Tanzanian Royalty Reports More Positive Results From Phase 2 ?Drilling Program in Footwall Zone on Eastern Porphyry ?Prospect at Buckreef ?Project
Tanzanian Royalty Exploration Corporation is pleased to announce the
receipt of further positive assay results from the ?ongoing ?Reverse
Circulation (RC) drilling program in the Footwall Zone at the Company's
Buckreef Project in the Lake Victoria Goldfields of Tanzania.
The latest results include ?values that are among the best reported to
date by any operator at Buckreef, notes Joseph K. Kahama, Chairman and
Chief Operating Officer (Tanzania). Drill-hole ?BMRC512 ?returned ?3.0m
averaging 1.29 g/t gold from 38m; BMRC523 included 6.0m averaging
2.67g/t from 13m; BMRC536 returned 5.0m averaging 2.62g/t from 60m;
BMRC537 returned 6.0m averaging 4.87g/t from 76m while BMRC538 returned
6.0m averaging 1.63g/t from 37m. True widths are estimated to be 60% of
the apparent widths. The RC drilling program has so far seen the
completion of ?29 ?RC holes aggregating ?1,183metres.
The Main mineralized shear zone at Buckreef includes the Buckreef Main
Zone, Buckreef North Zone and Buckreef South Zone which are constrained
between two cross-cutting faults. Buckreef Footwall and Hanging wall
zones are developed on either side of the Buckreef Main Zone as fault
splays from the main Buckreef fault shear zone. These splays were
probably developed during the reactivation of the main Buckreef
northeast shear. The near surface intercepts on the Hanging wall and
Footwall zones are developed in the oxide zone and within
quartz-carbonate-pyrite altered zones of basaltic and dolerite rock
units. These particular units offer the best opportunity to increase the
size of the proposed open pit at Buckreef.
The Footwall Zone is located 50-100m in the immediate vicinity of the
Buckreef Main zone while the Hanging wall Zone is located approximately
75m in the Hanging wall of the Buckreef Main zone. As part of the
ongoing resource definition drilling program at Buckreef, the
Company ?commenced a Phase 2 RC drilling program on the ?Buckreef Main
Zone and its northern strike extension ?to verify previous drilling
results and ?establish ?the strike and down-dip continuity of
mineralization identified in previous drilling.
'The latest results would seem to confirm our initial expectations about
the potential in these areas,' says Jim Sinclair, President and CEO.
'However, the deep-seated higher grade potential we are also seeing has
proved even more intriguing,? he notes. 'This is reminiscent of my early
experience when I was Chairman of the Company that owned the Bulyanhulu
gold mine.'
According to Sinclair, 'Gold deposits in these type greenstone belts run
deep and we intend to test this hypothesis at Buckreef in the coming
months.'
The Buckreef Project consists of four prospects including the dormant
historic Buckreef Gold Mine at the western limit of the project area,
the Tembo and Bingwa prospects, and the Buziba prospect 20km to the
east. The Company ?has been conducting resource definition exploration
drilling in the immediate vicinity of the Buckreef Main deposit where at
least three additional prospective shears (Eastern Porphyry, Buckreef
Footwall and Buckreef Hanging-wall) were identified based on previous
historical drilling by IAMGOLD. None of these results were released into
the public record.
Down-the?hole lithological sequences ?comprise ?a series of ?mafic ?basaltic
rock units alternating with dolerite and a series of narrow felsic
porphyry units with pronounced shearing and alterations of the mafic
packages at the contacts with the felsic porphyry units. Mineralization
is localized within the sheared, quartz-carbonate-pyrite altered ?zones,
preferably ?associated with the dolerite/felsic porphyry units and in
thin quartz veins within the sheared and altered felsic porphyry.
Analysis
Samples from ?RC and diamond ?drill-holes were submitted to SGS Lab in
Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). ?Duplicates
and Standards were inserted in the sample stream approximately every 20
samples. ?The average percentage of recovery core is 95%. The planning,
execution and monitoring of quality control programs at the
Buckreef ?Gold project are under the supervision of Messrs. Charles
Mnguto ?and Phillip Kaniki who are both
registered ?Professional ?Geologists. Charles is ?the Head of Geology ?while
Phillip is the Geology Resource Manager for the Company.
Qualified Person
The Company's Qualified Person, Mr. Peter Zizhou, has reviewed and
approved the contents of this news release. Mr. Zizhou is the ?General
Manager (Exploration & Admin) ?of Tanzanian Royalty Exploration
Corporation Limited. He 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).
Respectfully Submitted,
Joseph Kahama
Chairman and Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at
1-800-811-3855
Visit our website: www.TanzanianRoyalty.com
The Toronto Stock Exchange and NYSE Amex Equities 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.
Tanzanian Royalty Exploration
David Duval, 1-800-811-3855
Investor
Relations
or
Connecticut Office:
Tel: (860)
364-1830
Fax: (860) 364-0673
or
South Surrey Office:
Toll
Free: 1-800-811-3855
Tel: (604) 536-7873
Fax: (604) 536-2529
Email:
investors@TanzanianRoyalty.com
Website:
www.TanzanianRoyaltyExploration.com