Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
SOUTH SURREY, British Columbia–(BUSINESS WIRE)–
The latest assay results from the ongoing drill program at Tanzanian Royalty’s Buckreef Gold Project in northern Tanzania lend additional support to the emergence of a high grade gold discovery at depth across above-average widths.
The Company’s Chairman and Chief Operating Officer (Tanzania), Joseph K. Kahama, describes the results as “quite exceptional by historical standards and supportive of management’s belief that we are dealing with an essentially new gold discovery that will show its true merits in the coming months.”
Drilling has intersected a number of mineralized zones of significant thicknesses at vertical depths down to 200m below surface in addition to confirming the presence of gold-bearing structures.
“While much more drilling remains to be done, our initial assessment is that we are seeing the emergence of a new gold discovery whose depth potential is reminiscent of at least one existing, long life gold deposit in Tanzania,” he adds.
Mr. Kahama also confirms that the Company’s Board of Directors is preparing to approve a major expansion of the current exploration budget for Buckreef, the majority of which will be directed at assessing the project’s deep seated potential which was never seriously tested by previous operators given their exclusive focus on the near surface open pit potential.
“We are pulling out all the stops to assess this new discovery given its potential to boost our gold resource base along with the overall grade tenor for the Buckreef deposit which would obviously impact the economic assessment that is currently under way for Buckreef not to mention the feasibility study that will follow immediately thereafter.”
Results from diamond drill holes BMDD128 to BMDD133 have been received and the assay results are as follows:
All holes are estimated to be 50-60% of true widths.
The current drill program, which has been focusing on the upside potential in the deeper regions of the Buckreef deposit, has both enhanced the Company’s knowledge with respect to the continuity and grade of these zones along with our targeting ability.
“This will serve to further increase the confidence level associated with the Buckreef Gold Project and, we expect, increase our resource base,” Mr. Kahama states. “Meanwhile, all mineralized zones below a vertical depth of 200m below surface remain largely untested.”
Sample Protocol and QA/QC
All drill holes in this program used HQ series for the uppermost 25-40m and thereafter used triple-tube wire line N series. All cores were oriented and saw-split before sampling. Cores are stored at the Company’s designated facility at Buckreef. All analyses were done by SGS laboratory in Mwanza, for gold by single assay ton fire assay with an AA finish. Higher value results were analyzed in duplicate. Company QA/QC protocol requires the insertion of some 20% of blank and standard samples on a randomized basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0 m or less than 0.5 m.
SGS laboratory is ISO 90001 and 17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting.
Drill supervision and logging were all done by company geologists under the direction of Anthony Minde, Principal geologist. Mr. Minde is a graduate of the University of Dar es salaam, with 20 years of experience in mineral exploration.
Qualified Person
The Company’s Qualified Persons, Mr. Phillip Kaniki and Charles Mnguto, have reviewed and approved the contents of this news release. Mr. Phillip Kaniki has a Bachelor of Science in Geology from the University of Dar es Salaam (1997) and is a registered scientist with MAusIMM (Reg. No 221963). Mr. Charles Mnguto has a Bachelor of Science in Geology (Hons) from the University of Dar es Salaam (1995) and is a registered scientist with MAusIMM (Reg. No 307793).
Respectfully Submitted,
Joseph Kahama
Chairman and Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyalty.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, “measured”, “indicated”, or “inferred” which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml
This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.
