Tanzanian Royalty Reports Very Positive Gold Results From RC Drill Program at Lunguya Project in Lake Victoria Goldfields
Tanzanian Royalty (TNX - TSX, TRX - NYSE Amex)is pleased to
announce that it has received extremely positive results from the
recently completed Phase 2 Reverse Circulation (RC) drilling program on
its Nyamakwenge Prospect, part of the Company′s Lunguya Gold Project in
the Lake Victoria Goldfields of Tanzania. The drill program commenced in
June 2011 and was completed at the end September.
Company Chairman and Chief Operating Officer, Joseph K. Kahama,
describes the results as 'among the best and most consistent we have
received to date at Lunguya,? noting that 'the bar has been set high for
a follow-up drilling program that is planned to commence in February or
March 2012 at the end of the current rainy season.?
'This certainly has the potential to become a significant new gold
discovery, with grade tenors and intercept thicknesses comparable to our
flagship Buckreef Project,? he adds.
The Phase 2 drill program consisted of 39 RC holes aggregating 4,145
metres. A total 0f 4,469 RC samples were collected during the program.
The objective of the program was to establish the strike and down-dip
continuity of mineralization identified in a wide-spaced 2002
preliminary drill program on the Nyamakwenge reef system on 50m spaced
lines. For comparative purposes, the following tables show the
significant intersections from both the recent and the previous (2002)
drilling programs conducted at the Nyamakwenge Prospect.
The results in the tables are segregated on the basis of drilling method
(RC or Diamond Drill), and by zone (Reef 01, Reef 02, Rubble, HW splay).
The intersections are estimated to be very close to true thicknesses
with all the drill inclinations being -60 degrees and the dip of the
reef being -22 degrees. All holes are drilled perpendicular to the
assumed strike of the reef(s).
LUNGUYA DD/RC ASSAY HIGHLIGHTS - RECENT PROGRAM | |||||||||||
| Hole ID | ? | Sample Depth (m) | ? | Width (m) | ? | Assay | ? | Zone | |||
? | From | ? | To | ? | Grade (g/t) | ? | |||||
LGRC013 | 34.00 | 36.00 | 2.00 | 2.11 | Reef 01 | ||||||
LGRC016 | 105.00 | 109.00 | 4.00 | 0.70 | Reef 01 | ||||||
LGRC017 | 129.00 | 139.00 | 10.00 | 1.06 | Reef 01 | ||||||
LGRC023 | 120.00 | 123.00 | 3.00 | 0.91 | Reef 01 | ||||||
LGRC026 | 114.00 | 124.00 | 10.00 | 0.83 | Reef 01 | ||||||
LGRC028 | 35.00 | 38.00 | 3.00 | 1.22 | Reef 01 | ||||||
LGRC030 | 86.00 | 91.00 | 5.00 | 2.03 | Reef 01 | ||||||
LGRC032 | 129.00 | 134.00 | 5.00 | 1.95 | Reef 01 | ||||||
LGRC038 | 114.00 | 120.00 | 6.00 | 4.53 | Reef 01 | ||||||
LGRC042 | 117.00 | 120.00 | 3.00 | 0.93 | Reef 01 | ||||||
LGRC043 | 130.00 | 133.00 | 3.00 | 1.76 | Reef 01 | ||||||
LGRC017 | 89.00 | 92.00 | 3.00 | 1.26 | Reef 02 | ||||||
LGRC035 | 118.00 | 123.00 | 5.00 | 1.36 | Reef 02 | ||||||
LGRC039 | 116.00 | 119.00 | 3.00 | 1.14 | Reef 02 | ||||||
LGRC040 | 118.00 | 124.00 | 6.00 | 1.65 | Reef 02 | ||||||
LGRC016 | 47.00 | 50.00 | 3.00 | 0.99 | HW splay | ||||||
LGRC023 | 58.00 | 62.00 | 4.00 | 2.04 | HW splay | ||||||
LGRC024 | 43.00 | 45.00 | 2.00 | 1.65 | HW splay | ||||||
LGRC025 | 83.00 | 85.00 | 2.00 | 1.22 | HW splay | ||||||
DD = Diamond Drilling
RC = Reverse Circulation Drilling
HW = Hanging Wall
| LUNGUYA DD/RC ASSAY HIGHLIGHTS - 2002 PROGRAM | |||||||||||
| Hole ID | ? | Sample Depth (m) | ? | Width (m) | ? | Assay | ? | Zone | |||
? | From | ? | To | ? | Grade (g/t) | Reef 01 | |||||
LGDD-002 | 74.00 | 75.50 | 1.50 | 1.22 | Reef 01 | ||||||
LGDD-003 | 94.50 | 97.80 | 3.30 | 6.82 | Reef 01 | ||||||
LGDD-008 | 68.50 | 73.50 | 5.00 | 1.21 | Reef 01 | ||||||
LGDD-009 | 91.50 | 93.00 | 1.50 | 1.30 | Reef 01 | ||||||
LGDD-010 | 1.00 | 3.60 | 2.60 | 10.96 | Rubble | ||||||
LGRC-001 | 78.00 | 80.00 | 2.00 | 2.09 | Reef 01 | ||||||
LGRC-003 | 17.00 | 22.00 | 5.00 | 1.14 | Reef 01 | ||||||
LGRC-004 | 19.00 | 21.00 | 2.00 | 1.26 | Reef 01 | ||||||
LGRC-005 | 20.00 | 30.00 | 10.00 | 1.74 | Reef 01 | ||||||
LGRC-006 | 3.00 | 6.00 | 3.00 | 1.59 | Rubble | ||||||
LGDD-004 | 29.60 | 32.00 | 2.40 | 2.29 | Reef 02 | ||||||
LGDD-006 | 85.10 | 88.00 | 2.90 | 0.85 | Reef 02 | ||||||
LGDD-010 | 1.00 | 3.60 | 2.60 | 10.96 | Rubble | ||||||
LGDD-010 | 21.00 | 24.50 | 3.50 | 7.27 | Reef 02 | ||||||
LGDD-011 | 44.10 | 49.80 | 5.70 | 1.43 | Reef 02 | ||||||
LGRC-002 | 21.00 | 24.00 | 3.00 | 4.02 | Reef 02 | ||||||
Geology
The gold mineralization at Nyamakwenge is structurally controlled and
hosted in quartz-veined sericite-schist shear zones which cut through
the granite and basalt. The main mineralization is located in strain
zones developed in sheared granite and the overall sulphide content is
moderate to low.
Reef 01 is relatively homogeneous in terms of grade distribution and
shows consistency along strike and down dip. The reef has a shallow dip
to the WNW and an average dip angle of 40 ?. The average width is 4.33m
with an average grade of 1.69g/t over a strike length of approximately
460m. The reef has been drilled to an average depth of 154m and the zone
is still open-ended to the NNE. Sectional interpretation indicates
possible depth continuity that will definitely warrant further deep
drilling.
Reef 02 is located in the hanging wall and dips steeply over 50 degrees
near surface but flattens out to approximately 25 degrees at depth. The
reef has an average width of 3.25m, an average grade of 1.77g/t, and
extends over a strike length of approximate 365m. The reef has been
drilled to an average depth of 120m. The zone is still open-ended to the
NNE and sectional interpretation indicates possible depth continuity
that still warrants further deep drilling. Both zones are displaced by
late WNW-ESE trending regional faulting in the southwestern sector of
the prospect.
The drilling has also identified two narrow minor reefs that occur as
'splays? in the hanging wall. Approximately 500m away from the last
drill-hole section, inactive but extensive artisanal workings have been
mapped, suggesting the mineralized zones could widen in this area.
Other Targets at Lunguya
Apart from the Nyamakwenge prospect, two more targets, the Kahanda North
soil anomaly and the Kalole area remain to be evaluated. The Kahanda
North prospect reveals a consistent 1.3km long gold-in-soil anomaly
within a favorable NW-SE trend. This trend is similar to that of
Barrick′s nearby Bulyanhulu gold mine and adjacent Bulyanhulu south
mineralization, the former being one of the largest gold producers in
Tanzania. The north-northeast extension of the known mineralization at
Nyamakwenge prospect has also been flagged for follow-up work.
Future Plans
Following a detailed evaluation of the Lunguya drill results, the
Company′s geological staff are preparing plans for a Phase 3 exploration
program at Lunguya subject to the availability of drilling equipment
which is at a premium in the Lake Victoria region at the present time.
According to James E. Sinclair, President and CEO, 'We are looking at
every available option to secure equipment at competitive rates,
recognizing that building resources in the ground will ultimately secure
the Company′s future.?
Analysis
Fire assay with flame AAS finish was conducted by SGS Laboratories in
Mwanza. Duplicates and Standards were inserted in the sample stream
approximately every 20 samples. The planning, execution and monitoring
of quality control programs at the Lunguya Gold project are under the
supervision of Mr. Charles Mnguto (P.Geo.) who is the Head of Geology
for TRX.
Qualified Person
The Company's Qualified Person, Mr. Peter Zizhou, has reviewed and
approved the contents of this news release. Mr. Zizhou is the General
Manager (Exploration & Administration) of Tanzanian Royalty Exploration
Corporation Limited. He has a Master of Science (Exploration Geology)
degree from the University of Zimbabwe (2000) and is a registered
scientist with SACNASP (Reg. No.400028/08).
Respectfully Submitted,
Joseph Kahama
Chairman and
Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at
1-800-811-3855
Visit our website: www.TanzanianRoyalty.com
The Toronto Stock Exchange and NYSE Amex Equities 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.
Tanzanian Royalty Exploration Corporation
David Duval,
1-800-811-3855
Investor Relations
or
Connecticut Office:
Tel:
(860) 364-1830
Fax: (860) 364-0673
or
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Free: 1-800-811-3855
Tel: (604) 536-7873
Fax: (604) 536-2529
Email:
investors@TanzanianRoyalty.com
Website:
www.TanzanianRoyaltyExploration.com