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Tanzanian Royalty Boosts Exploration Budget To Expand Drill Program At Buckreef Main And Eastern Porphyry Targets In Northern Tanzania

Stocks in this article: TRX

Tanzanian Royalty Exploration Corporation is pleased to announce that board approval has been received for an additional drilling program at its Buckreef Main and Eastern Porphyry targets within the Buckreef Project Area in the Lake Victoria Goldfields in Tanzania.

The Company recently completed an in-house technical review of its Eastern Porphyry target, concluding that an expanded drill program would best support and facilitate the confirmation and expansion of the known mineralization at Eastern Porphyry and the calculation of an initial resource estimate which will be added to the current Buckreef Project resource inventory.

According to Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania), "Eastern Porphyry has the potential to significantly grow our resource base and we see this target, along with Buckreef Main, as key components in the optimization of commercial production at our Buckreef Project."

Kahama notes that this proposal is a follow-up to the drilling program in 2011 when the Company completed 760 meters of NQ diamond drilling comprising four holes in the Eastern Porphyry target area. All of the 2011 holes intercepted potential economic mineralization of gold. Highlights from the Eastern Porphyry drilling are as follows:

BMDD100B returned 2.25 meters grading 6.3g/t gold;

BMDD101returned 4.8 meters at 3.83g/t gold and 2.0 meters averaging 7.47g/t gold;

BMDD102 returned 9.4 meters grading 1.25g/t gold and 4.0 meters averaging 2.73g/t gold;

BMDD103 included 10.5 meters grading 2.27g/t gold.

The Eastern Porphyry zone is a gold-rich stockwork hosted in a mafic sequence intruded by quartz-feldspar porphyry associated with quartz-carbonate-pyrite alteration.

The Company has also approved an additional drilling program for the Buckreef Main body, targeting the existing Inferred resource at a vertical depth between 150m to 200m with the objective of upgrading the Inferred resource to the Indicated category and defining additional near-surface resources at the Northeast Extension target.

The additional drilling program in the Buckreef Main and Eastern Porphyry areas will include a total of 9,550m of both Diamond and RC drilling at a total cost of US$1.4 million. At the Buckreef Main target, a total of 3,000m of Diamond and 2,200m of RC drilling will be completed at a total cost of US$772,802. This drilling is intended to define the resource between 150m and 200m vertical depth while testing the down dip continuity of the shear zone-hosted gold mineralization associated with quartz-carbonate-pyrite veins emplaced in the mafic volcanic sequence.

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