AMN - TANZANIA: 4.291 million ounce unclassified resource

Tanzanian Gold Corporation has declared an unclassified mineral resource of 4.291 million ounces of gold for the 1.2km-long Buckreef Shear Zone in Tanzania. These resources are within 242.4 million tonnes grading 0.57 g/t gold at a block cut-off grade of 0.1 g/t.

The unclassified mineral resources are from an unconstrained block model using all the drilling results to date.

During 2019 the company completed the largest drilling campaign in its history, amounting to over 17,650 metres in 60 holes during. A significant number of exploration targets were identified which require further drilling to upgrade the gold mineralisation encountered in these exploration areas to the inferred category.

Further, as the gold mineralisation in the Buckreef Shear Zone is still open along strike to the northeast and down dip, a phase III drilling program has been started to further test the continuity of the mineralisation at ultra-deep levels below mineralisation encountered in phase II.

The new global estimate of mineral resources in the Buckreef Shear Zone was derived from a new resource model developed for the company that combines geological information such as major rock units, structures, alteration styles and assay data from over 1,000 holes that amounted to approximately 140,000 metres that were drilled along the Buckreef Shear Zone.

The new model includes holes drilled by previous owners of Buckreef as well as holes drilled by the company since it acquired Buckreef in 2011, and includes the results from the drilling campaign in 2019.

In view of these considerations, the company has elected to, in the first instance, give the unconstrained resource estimates the designation of unclassified 'Exploration Targets'.

A NI 43-101 Technical Report will be released in 45 days by Virimai Projects as part of the continuation of the results reported in the pre-feasibility report published in June 2018. This estimate will culminate in estimated mineral resources categorised into measured, indicated and inferred resources.

Tanzanian Gold executive chairman James Sinclair said: "The numbers presented speak for themselves, and offer a first glimpse of some of the results of our year-long exploration and development program at Buckreef.

"This extensive and comprehensive program has been conducted with the most scientific of methods and at the highest of industry standards.

"This program would not be in place without critical, value-added, financing completed in a year which has been fully transformational for our company.

"As we have said in the past, mines are not simply discovered - they are built. We will continue to build the Buckreef Mine toward the goal of world-class status."

www.tangoldcorp.com