Tanzanian Royalty Reports Drilling Continues to Extend Higher Grades at Buckreef Gold Project 6.0 Metres @ 4.34 g/t Au, including 2.05 Metres @ 10.11 g/t Au; and 22.57 Metres @ 2.7 g/t Au, including 4.3 metres @ 7.41 g/t Au
Following the positive assay results at the Buckreef Gold Project
announced in the Company′s news releases dated August 3rd and
6th 2012, Tanzanian Royalty Exploration Corporation is
pleased to announce further successful intersections from its current
deep drill program at the Buckreef Gold Project in Tanzania confirming
continuity of the higher-grade gold mineralization.
The results from the ongoing deep extension of Main zone and North zone
continue to provide encouragement for this project. These higher grade
zones are encouraging as the Company continues its exploration of the
potential for Buckreef to add to its future growth profile. Significant
intercepts reported include:
BMDD180 which intersected 6.0m at 3.62g/t gold from 216m, including
4.0m at 5.09g/t gold from 217 and a second wide zone of 22.57m at
2.71g/t gold from 243m, including 4.2m at 7.41g/t gold from 254m.
Drill hole BMDD173 returned an interval of 3 metres grading 1.73g/t Au
from 56m and a second zone of 2 metres at 1.89g/t Au from 123m.
Drill hole BMDD175 returned an interval of 2.24 metres grading 1.54g/t
Au from 387.76m and a second zone of 0.68 metres at 2.38g/t Au.
Drill hole BMDD177 returned an interval of 6 metres grading 4.34g/t Au
from 398m, including 2.05 metres at 10.11g/t Au from 398.95m.
Drill hole BMDD178 returned an interval of 2 metres grading 2.27g/t
Au, from 119m.
Drill hole BMDD182 returned an interval of 9 metres grading 0.95g/t
Au, including 2 metres at 1.93g/t Au from 395m and another zone of 2m
at 2.41g/t Au, from 410m.
The intersection reported here is a core down - holes length and may not
represent true width but the true width is estimated to be 50 ? 60%.
The gold mineralization at Buckreef is hosted in shear zones emplaced
along the fine grained basaltic sequence, medium grained dolerite and
strongly altered felsic porphyry units, associated with gold-bearing
quartz-sericite-carbonate-pyrite alteration assemblages. The best gold
grades are confined within brecciated and altered dolerite with felsic
porphyry intercalation and grey quartz vein with fine disseminated
pyrite.
'We are very excited about these higher grade assay results from holes
drilled at both Buckreef Main zone and Buckreef North zone which
continue to increase our understanding of the deposit? commented Joseph
K. Kahama, Chairman and Chief Operating Officer (Tanzania). 'The
mineralized intercepts are being encountered where predicted and are
returning assay results generally better than the estimated grade of
corresponding blocks in the current resource model?.
Sample Protocol and QA/QC
The samples chain of custody is managed by the Buckreef technical team
under the supervision of Anthony Minde. Gold analyses reported in this
news 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 SGS laboratory in Mwanza. Sampling and analytical
procedures are subject to a comprehensive quality assurance and quality
control program. The QA-QC program includes duplicate samples, blanks
and analytical standards.
Intervals of core to be analyzed are split in half with a mechanized
core cutter, with one half to be sent to the laboratory for geochemical
analysis and the remaining half to be kept in the storage for future
reference and uses.
SGS laboratory is ISO 90001 and 17025 accredited and employs a
Laboratory Information Management System for sample tracking, quality
control and reporting.
Qualified Person
The information in this news release has been reviewed, verified
(including sampling, logging, analytical and test data) and compiled by
Company personnel under the supervision of the Company′s Qualified
Person, Mr. Phillip Kaniki, who has a Bachelor of Science in Geology
degree from the University of Dar es Salaam (1997), and is a registered
scientist with the Canadian Institute of Mining, Metallurgy and
Petroleum (Reg. No. 156370).
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
James Sinclair,
1-800-811-3855
investors@TanzanianRoyalty.com
www.TanzanianRoyaltyExploration.com