AMN - TANZANIA: M&I gold resources doubled at Buckreef

Tanzanian Gold Corp has doubled gold resources in the measured and indicated categories at Buckreef Shear Zone within the Buckreef project in Tanzania. There are now almost 45.882 million tonnes at 1.59 g/t for 2,342,650 ounces in these categories at a 0.4 g/t cut-off along with 9.926 million tonnes at 0.63 g/t for 39,190 ounces in the inferred category.

The update by independent technical advisor Virimai Projects is based on results from the 2019 drilling campaign, the largest drill campaign in the company’s history.

This work has also highlighted upside in the exploration targets for Buckreef Shear Zone. In the Northeast Extension area, the target is 4-6 million tonnes in a grade range of 1.4-2.5 g/t for 180,047-482,269 ounces while in the Main Zone the target is 25-35 million tonnes in a grade range of 1.3-1.5 g/t for 1,044,915-1,687,940 ounces.

In order to appreciate the significance of these new results, at a cut-off of 0.5 g/t, the updated measured and indicated resource for the Buckreef Shear Zone is 40.9 million tonnes grading 1.73 g/t that contain 2,270,700 ounces. At the same cut-off grade, the last published M&I resource for this zone amounted to 21.99 million tonnes grading 1.54 g/t that contained 1,085,465 ounces of gold.

It should be noted that the potential quantity and grade of these exploration targets is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as per NI 43-101 reporting standards.

A Phase III drilling program is underway to further test the continuity of these mineralised structures. Current information from drill holes show high-grade intersections including drill-hole BMRCD298 with an intercept average 2.45 g/t from 650 to 681 metres down the hole at NE Extension and drill-hole BMRCD309 with an intercept average 3.4 g/t from 617 to 630 metres down the hole at Main North.

TanGold's executive chairman James E Sinclair said: “Although the doubling of the gold resources categorised in accordance with the requirements of 43-101 is most satisfying, the interim results we have released are pointing us in the direction of further increases.

“We have already started the Phase III deep drilling campaign that the company expects could move the exploration targets into the NI 43-101 categories.”

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