
Gold analyses 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 (the “Laboratory”). Sampling and analytical
procedures are subject to a comprehensive quality assurance and
quality control program. The QA/QC program includes duplication to
the 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.
The Laboratory is ISO 90001 and 17025 accredited
and employs a Laboratory Information Management System for sample
tracking, quality control and reporting.
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).
Mr. Wenceslaus Kutekwatekwa BSc (Hons) Mining Eng. MBA,
FSAIMM, FIoDZ, MAMMZ, MPMIZ the Qualified Person for Virimai
Projects has read and approved the contents of this press release
and does hereby confirm that he and Virimai Projects are actively
engaged as the Qualified Person undertaking the NI 43-101 Mineral
Resource Update Technical Report.
“Although the doubling of the gold resources categorized in
accordance with the requirements of 43-101 is most satisfying, the
interim results we have released today are pointing us in the
direction of further increases,” stated Mr. James E. Sinclair,
Executive Chairman, who went on to say that “We have already
started the Phase III deep drilling campaign that the Company
expects could move the exploration targets into the NI 43-101
categories”.
Respectfully Submitted,
“James E. Sinclair”
James E. SinclairExecutive Chairman
For further information, please contact Michael Martin, Investor
Relations, via email at m.martin@tangoldcorp.com, direct line
860-248-0999, or visit the Company website at
www.tangoldcorp.com
The Toronto Stock Exchange and NYSE MKT LLC have
not reviewed and do not accept responsibility for the adequacy or
accuracy of this release
Cautionary Note to U.S. Investors - The
United States Securities and Exchange Commission limits disclosure
for U.S. reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use certain terms
on this news release, such as “reserves”, “resources”, “geologic
resources”, “proven”, “probable”, "measured", "indicated", or
"inferred" which may not be consistent with the reserve definitions
established by the SEC. 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 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
Registration Statement on Form F-10, as amended, for more
information concerning these risks, uncertainties, and other
factors.
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