This Day On The Street
Continue to site
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 High Grade Gold Values From Diamond Drilling Program At Buckreef Project

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

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
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!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs