Tanzanian Royalty Exploration (TRX)

[mick]

Tanzanian Gold (TSX: TNX; NYSE:TRX) has updated the resource estimate for its Buckreef gold project, about 110 km southwest of the city of Mwanza in north-central Tanzania.

https://www.northernminer.com/news/tanzanian-gold-doubles-resource-for-buckreef-gold-project/1003815044/

The Buckreef shear zone now contains 40.99 million tonnes grading 1.73 grams gold per tonne for 2.27 million oz. contained gold, up from a 2018 estimate of 21.99 million tonnes grading 1.54 grams gold per tonne for 1.09 million ounces. The resource estimate used a 0.5 gram gold per tonne cut-off grade.

“Because of our comprehensive drilling program, we were able to drill into the mineralization and explore right up to the edge of the envelope,” Jim Sinclair, the company’s executive chairman, said in a telephone interview. “So far we have drilled down beyond 950 metres, and we are now looking at a sizeable open pit deposit as well as underground mineralization”

The updated resource estimate incorporated results from Phase I and Phase II drill programs in 2019, which totalled 52 holes over 17,650 metres, representing the most extensive drilling campaign in the company’s history.

Phase I comprised a 15-hole infill drilling program of the open pit with the intention of converting inferred resources to the measured and indicated category.

The Phase II program, the company said, showed robust continuous mineralization below the northern part of the pit.

Hole L25-1, one of the most northerly holes, extended the shear zone over 200 metres along strike and included a 31 metre intercept grading 2.5 grams gold per tonne from 650 metres.

Phase III drilling is now testing the continuity of mineralized structures from surface, through the open pit and below the pit bottom, and below the drilling program conducted in Phase II.