Detailed Review by Tanzanian Royalty of Historical Data at Buckreef Project Reveals Significant Drill Hole Assays in Eastern ...
28 May 2011 - 2:11AM
Business Wire
Tanzanian Royalty is pleased to report that it has completed a
detailed review of historical drilling programs on its Buckreef
Gold Mine Re-development project in Tanzania.
The review included an analysis of a 10 hole Phase 1 Reverse
Circulation (RC) drill program completed in 2002 on the Eastern
Porphyry Prospect by Ashanti Goldfields.
This drill program was subsequently followed up with a 40 hole
Phase 2 drill program conducted by Iamgold Tanzania several years
later which served to confirm the geological potential in the
area.
Tanzanian Royalty is now planning a Phase 3 RC drilling program
and a Phase 1 Diamond Drilling program on the Eastern Porphyry
Prospect to establish the strike and down-dip continuity of the
mineralization as part of its effort to generate additional
resources of economic interest on the Buckreef Gold Project.
The table below is a summary of the significant fire assay
results from these two preliminary drilling programs:
Eastern Porphyry RC Assay Highlights Hole_ID
Sample Depth (m) Width (m) Assay
Grade (g/t)
Comment From To NLRC013 41.00 42.00
1.00 3.75 Phase 1 RC Drilling-ASHANTI NLRC026 93.00 94.00 1.00 3.43
Phase 1 RC Drilling-ASHANTI NLRC026 116.00 120.00 4.00 2.07 Phase 1
RC Drilling-ASHANTI NLRC027 11.00 13.00 2.00 5.67 Phase 1 RC
Drilling-ASHANTI NLRC027 69.00 83.00 14.00 0.77 Phase 1 RC
Drilling-ASHANTI NLRC028 52.00 54.00 2.00 2.06 Phase 1 RC
Drilling-ASHANTI NLRC029 62.00 65.00 3.00 2.18 Phase 1 RC
Drilling-ASHANTI NLRC030 53.00 55.00 2.00 8.81 Phase 1 RC
Drilling-ASHANTI NLRC031 14.00 18.00 4.00 0.95 Phase 1 RC
Drilling-ASHANTI NLRC031 52.00 57.00 5.00 1.07 Phase 1 RC
Drilling-ASHANTI NLRC032 24.00 25.00 1.00 3.87 Phase 1 RC
Drilling-ASHANTI NLRC032 54.00 66.00 12.00 0.91 Phase 1 RC
Drilling-ASHANTI NLRC033 60.00 70.00 10.00 1.02 Phase 1 RC
Drilling-ASHANTI NLRC033 74.00 75.00 1.00 2.51 Phase 1 RC
Drilling-ASHANTI BMRC392 40.00 41.00 1.00 2.93 Phase 2 RC
Drilling-IAMGOLD BMRC392 104.00 112.00 8.00 0.73 Phase 2 RC
Drilling-IAMGOLD BMRC393 25.00 43.00 18.00 6.58 Phase 2 RC
Drilling-IAMGOLD BMRC394 3.00 4.00 1.00 3.52 Phase 2 RC
Drilling-IAMGOLD BMRC394 17.00 18.00 1.00 3.69 Phase 2 RC
Drilling-IAMGOLD BMRC394 67.00 70.00 3.00 0.99 Phase 2 RC
Drilling-IAMGOLD BMRC395 85.00 90.00 5.00 1.35 Phase 2 RC
Drilling-IAMGOLD BMRC499 17.00 18.00 1.00 2.81 Phase 2 RC
Drilling-IAMGOLD BMRC499 83.00 89.00 6.00 0.86 Phase 2 RC
Drilling-IAMGOLD BMRC499 94.00 98.00 4.00 0.64 Phase 2 RC
Drilling-IAMGOLD
Qualified Person
The Company's Qualified Persons are Mr. Peter Tererai Zizhou,
the General Manager and Mr. Phillip Kaniki, the Resource Manager of
Tanzanian Royalty Exploration Corporation Limited. Mr. Zizhou has a
Master of Science (Exploration Geology) degree from the University
of Zimbabwe (2000) and is a registered scientist with SACNASP (Reg.
No.400028/08). Mr. Kaniki has a Bachelor of Science (Geology)
degree from the University of Dar es Salaam (1997) and is a
registered scientist with AusIMM (Reg. No.221963/07). Mr. Kaniki
has reviewed and validated the RC drill-hole data for this
particular prospect.
Analysis
Fire assay with flame AAS finish was conducted by SGS
Laboratories in Mwanza, Tanzania on both drilling programs. A total
of 5,000 RC samples were collected during the drilling programs. A
combined total of 113 commercial blanks, 112 standards, and 138
field duplicates were inserted in the sample stream as part of a
large drilling program combining various prospects around
Buckreef.
Respectfully Submitted,
Joseph Kulwa Kahama
Chairman and Chief Operating Officer
For further information, please contact
Investor Relations at 1-800-811-3855
Visit our website:
www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and American Stock
Exchange have not reviewed and do not accept responsibility for the
adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States
Securities and Exchange Commission permits U.S. mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. We use certain terms on this news
release, such as “measured”, “indicated”, and “inferred”
“resources” that the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the
SEC. U.S. Investors are urged to consider closely the
disclosure in our Form 20-F, File No. 0-50634, which may be secured
from us, or from the SEC’s website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors,
including risks inherent in mineral exploration and development,
which may cause the actual results, performance, or achievements of
the Company to be materially different from any projected future
results, performance, or achievements expressed or implied by such
forward-looking statements. Investors are referred to our
description of the risk factors affecting the Company, as contained
in our Form 20-F, File No. 001-32500, for more information
concerning these risks, uncertainties, and other factors.
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