Tanzanian Gold announces SGS-Lakefield metallurgical testing will confirm design of larger sulphide plant following previous ...
25 April 2020 - 2:00AM
Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American:TRX) (the
“Company’s”) Board of Directors is pleased to announce that SGS
Canada (SGS) Lakefield will soon be starting comprehensive
metallurgical testing on the primary or “sulphide” gold
mineralization in order to finalize a flow-sheet for the design of
a large gold processing plant that will be the basis for the Final
Feasibility Study of the Buckreef Project.
The company has shipped fresh core from three metallurgical test
holes drilled last year to the SGS Lakefield site to confirm a
conceptual flow-sheet that includes either Gravity Separation with
Gravity Tailing Cyanidation, or Gravity Separation, followed by
sulphide Flotation of the gravity tailing, with regrinding and
cyanide leaching of reground sulphide concentrate along with
possible leaching of flotation tailing. These flowsheets constitute
low cost and attractive alternatives for the Buckreef Project. The
current round of testing is expected to take approximately five to
six months, following which some additional sampling and
variability testing may be required that would arise from the
design of a new open pit which will be initiated shortly. Mr. James
MacDonald, Senior Metallurgist from SGS has reviewed historical
reports and recommends the flowsheet testing options based on that
historical review.
On March 17, 2019 the Company announced a doubling of Mineral
Resource. In view of this robust increase, the Company has proposed
a preliminary design criteria for the sulphide plant to treat up to
3.0 million tonnes per year, which is approximately three times
more than the amount processed by the plant that was the basis of
the 43-101 Pre-Feasibility Study of June 26, 2018. The Company
believes that the new sulphide processing plant could produce in
the range of 150,000 to 175,000 ounces of gold per year.
States Mr. James E. Sinclair, Executive Chairman of the Company
“Today’s announcement that one of the world’s premier metallurgical
facilities will be confirming a new flow sheet is a direct result
of our prior announcement that the Company has more than doubled
its Mineral Resources.” Mr. Sinclair goes on to state that “with
the addition of the new sulphide plant, the Buckreef Project could
have two ore treatment plants producing at the same time.”
Respectfully Submitted,
“James E. Sinclair”
James E. SinclairExecutive Chairman
For further information, please contact Michael Martin, Investor
Relations, via email at m.martin@tangoldcorp.com, direct line
860-248-0999, or visit the Company website at
www.tangoldcorp.com
The Toronto Stock Exchange and NYSE MKT LLC 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 limits disclosure
for U.S. reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use certain terms
on this news release, such as “reserves”, “resources”, “geologic
resources”, “proven”, “probable”, "measured", "indicated", or
"inferred" which may not be consistent with the reserve definitions
established by the SEC. U.S. Investors are urged to consider
closely the disclosure in our SEC filings. You can review and
obtain copies of these filings from the SEC's website
at http://www.sec.gov/edgar.shtml
This news release contains certain
forward-looking statements and forward-looking information. All
statements, other than statements of historical fact, included
herein are forward-looking statements and forward-looking
information that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time-to-time
with the British Columbia, Alberta and Ontario provincial
securities regulatory authorities.
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 SEC filings, including our annual report on Form 20-F and
Registration Statement on Form F-10, as amended, for more
information concerning these risks, uncertainties, and other
factors.
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