Tanzanian Gold Corporation, or Tangold, has received an updated mineral resource estimate for its Buckreef gold project in Tanzania which indicated a doubling of resources in the measured and indicated categories.
The gold mineral resource estimate at a cut-off grade of 0.4 g.t gold are set out below:
The mineral resource estimate also highlighted the upside potential of its exploration targets.
Since the last mineral resource update in June 2018, the Buckreef Shear Zone measured mineral resources have more than doubled in terms of tonnage but 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.
Meanwhile, 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.
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 five isolated drill holes and assume projections of mineralized structures to deep levels as well as an extension of the Northeast Zone, and are based a continuation of favourable geological conditions that host mineralised 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.
“The mineral resources update has clearly highlighted two significant aspects of our growing resource base – the high grade nature ( almost 2.0 g/t of gold) of the bulk of our resources, and the potential to the inferred category with additional drilling,” says Tangold executive chairman James E. Sinclair.
“When we upgrade the inferred category we will most likely have more gold than we announced, which still leaves the potential for further increased from the deep drilling.”
Tangold is the majority shareholder and operator of Buckreef Gold Company. The other shareholder, and joint venture partner is STAMINCO the Tanzanian government-owned mining company.