Tanzanian Royalty Reports More High Grade Assay Results From its Buckreef Gold Project in Tanzania
The latest assay results from the ongoing drill program at Tanzanian
Royalty′s Buckreef Gold Project in northern Tanzania lend additional
support to the emergence of a high grade gold discovery at depth across
above-average widths.
The Company′s Chairman and Chief Operating Officer (Tanzania), Joseph K.
Kahama, describes the results as 'quite exceptional by historical
standards and supportive of management′s belief that we are dealing with
an essentially new gold discovery that will show its true merits in the
coming months.?
Drilling has intersected a number of mineralized zones of significant
thicknesses at vertical depths down to 200m below surface in addition to
confirming the presence of gold-bearing structures.
'While much more drilling remains to be done, our initial assessment is
that we are seeing the emergence of a new gold discovery whose depth
potential is reminiscent of at least one existing, long life gold
deposit in Tanzania,? he adds.
Mr. Kahama also confirms that the Company′s Board of Directors is
preparing to approve a major expansion of the current exploration budget
for Buckreef, the majority of which will be directed at assessing the
project′s deep seated potential which was never seriously tested by
previous operators given their exclusive focus on the near surface open
pit potential.
'We are pulling out all the stops to assess this new discovery given its
potential to boost our gold resource base along with the overall grade
tenor for the Buckreef deposit which would obviously impact the economic
assessment that is currently under way for Buckreef not to mention the
feasibility study that will follow immediately thereafter.?
Results from diamond drill holes BMDD128 to BMDD133 have been received
and the assay results are as follows:
Hole BMDD128 encountered an intercept of 3.0 metres grading 1.54g/t
gold from 132.0m which included 1.0 metre averaging 3.82g/t gold from
134.0 metres. The hole also encountered a wider zone of 12.0 metres
grading 2.67g/t gold from 155.0m which included 2.0m averaging 7.34g/t
gold.
Hole BMDD129 encountered an intercept of 3.0 metres grading 1.18g/t
gold from surface; another zone of 5.5m grading 1.53g/t gold was
encountered at 64.0m and a zone of 2.0m grading 1.55g/t gold from 153m.
Hole BMDD130 encountered an intercept of 4.0 metres grading 2.66g/t
gold from 118.0m which included 1.0 metre grading 9.99g/t gold and a
second zone of 23.0m at 1.6g/t gold from 125.0m which included 6.0m at
4.2g/t gold from 128.0m.
Hole BMDD131 encountered an intercept of 3.0 metres grading 3.51g/t
gold from 101.0m which included 2.0m at 5.0g/t gold.
Another excellent intercept was returned from BMDD132 which
encountered 21.0 metres grading 6.27g/t gold from 163.0 metres which
included 6.0 metres averaging 14.27g/t gold from 163.0m in sheared
quartz vein intercalated with sheared dolerite with strong
silica?carbonate?pyrite alteration followed by 4.0 metres grading
1.93g/t gold from 192.0 metres.
Hole BMDD133 returned an intercept of 4.0m grading 1.93g/t gold from
139.0m, 5.0m grading 4.27g/t gold from 195.0 metres which included
2.0m grading 8.31g/t gold from 195.0m in sheared felsic porphyry and
another intercept of 4.0m grading 1.66g/t gold from 210.0m.
All holes are estimated to be 50-60% of true widths.
The current drill program, which has been focusing on the upside
potential in the deeper regions of the Buckreef deposit, has both
enhanced the Company′s knowledge with respect to the continuity and
grade of these zones along with our targeting ability.
'This will serve to further increase the confidence level associated
with the Buckreef Gold Project and, we expect, increase our resource
base,? Mr. Kahama states. 'Meanwhile, all mineralized zones below a
vertical depth of 200m below surface remain largely untested.?
Sample Protocol and QA/QC
All drill holes in this program used HQ series for the uppermost 25-40m
and thereafter used triple-tube wire line N series. All cores were
oriented and saw-split before sampling. Cores are stored at the
Company′s designated facility at Buckreef. All analyses were done by SGS
laboratory in Mwanza, for gold by single assay ton fire assay with an AA
finish. Higher value results were analyzed in duplicate. Company QA/QC
protocol requires the insertion of some 20% of blank and standard
samples on a randomized basis throughout the sample sequence. The
protocol further requires that no sample interval be greater than 1.0 m
or less than 0.5 m.
SGS laboratory is ISO 90001 and 17025 accredited and employs a
Laboratory Information Management System for sample tracking, quality
control and reporting.
Drill supervision and logging were all done by company geologists under
the direction of Anthony Minde, Principal geologist. Mr. Minde is
a graduate of the University of Dar es salaam, with 20 years of
experience in mineral exploration.
Qualified Person
The Company′s Qualified Persons, Mr. Phillip Kaniki and Charles Mnguto,
have reviewed and approved the contents of this news release. Mr.
Phillip Kaniki has a Bachelor of Science in Geology from the University
of Dar es Salaam (1997) and is a registered scientist with MAusIMM (Reg.
No 221963). Mr. Charles Mnguto has a Bachelor of Science in Geology
(Hons) from the University of Dar es Salaam (1995) and is a registered
scientist with MAusIMM (Reg. No 307793).
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
David Duval, 1-800-811-3855