19:41:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Tanzania Minerals Corp
Symbol TZM
Shares Issued 72,153,197
Close 2014-10-17 C$ 0.04
Market Cap C$ 2,886,128
Recent Sedar Documents

Tanzania closes acquisition of Igurubi, Msasa interests

2014-10-21 12:03 ET - News Release

Mr. Robert Dzisiak reports

TANZANIA MINERALS CORP. - ACQUISITION OF IGURUBI AND MSASA GOLD PROJECTS IN TANZANIA

Tanzania Minerals Corp. has acquired from Twigg Gold Ltd. a 75-per-cent and 90-per-cent interest in the Igurubi and Msasa gold projects, respectively.

Acquisition of gold assets

Tanzania Minerals has acquired Twigg's 75-per-cent interest in the Igurubi project and Twigg's 90-per-cent interest in the Msasa project for a consideration of $350,000 and seven million common shares, upon completing its due diligence on both projects and reaching a definitive agreement.

Robert Dzisiak, president and chief executive officer of Tanzania Minerals, said: "We are extremely pleased with the completion of this acquisition. Igurubi and Msasa are both advanced-stage exploration projects that perfectly align with our corporate strategy to explore for and develop gold assets in Tanzania. Their addition is a welcome enhancement to the company's existing considerable exploration portfolio in Tanzania. Igurubi and Msasa are highly prospective for shear zone-hosted gold mineralization as proven by the recent exploration, including the highly encouraging drilling results.

"Our main focus will be on the Igurubi project, where significant exploration work has been completed to date, including 15,573 metres of reverse circulation and air core drilling that defined an auriferous vein system over a total length of five kilometres, although drilling has only tested the vein system to a depth of 104 metres. The next phase of exploration will focus on defining the current mineralization, and following up on undrilled highly prospective parallel geochemical and geophysical anomalies. This will hopefully allow the company to create shareholder value by upgrading the historical work completed to a level compliant with National Instrument 43-101, and possibly by the expansion of the current mineralization as it remains open at depth and along strike."

About Igurubi

The Igurubi project is located on the northern margin of the Nzega greenstone belt of the Lake Victoria goldfields of northern Tanzania, approximately 55 kilometres east-northeast of Resolute Mining's former 2.2-million-ounce Golden Pride deposit (38.5 million tonnes at 1.94 grams per tonne gold with a weighted-average recovery of 93 per cent). The project covers an area of approximately 111 square kilometres, and comprises three prospecting licences (109.2 square kilometres) and 13 primary mining licences under option (1.4 square kilometres). Several gold-bearing quartz veins have been defined by shallow drilling (less than 100 metres), which occur along a 5.2-kilometre-long northwest-trending shear zone.

The project area is underlain by Archean rocks concealed beneath a sequence of recent lake sediments that can attain a thickness of up to 40 metres. The southern part of the project area is dominated by a late kinematic granite which intrudes greenstone belt lithologies (mafic, and felsic volcanic and volcaniclastic rocks, banded iron formation and earlier granites). The contact zone between the altered and unaltered granite is sheared, and hosts a set of northwest-trending gold-bearing quartz veins. The host rocks and style of mineralization share similarities with African Barrick Gold's Buzwagi gold mine (1.1 million ounces of gold mined since 2009; total reserve of 24.1 million tonnes at 1.446 grams per tonne gold for 1.12 million ounces of gold, and a total measured and indicated resource of 49.1 million tonnes at 1.291 grams per tonne gold for 2,038,000 ounces of contained gold), also located in Tanzania.

A variety of explorations was performed on the property by previous operators (Twigg and SAMAX), and included: mapping, soil sampling, ground magnetics, ground induced polarization, remote sensing, and 8,572 metres of air core drilling (166 holes), 2,538 metres of shallow percussion rotary air blast drilling (123 holes) and 7,001 metres of reverse circulation drilling (76 holes). To date, no diamond drilling has been performed on the project.

The auriferous veins were traced by drilling over a discontinuous strike length of 5.2 kilometres, with mineralization outcropping in one area that is the focus of the small-scale mining in the primary mining licences. True widths of the veins are up to 1.5 metres and were detected to a vertical depth of 104 metres by reverse circulation drilling. All of the historical drilling on the licence have been focused on the mineralized zone, with a total of 76 reverse circulation holes completed. These holes produced 2,409 one- to two-metre samples that were assayed for gold. From these assays, 114 samples contained gold grades greater than 0.4 gram per tonne gold. The highest gold grade recorded was from drill hole IGRC-12 that returned an average grade of 35.7 grams per tonne gold (based on three assays) over one metre at a depth of 69 metres.

Geological due diligence supports the interpretation that these mineralized structures are open at depth (greater than 100 metres) and along strike. Ground magnetic and soil geochemistry surveys have identified structures parallel to the known mineralization, and will be included in the proposed exploration program expected to start in the fourth quarter of 2014.

About Msasa

The Msasa project occurs on a discontinuous portion of the western extension of the Ushirombo greenstone belt of the Lake Victoria goldfields of northern Tanzania, approximately 21 kilometres south of African Barrick's former Tulawaka gold mine. The project covers an area of approximately 51 square kilometres within three prospecting licences, and hosts a series of gold-bearing quartz veins emplaced along a northwest-trending shear zone that extends over a distance of four kilometres.

Msasa is underlain by Nyanzian greenstone rocks (mafic, and felsic volcanic and volcaniclastic rocks, and banded iron formations), synorogenic granite and later kinematic granite. Mineralization appears to be related to a northwest-trending shear zone parallel to the contact with the synorogenic granite, and is coincident with a 1.5-kilometre-long soil anomaly.

Exploration performed previously on the property included: shallow soil geochemistry, mobile metal ion geochemistry, airborne geophysics, ground magnetics and induced polarization surveys. This work program identified a two-kilometre-long northwest-trending gold soil geochemical anomaly with peak concentrations in excess of one gram per tonne. Shallow RAB test drilling intersected gold-bearing quartz veins with up to 5.2 grams per tonne gold over one metre, and an initial 31-hole (2,886-metre) reverse circulation drilling program tested anomalies identified during the soil geochemistry and RAB drilling programs. The initial drilling results were encouraging, with one extremely high-grade intersection of 81 grams per tonne gold over nine metres, albeit heavily influenced by a three-metre interval containing 241 grams per tonne gold. Follow-up exploration resulted in an additional 99 reverse circulation holes (6,218 metres) and three diamond drill holes (totalling 565.4 metres) encountering noteworthy gold grades, but these could not be used to delineate a resource. Twigg interpreted that gold enrichment was associated with at least one zone of high-grade gold in quartz veins similar to those seen at Tulawaka to the north.

The next phase of exploration at Msasa will concentrate on integrating the historic results with structural geology in an effort to determine the highest-priority target for additional exploration.

Qualified person

Dr. Sandy M. Archibald, PGeo, EurGeol, consultant geologist, Aurum Exploration Services, is the qualified person who supervised the preparation of the technical data in this news release.

Additional information on Tanzania Minerals, including technical reports and other public documents, is available on SEDAR or on the company's website.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.