This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tanzanian Royalty Reports Very Positive Gold Results From RC Drill Program At Lunguya Project In Lake Victoria Goldfields

Tanzanian Royalty (TNX - TSX, TRX - NYSE Amex) is pleased to announce that it has received extremely positive results from the recently completed Phase 2 Reverse Circulation (RC) drilling program on its Nyamakwenge Prospect, part of the Company’s Lunguya Gold Project in the Lake Victoria Goldfields of Tanzania. The drill program commenced in June 2011 and was completed at the end September.

Company Chairman and Chief Operating Officer, Joseph K. Kahama, describes the results as “among the best and most consistent we have received to date at Lunguya,” noting that “the bar has been set high for a follow-up drilling program that is planned to commence in February or March 2012 at the end of the current rainy season.”

“This certainly has the potential to become a significant new gold discovery, with grade tenors and intercept thicknesses comparable to our flagship Buckreef Project,” he adds.

The Phase 2 drill program consisted of 39 RC holes aggregating 4,145 metres. A total 0f 4,469 RC samples were collected during the program.

The objective of the program was to establish the strike and down-dip continuity of mineralization identified in a wide-spaced 2002 preliminary drill program on the Nyamakwenge reef system on 50m spaced lines. For comparative purposes, the following tables show the significant intersections from both the recent and the previous (2002) drilling programs conducted at the Nyamakwenge Prospect.

The results in the tables are segregated on the basis of drilling method (RC or Diamond Drill), and by zone (Reef 01, Reef 02, Rubble, HW splay). The intersections are estimated to be very close to true thicknesses with all the drill inclinations being -60 degrees and the dip of the reef being -22 degrees. All holes are drilled perpendicular to the assumed strike of the reef(s).

LUNGUYA DD/RC ASSAY HIGHLIGHTS - RECENT PROGRAM
Hole ID   Sample Depth (m)   Width (m)   Assay   Zone
  From   To   Grade (g/t)  
LGRC013 34.00 36.00 2.00 2.11 Reef 01
LGRC016 105.00 109.00 4.00 0.70 Reef 01
LGRC017 129.00 139.00 10.00 1.06 Reef 01
LGRC023 120.00 123.00 3.00 0.91 Reef 01
LGRC026 114.00 124.00 10.00 0.83 Reef 01
LGRC028 35.00 38.00 3.00 1.22 Reef 01
LGRC030 86.00 91.00 5.00 2.03 Reef 01
LGRC032 129.00 134.00 5.00 1.95 Reef 01
LGRC038 114.00 120.00 6.00 4.53 Reef 01
LGRC042 117.00 120.00 3.00 0.93 Reef 01
LGRC043 130.00 133.00 3.00 1.76 Reef 01
LGRC017 89.00 92.00 3.00 1.26 Reef 02
LGRC035 118.00 123.00 5.00 1.36 Reef 02
LGRC039 116.00 119.00 3.00 1.14 Reef 02
LGRC040 118.00 124.00 6.00 1.65 Reef 02
LGRC016 47.00 50.00 3.00 0.99 HW splay
LGRC023 58.00 62.00 4.00 2.04 HW splay
LGRC024 43.00 45.00 2.00 1.65 HW splay
LGRC025 83.00 85.00 2.00 1.22 HW splay

DD = Diamond Drilling

RC = Reverse Circulation Drilling

HW = Hanging Wall
LUNGUYA DD/RC ASSAY HIGHLIGHTS - 2002 PROGRAM
Hole ID   Sample Depth (m)   Width (m)   Assay   Zone
  From   To   Grade (g/t) Reef 01
LGDD-002 74.00 75.50 1.50 1.22 Reef 01
LGDD-003 94.50 97.80 3.30 6.82 Reef 01
LGDD-008 68.50 73.50 5.00 1.21 Reef 01
LGDD-009 91.50 93.00 1.50 1.30 Reef 01
LGDD-010 1.00 3.60 2.60 10.96 Rubble
LGRC-001 78.00 80.00 2.00 2.09 Reef 01
LGRC-003 17.00 22.00 5.00 1.14 Reef 01
LGRC-004 19.00 21.00 2.00 1.26 Reef 01
LGRC-005 20.00 30.00 10.00 1.74 Reef 01
LGRC-006 3.00 6.00 3.00 1.59 Rubble
LGDD-004 29.60 32.00 2.40 2.29 Reef 02
LGDD-006 85.10 88.00 2.90 0.85 Reef 02
LGDD-010 1.00 3.60 2.60 10.96 Rubble
LGDD-010 21.00 24.50 3.50 7.27 Reef 02
LGDD-011 44.10 49.80 5.70 1.43 Reef 02
LGRC-002 21.00 24.00 3.00 4.02 Reef 02

Geology

The gold mineralization at Nyamakwenge is structurally controlled and hosted in quartz-veined sericite-schist shear zones which cut through the granite and basalt. The main mineralization is located in strain zones developed in sheared granite and the overall sulphide content is moderate to low.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs