Tanzanian Gold Corp has announced that it has received a 43-101 Independent Technical Report entitled “Updated Mineral Resource Estimate for the Buckreef Gold Mine Project, Tanzania, East Africa”. This Report follows the Company’s release of March 17, 2020 that announced a doubling of Resources in the Measured and Indicated Categories as well as highlighting the upside potential in Exploration Targets.
According to the report, since the last update, June 2018, the Buckreef Shear Zone Measured Mineral Resources have more than doubled in terms of tonnage. However, it increased by two and half times in terms of contained ounces mainly due to the high grades intersected in the Main Zone Central and North East extension during the last drilling campaign.
Indicated Mineral Resources have increased by approximately 20% percent with a corresponding nearly 30% increase in contained ounces. Inferred Mineral Resources have also more than doubled with but contained ounces just fall short of being double. This is due to the deeper drilling and to reflect the open–ended nature of the mineralisation.
Potential quantity and grade of Exploration Targets is conceptual in nature
The report further added that, it should be noted that the potential quantity and grade of these Exploration Targets is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as per the NI 43-101 reporting standards.
The Exploration Targets include 5 isolated drill holes and assume projections of mineralized structures to deep levels, as well as an extension of the Northeast Zone, and are based on a continuation of favourable geological conditions that host mineralized structures which have been encountered in shallower drilling of Phase II to deep levels below the limits of the current wireframes used in the estimation of the new resources described herein. The Exploration Targets assume that the extension of the Northeast Zone along strike will be confirmed by additional drilling.
According to Tangold Executive Chairman Mr. James E. Sinclair, the report has clearly highlighted two significant aspects of the growing resource base – the high grade nature ( almost 2.0 g/t Au) of the bulk of our resources ; and – the potential to the Inferred category with additional drilling. “When we upgrade the Inferred category we will most likely have more gold than we announced on March 17, 2020 and today; and this still leaves the potential for further increased from the deep drilling,” he added.