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Tanzanian Royalty Approves $4.1 Million Budget For Deep Drilling Program To Test High Grade Gold Potential At Advanced Stage Buckreef Project In Tanzania

The Company is pleased to announce that its Board of Directors has approved a budget of US$4.1 million for a deep drilling program at its Buckreef Gold Project in the Lake Victoria Goldfields of Tanzania.

According to Joseph K Kahama, Chairman and Chief Operating Officer (Tanzania), “Based on what we’ve seen from recent drilling, expectations are high that this major expansion in drilling activity at Buckreef will not only significantly boost our resource base but the overall grade tenor in the Buckreef deposit as well.”

“Although the highly favourable results to date remain to be confirmed and supplemented with additional drilling, the grades and thicknesses we have been seeing thus far point to an improvement in open pit economics along with strong potential for a complimentary underground mining operation.”

The deep drilling program will include approximately 16,600 metres of diamond drilling, with 7,094 metres planned for the Buckreef Main Zone, 5,517 metres at Buckreef North and 3,000 metres in the Buckreef South Zone. Some of the holes will be “wedged” to generate multiple intercepts in prospective areas without having to collar new holes on surface.

The program has five principal objectives:
  • To define and expand new deep resource potential to 650m vertical depth.
  • To upgrade the Inferred Resources to Indicated & Measured categories while improving the confidence level for this deep resource potential.
  • To complete any drilling identified recommended by the PEA.
  • To acquire metallurgical and specific gravity data on the deep portions of the existing resource.
  • To establish geotechnical & structural information on the deep Buckreef resource.

The existing gold resource at Buckreef occurs in three zones covering approximately 1.3km of strike length along the main Buckreef shear zone. The three zones contained within this shear structure have been drilled on either 20 or 40m spaced sections.

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