Tanzanian Gold Corporation will use $1,111,500 raised in a placement to advance the three-phase drilling program at the Buckreef Gold Project in Tanzania. Drilling to date in the first two phases has returned high-grade results.
Among the most recent results received are 63 metres from 357 metres at 4.8 g/t, including 22 metres at 9.3 g/t that also included 2 metres at 31.1 g/t.
The objective of the phase II program was to identify gold mineralization in the range of 50 to 200 metres below the pit bottom of the open pit that is the basis of the 43-101 compliant pre-feasibility study (PFS) dated June 26, 2018.
In phase I highlights within the pit include 29.6 metres from 81.5 metres at 2.8 g/t, including 1-metre at 47.7 g/t gold and 21.0 metres from 143 metres at 2.8 g/t, including 1-metre at 19.
Highlights outside and below the pit include 89.6 metres from 147 metres at 1.5 g/t, including 2.0 metres at 16.6 g/t.
The primary objective of phase I was to upgrade inferred resources within the open pit, as defined in the 2018 PFS as well as to add additional ounces to the pit.
Executive chairman James E Sinclair said: “The systematic drilling we are doing below the pit bottom has, to date, yielded exceptionally robust results.
“We will be using these results to help us formulate a phase III program that will, in part, be directed at testing what we are calling the Ultra-Deep.
“We will also soon be doing a sophisticated program of down-the-hole geophysics to expand our resource geological model and better identify drill targets for phase III,” he added.