VANCOUVER, Nov. 10, 2014 /CNW/ - Tanzania Minerals Corp.
(the "Company" or "TZM") (TSX-V: TZM.V) (FRANKFURT: TM0.F) is pleased to
announce that its Tanzanian based exploration team will commence
work at Igurubi as provided for by the terms of the Definitive
Agreement (see announcement on October 21,
2014) subject to transaction approval by the Exchange and
subsequent closing. Both of these events are expected imminently.
The initial part of the programme will focus on the review and
expansion of the work compiled by the previous owner in order to
deliver an aggressive plan to explore and develop the project.
Robert Dzisiak, President and CEO
of Tanzania Minerals Corp. stated, "We are pleased to report that
fieldwork will commence shortly on the recently acquired Igurubi
gold project. This will take the form of verification
drilling with the objective of ultimately defining a maiden
resource on the property. At this exciting juncture we are
also delighted to announce the appointment of Mr. Sidney Soronow to the Board of Directors".
COMPANY ANNOUNCES NEW WORK PROGRAMME - The Company is
pleased to announce details of a detailed work programme on the
recently acquired Igurubi gold project in the Nzega Greenstone Belt
in the Lake Victoria Goldfield, Tanzania (see release on October 21, 2014).
The first phase of work will involve the verification of the
existing 76 hole (7,001 m) reverse circulation ("RC") drilling
results in an attempt to use this information to form the backbone
of a maiden resource on the property. This verification will
include detailed inspection of the existing database, resampling of
RC chips, and twin several of the RC holes with core holes to
verify the grades and geology. Based on this information a
resource definition drilling programme (Phase 2) will be conducted
on a focused area, or areas, along the 5.2 km strike length of the
known mineralized system. The current extent of the mineralization
was tested utilizing 166 aircore holes, 127 RAB holes and the
aforementioned 76 hole RC programme. The RC holes resulted in
the analysis of 2,409 one- to two-metre samples with 114 samples
containing gold grades greater than 0.4 g/t Au. The highest
gold grade recorded was from drill hole IGRC-12, which returned an
average grade of 35.7 g/t Au (based on three assays) over one metre
at a depth of 69 m. The diamond drilling will determine the
true thickness of mineralization and relationship of the
mineralization with alteration and host rock.
A deep penetration IP geophysics survey will be employed to help
define the depth of the system. This IP survey will be
extended to help define parallel mineralized structures that were
previously identified by soil geochemistry, magnetic surveys, and
verified through limited scout drilling. Also included in
Phase 1 of the work programme are reconnaissance surveys (mapping,
geochemistry and geophysics) over parts of the licence block that
have not undergone detailed exploration. Efforts are also
being made to consolidate adjacent licence areas which the Company
believes have discovery potential.
COMPANY ANNOUNCES APPOINTMENT OF DIRECTOR - The Company
is further pleased to announce the appointment of Mr. Sidney Soronow, LL.B. to the Board of
Directors.
Mr. Soronow is a Barrister and Solicitor. He has been a
member of the Law Society of Manitoba since 1972. Mr. Soronow's
practice focuses primarily on corporate and commercial law, real
estate and administrative law. He received his law degree
from the University of Manitoba as the
Gold Medalist. He is a director of Karoo Exploration Corp.
and previously served as its President.
COMPANY ANNOUNCES GRANT OF INCENTIVE STOCK OPTIONS – The
Company also announced that it has granted incentive stock options
to directors, officers and insiders of the Company to purchase up
to 3,150,000 common shares of the Company at a price of
$0.05 per share, exercisable for a
period of five years. The options are being granted pursuant to the
terms of the Company's stock option plan and are subject to
regulatory approval.
Tanzania Minerals Corp. is an emerging junior exploration
company trading on the TSX Venture Exchange. The company has an
extensive portfolio of projects in Tanzania.
Additional information on Tanzania Minerals Corp., including
technical reports and other public documents is available on SEDAR
at www.sedar.com or on the Company's website at
www.tanzaniaco.com.
Qualified Person
Dr. Sandy M. Archibald, PGeo,
EurGeol, Consultant Geologist, Aurum Exploration Services, is the
Qualified Person who supervised the preparation of the technical
data in this news release.
On behalf of the Board of Directors of Tanzania Minerals
Corp.
"Robert Dzisiak"
Robert Dzisiak, President and
CEO
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Statements included in this announcement, including statements
concerning our plans, intentions and expectations, which are not
historical in nature are intended to be, and are hereby identified
as, "forward looking statements". Forward looking statements may be
identified by words including "anticipates", "believes", "intends",
"estimates", "expects" and similar expressions. The Company
cautions readers that forward looking statements, including without
limitation those relating to the Company's future operations and
business prospects are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in the forward looking statements.
SOURCE Tanzania Minerals Corp