Tanzanian Royalty Reports More High Grade Assay Results From Its Buckreef Gold Project In Tanzania

The latest assay results from the ongoing drill program at Tanzanian Royalty’s Buckreef Gold Project in northern Tanzania lend additional support to the emergence of a high grade gold discovery at depth across above-average widths.

The Company’s Chairman and Chief Operating Officer (Tanzania), Joseph K. Kahama, describes the results as “quite exceptional by historical standards and supportive of management’s belief that we are dealing with an essentially new gold discovery that will show its true merits in the coming months.”

Drilling has intersected a number of mineralized zones of significant thicknesses at vertical depths down to 200m below surface in addition to confirming the presence of gold-bearing structures.

“While much more drilling remains to be done, our initial assessment is that we are seeing the emergence of a new gold discovery whose depth potential is reminiscent of at least one existing, long life gold deposit in Tanzania,” he adds.

Mr. Kahama also confirms that the Company’s Board of Directors is preparing to approve a major expansion of the current exploration budget for Buckreef, the majority of which will be directed at assessing the project’s deep seated potential which was never seriously tested by previous operators given their exclusive focus on the near surface open pit potential.

“We are pulling out all the stops to assess this new discovery given its potential to boost our gold resource base along with the overall grade tenor for the Buckreef deposit which would obviously impact the economic assessment that is currently under way for Buckreef not to mention the feasibility study that will follow immediately thereafter.”

Results from diamond drill holes BMDD128 to BMDD133 have been received and the assay results are as follows:
  • Hole BMDD128 encountered an intercept of 3.0 metres grading 1.54g/t gold from 132.0m which included 1.0 metre averaging 3.82g/t gold from 134.0 metres. The hole also encountered a wider zone of 12.0 metres grading 2.67g/t gold from 155.0m which included 2.0m averaging 7.34g/t gold.
  • Hole BMDD129 encountered an intercept of 3.0 metres grading 1.18g/t gold from surface; another zone of 5.5m grading 1.53g/t gold was encountered at 64.0m and a zone of 2.0m grading 1.55g/t gold from 153m.
  • Hole BMDD130 encountered an intercept of 4.0 metres grading 2.66g/t gold from 118.0m which included 1.0 metre grading 9.99g/t gold and a second zone of 23.0m at 1.6g/t gold from 125.0m which included 6.0m at 4.2g/t gold from 128.0m.
  • Hole BMDD131 encountered an intercept of 3.0 metres grading 3.51g/t gold from 101.0m which included 2.0m at 5.0g/t gold.
  • Another excellent intercept was returned from BMDD132 which encountered 21.0 metres grading 6.27g/t gold from 163.0 metres which included 6.0 metres averaging 14.27g/t gold from 163.0m in sheared quartz vein intercalated with sheared dolerite with strong silica–carbonate–pyrite alteration followed by 4.0 metres grading 1.93g/t gold from 192.0 metres.
  • Hole BMDD133 returned an intercept of 4.0m grading 1.93g/t gold from 139.0m, 5.0m grading 4.27g/t gold from 195.0 metres which included 2.0m grading 8.31g/t gold from 195.0m in sheared felsic porphyry and another intercept of 4.0m grading 1.66g/t gold from 210.0m.

All holes are estimated to be 50-60% of true widths.

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