16:27:35 EDT Wed 17 Jul 2019
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Tanzanian Royalty Exploration Corp
Symbol C : TNX
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Close 2019-02-27 C$ 0.87
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Tanzanian drills 11 m of 3.06 g/t Au at Buckreef

2019-02-27 12:33 ET - News Release

Mr. James Sinclair reports


Tanzanian Royalty Exploration Corp. has provided new assay results from its recently commenced infill reverse circulation (RC) drill program at the Buckreef Main prospect at its Buckreef project, aimed at upgrading the known mineral resources from inferred to indicated and indicated to measured categories within the open pit that is the basis for the June, 2018, prefeasibility National Instrument 43-101 technical report.

Significant intercepts reported from the first completed drill-hole, PBR010, include two mineralized zones:

  • Eight metres grading 2.32 g/t gold from 47 metres depth;
  • 11 metres grading 3.06 g/t gold from 74 metres depth.

The upper mineralization zone comprises intensely altered basaltic schist with over 20-per-cent vein quartz chips while the lower intercept also comprises altered basaltic schist but with less than 20-per-cent vein quartz chips. The target area is being infilled to confirm mineralization extension at near-surface depth (first intercept) and also testing the depth continuation of the main mineralized zone within the defined main pit outline (second intercept).

The intersection reported here is a down-hole length and may not represent true width but the true width is estimated to be 50 per cent to 60 per cent.

Ulli Rath, technical director, commented: "We are pleased that the drilling campaign is now well under way. The first hole encountered some near-surface mineralization that our models did not predict and has also encountered old underground mined-out levels that we had expected. As the drilling progresses, we will be able to get a much more comprehensive database that will then be used for an eventual update of all in-pit resources and reserves. In tandem with this first phase of drilling, we have finalized a diamond core drilling program to test possible extensions of key in-pit mineralized zones to significant depths below the bottom of the open pit. We expect the diamond drill rig to commence this initial phase of deep drilling towards the end of the first week on March, 2019."

Sample protocol and quality assurance/quality control

The sample chain of custody is managed by the Buckreef technical team under the supervision of Anthony Minde. Gold analyses reported in this release were performed by standard fire assay using a 50-gram charge with atomic absorption finish (0.01 part per million LLD) and a gravimetric finish for assays greater than 10 grams per tonne. All assays were performed by Nesch Mintech Laboratory in Mwanza. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The quality assurance/quality control 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 sent to the laboratory for geochemical analysis and the remaining half kept in storage for future reference and uses.

Nesch Mintech Laboratory is ISO:90001-accredited and ISO:17025-accredited and employs a laboratory information management system for sample tracking, quality control and reporting.

Qualified person

The company's qualified person, Peter Zizhou, has reviewed and approved the contents of this news release. Mr. Zizhou has a master of science in exploration geology degree from the University of Zimbabwe (2000) and is a registered professional natural scientist with SACNASP (registration No. 400028/08).

About Tanzanian Royalty Exploration Corp.

Tanzanian is a mineral resource company, which engages in the acquisition, exploration and extraction of gold and other natural resources in the United Republic of Tanzania, Africa. The company, after successfully exploring for gold, has identified three development projects, Buckreef, Kigosi and Itetemia. In early 2016, in conjunction with its first gold pour, the company was deemed a commercial gold producer by the Tanzanian government. The company is presently focused on its Buckreef gold project, located in north-central Tanzania.

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