This Day On The Street
Continue to site right-arrow
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 Approves $4.1 Million Budget For Deep Drilling Program To Test High Grade Gold Potential At Advanced Stage Buckreef Project In Tanzania

Stocks in this article: TRX

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.

1 of 5

Select the service that is right for you!

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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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