Tanzanian Royalty Reports High Grade Gold Assays from Buckreef Project and Significant Expansion of Gold Bearing Horizon at Depth
Tanzanian Royalty (NYSE: TRX) is pleased to announce the receipt of additional assay results from the ongoing drill program at its Buckreef Gold Project in the Lake Victoria Goldfields of Tanzania.
The latest drill results include the highest grade gold values reported to date from the Buckreef Main Zone where drilling continues to confirm an increase in grade and thickness at depth, leaving open the possibility of expanding open pit mining and of underground mining to compliment open pit production.
Hole BMDD127 returned an intercept of 19.0 metres grading 10.58g/t gold from 155 metres which included 9.0 metres averaging 19.06 g/t gold from 156 metres and 5.0 metres grading 25.97g/t gold from 160 metres. The gold mineralization occurs within sheared mafic rocks intercalated with felsic porphyry with strong quartz-carbonate-pyrite alteration which is the main control of high grade gold mineralization.
Joseph K Kahama, Chairman and Chief Operating Officer (Tanzania) describes Hole BMDD127 as “exceptional and certainly beyond anything we have encountered before at Buckreef.” In addition, he confirms that the drilling has intersected “a number of mineralized zones of significant thicknesses at vertical depths down to 200m along with the presences of several gold-bearing structures.”
“With the current exploration program focused on testing the upside potential in the deeper levels of the Buckreef deposit, we expect to increase our knowledge regarding the continuity and grade of these zones,” he adds. “We also expect to further increase the confidence level we have in the Buckreef gold project, lending support to increasing our resource base and leaving additional potential in mineralized zones below a vertical depth of 200m which remains largely untested.”
Three additional holes from the Buckreef Main Zone also returned excellent gold values over good thicknesses:
Hole BMDD124 encountered an intercept of 14.0 metres grading 1.75g/t gold which included 3.0 metres averaging 3.72g/t gold from 206 metres;
Hole BMDD125 returned an intercept of 4.0 metres grading 1.49g/t gold from 191 metres;
Hole BMDD126 had an intercept of 26.0 metres grading 4.5g/t gold which included 4.0 metres grading 17.6g/t gold from 215 metres.
All drill intercepts are approximately 50% to 60% of true width.
In early March 2012, the Company engaged a second diamond drill rig from Simba drilling which has been mobilized to the site and is fully operational. Drilling progress rates have improved significantly and are now in line with expectation to complete the program by May 2012. Three drill rigs are currently operating at Buckreef, two diamond drill rigs and one RC rig.
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