Tanzanian Royalty Reports More Positive Drill Results from the Ongoing Diamond and Reverse Circulation Drilling Program at its Buckreef Main and Tembo Prospects
Tanzanian Royalty is pleased to announce the receipt of more positive
assay results from the ?ongoing ?Diamond (DD) and Reverse Circulation (RC)
drilling program in the Buckreef Main and Tembo prospects at the
Company's Buckreef Gold Project in the Lake Victoria Goldfields of
Tanzania.
The latest results represent a continuation of the positive results that
the Company has been obtaining from various targets being tested in the
ongoing drilling program which started in October 2011.
According to Joseph K. Kahama, Chairman and Chief Operating Officer
(Tanzania), 'The amazing consistency of the drill results we are
reporting across the broader Buckreef property suggests plenty of room
for resource growth which can only enhance the Preliminary Economic
Assessment that is currently being finalized.?
The recent drill results from the Buckreef Main and Tembo prospects are
summarized below:
BMDD112 returned 2.13m @ 2.92g/t gold including 1.0m @ 10.8g/t gold;
BMDD114 returned 6.0m @ 1.05g/t gold and 5.7m @ 1.57g/t gold;
BMDD115 returned 5.47m @ 2.0g/t gold and 27m @ 2.7g/t gold;
BMDD116 returned 4.0m @ 3.2g/t gold, 3.0m @ 3.16g/t gold and 7.0m @
3.47g/t gold;
BMDD119 returned 3.3m @ 2.53g/t gold and 13m @ 2.86g/t gold;
BMDD120 returned 3.0m @ 4.06g/t gold;
BMDD121 returned 4.0m @ 1.0g/t gold and 2.0m @ 1.1g/t gold;
BMDD122 returned 7.0m @ 1.23g/t gold, 2.0m @ 1.24g/t gold and 6.0m @
1.28g/t gold;
BMDD123 returned 13m @ 1.71g/t gold, 7.0m @ 1.63g/t gold and 4.0m @
1.29g/t gold;
TMRC113 returned 3.0m @ 14.75g/t gold and 6.0m @ 3.38g/t gold;
TMRC114 returned 3.0m @ 2.62g/t gold;
TMRC115 returned 2.0m @ 1.92g/t gold;
The diamond drill holes BMDD112 through BMDD119 were aimed at
investigating the Northeast Extension of the Buckreef Main Zone while
BMDD120 to BMDD123 were directed at evaluating and upgrading the current
Inferred Resource to the Measured and Indicated category between depths
of 150m and 200m below surface. The holes above are estimated to be
approximately 60% of true width.
The Buckreef Main deposit consists of shear zone hosted mineralization
associated with auriferous-quartz-carbonate-pyrite assemblages. The
shear structure is steeply dipping and is emplaced along mafic basaltic
sequences and dolerite intrusive rock.
At Tembo, Reverse Circulation (RC) holes TMRC113 to TMRC115 were
designed to investigate the lateral extension of known Tembo
mineralization to the east and a splay zone that trends to the northeast.
Similar to Buckreef Main, Tembo mineralization is structurally
controlled and is hosted in a sub-vertical shear zone emplaced along a
mafic basaltic sequence. The mineralization is confined along an E-W
trending shear structure and a newly discovered northeast trending splay.
The Buckreef Project consists of four prospects, namely the dormant
historic Buckreef Gold Mine at the western limit of the project area,
the Tembo and Bingwa prospects, and the Buziba prospect 20km to the
east. The Company ?has been conducting resource definition exploration
drilling in the immediate vicinity of the Buckreef Main deposit where at
least three additional prospective shears named the Eastern Porphyry,
Buckreef Footwall and Buckreef Hanging-wall were identified based on
previously unpublished historical drilling results by Gallery Gold and
IAMGOLD.
Buckreef is an advanced stage gold project with National Instrument
43-101 compliant gold resources at a 0.5g/t cutoff grade in the
following categories: Measured, 5.176 million tonnes grading 2.05 g/t
(341,000 oz); Indicated, 24.97 million tonnes averaging 1.19 g/t
(954,000 oz); Inferred, 17.173 million tonnes grading 1.51 g/t (835,000
oz).
Almost 61% of these resources are currently in the Measured and
Indicated categories; and based on the recent exploration successes
infill drilling is expected to significantly improve this already
favorable resource ratio. The majority of the resources are oxide and
non-refractory and are amenable to conventional, off-the-shelf mineral
processing techniques.
Analysis
Samples from ?RC and diamond ?drill-holes were submitted to the SGS Lab in
Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). ?Duplicates
and Standards were inserted in the sample stream approximately every 20
samples. ?The average percentage of recovery core is 95%. The planning,
execution and monitoring of quality control programs at the
Buckreef ?Gold project are under the supervision of Anthony Minde, the
Company′s principal geologist. Mr. Minde has over 20 years experience on
the Buckreef Project.
Qualified Person
This press release was reviewed and approved by the Company's Qualified
Persons, Mr. Charles Mnguto and Phillip Kaniki. Mr. Mnguto is the
Company′s Regional Exploration Manager. He has a Bachelor of Science
degree in geology (Hons) from the University of Dar es Salaam (1995) and
is a registered scientist with MAusIMM (Reg. No 307793). Mr. Kaniki, the
Company′s Resource Development Manager, has a Bachelor of Science degree
in geology from the University of Dar es Salaam (1997) and is a
registered scientist with MAusIMM (Reg. No 221963).
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
David Duval, 1-800-811-3855
Investor
Relations
Email: investors@TanzanianRoyalty.com
Website:
www.TanzanianRoyaltyExploration.com
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