This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tanzanian Royalty Reports High Grade Gold Values From Diamond Drilling Program At Buckreef Project

Stocks in this article: TRX

The Company is pleased to report that a diamond drilling program at its Buckreef Gold Project in Tanzania has returned some of the highest grade gold values encountered to date. The 2012 drill program commenced on January 5, 2012 after a short holiday break and is focused on testing high priority targets along the northeast extension of the Main Buckreef deposit.

The latest results include two holes that were drilled from the Eastern Porphyry and Buckreef North areas. Both holes returned excellent gold values with one particular intercept (46 metres) ranking among the longest ever reported in this area.

According to Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania), “The holes lend support to our hypothesis about the potential to develop resources along strike and down dip from known deposits at Buckreef. We have every intention to accelerate drilling given the potential impact of these results on the feasibility study for Buckreef which is scheduled for completion later this year.”

Hole BMDD103 encountered an intercept of 10.5 metres grading 2.27g/t gold from 75.5 metres which included 1.1 metres averaging 8.89g/t gold from 75.5 metres and 1.5 metres grading 5.32g/t gold from 80 metres. This intercept is situated about 50 metres from the previous drilling toward the southwest of the structure. It is the last diamond drill hole completed in this phase of drilling in the Eastern Porphyry area.

The gold mineralization occurs within sheared mafic rocks with strong quartz-carbonate-pyrite alteration which is the main control of high grade gold mineralization. The grade also appears to be improving down dip and the gold mineralization is trending to the northeast, dipping vertically and near-vertical to the southeast.

Another excellent intercept was returned from the Buckreef North area which included 46 metres of 2.31g/t gold from 28 metres in hole BMDD107. Included within this intercept was a 4.0 metres interval grading 4.4g/t gold from 31 metres, 1.0 metre averaging 7.91g/t gold from 40 metres, 2.0 metres at 5.35g/t gold from 56 metres, and 1.0 metre grading 6.57g/t gold from 78 metres.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs