Tanzanian Royalty Exploration Corp. Receives NI-43-101 Compliant Resource Reports for Itetemia and Luhala Gold Projects in Tanzania
January 31, 2012 at 01:50 pm
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Tanzanian Royalty Exploration Corp. announced the receipt of a joint NI-43-101 compliant Technical Report for its Itetemia and Luhala gold projects in the Lake Victoria Goldfields of Tanzania. Itetemia is an advanced-stage exploration project that was previously the subject of an option royalty agreement with a UK-based mining exploration company. The Itetemia Project adjoins African Barrick's Bulyanhulu gold mine, one of the largest gold producers in Tanzania. The NI-43-101 report for Itetemia includes a Resource Summary for the Golden Horseshoe Reef (GHR) which was the subject of a preliminary economic study in August 2009 that examined and confirmed the technical feasibility of open pit mining employing various processing plant options. Based on a 1.0 g/t cutoff grade, Itetemia has an Indicated Resource of 2,799,000 tonnes grading 2.96 g/t, representing 266,000 troy ounces and an Inferred Resource of 1,433,000 tonnes averaging 3.39 g/t, representing 156,000 ounces. Under the existing ownership structure, 90% of these resources will accrue to Tanzanian Royalty. One of the company's priorities will be to update earlier studies for Itetemia in the context of higher gold prices. In addition the Company intends to prepare a revised geological model and pit design that will incorporate a lower cut-off grade along with a revised cost and capital estimate for commercial exploitation of the GHR resource. The Luhala Project is an advanced stage exploration project where the exploration focus has been on the development of gold deposits on five anomalous hilltops. The mineralization at Luhala is stratabound and shear-zone hosted, with the Kisunge Hill, Shilalo West and Shilalo South Hills representing the areas of primary economic interest. Luhala hosts a 43-101 compliant Inferred Resource at a 1.0 g/t cutoff grade of 1,860,000 tonnes grading 1.87 g/t, representing 112,000 troy ounces. Under the current ownership structure for Luhala, 100% of these resources will accrue to Tanzanian Royalty. A follow-up program of additional diamond drilling has been recommended for the Shilalo South and Shilalo West zones where the resource appears open at depth and along strike.
TRX Gold Corporation is a Canada-based company, which is advancing the Buckreef Gold Project. The Company is engaged in the exploration, development and production of mineral property interests in the United Republic of Tanzania. The Buckreef Project's prospects include Buckreef, Bingwa, Tembo, Anfield, Eastern Porphyry and Buziba. The Buckreef Project encompasses three main mineralized zones: Buckreef South, Buckreef Main and Buckreef North. The Company produces gold at its 1,000 tons per day processing plant. Its gold development operations include the Sulphide Development Project, in which the sulphide ore encompasses over 90% of the Buckreef Main Zone's two-million-ounce gold measured and indicated mineral resources. The Buckreef Project hosts an NI 43-101 measured and indicated mineral resource of over 35.88 million tons (MT) at 1.77 grams per ton (g/t) gold containing 2,036,280 ounces of gold and an inferred mineral resource of 17.8 MT at 1.11 g/t gold for 635,540 ounces of gold.