Tanzanian Royalty Exploration Corporation
Tanzanian Royalty Reports Encouraging Gold Intersections for the Remaining Three Diamond Drill Holes at the Itetemia Project in Tanzania
Vancouver, Canada (ots/PRNewswire)
Tanzanian Royalty Exploration Corporation is pleased to announce that assay results have been received from the remaining three diamond drill holes of the four hole program, recently completed on the Golden Horseshoe Reef (GHR) at its Itetemia Project in Tanzania. The GHR is situated on a sub-parallel structure immediately to the east of Barrick's Bulyanhulu gold mine. The objective of the four hole program was to determine if the high grade pay shoot has continuity up to 700 metres down plunge. The results of the first, shallowest diamond hole are reported in an earlier press release on July 5, 2006.
Assay results for GHDD-030, GHDD-031 and GHDD-032 include the following:
Golden Horseshoe Reef
Hole No. From To Gold
(metres) (metres) Intercept (grams/tonne) Including
GHDD-030 280.00 286.00 6.00 2.66
GDHH-031 406.00 416.00 10.00 6.73 4.00m (at)
11.07 g/t
GHDD-032 604.00 605.00 1.00 1.68
609.92 610.73 0.81 1.45The true width of these intercepts is estimated to be 50% of the down-hole intersections.
GHDD-030 intersected the main mineralized zone some 270 metres below surface. It is characterized by disseminated to massive sulphide mineralization, predominantly pyrite with lesser pyrrhotite, in a silicified dacitic host. The mineralized zone has been both diluted and disrupted by a 9 metre thick pegmatite dyke, which has been subsequently modeled to be flat-dipping. The combined intersect is 2.66 g/t Au over a true width of 3 metres.
GHDD-031 intersected the GHR pay shoot at a vertical depth of almost 400 metres below surface, yielding an impressive 6.73 g/t over a true thickness of 5 metres, and includes a high-grade component of 11.07 g/t over a true thickness of 2 metres.
GHDD-032, intersected the projected GHR zone at a vertical depth of 550 metres below surface. The main pay shoot was not intersected, and the best intersects are 1.68 and 1.45 g/t Au over sub-metre intersect widths. The zone itself has also thinned to a true width of 3 metres. Measurement of the bedding core angles for all four holes shows a consistent 30 degrees in the top three holes, with the deeper hole GHDD-032 flattening to 40 degrees. This suggests a distinct flattening of the GHR at depth, and it is quite likely that this drill hole has undershot the pay shoot.
As reported in the July 5, 2006 press release, the steeply-dipping to near-vertical mineralized zone, as intersected in the first drill hole ( GHDD-029), consists of two separate but high-grade ore zones, with a low- grade middling. The results presented here suggest that these two separate zones of mineralization might merge into a single mineralized zone at depth.
According to Tanzanian Royalty Chairman and CEO, Jim Sinclair, "These initial results suggest a broad distribution of economically attractive gold values in the GHR and reaffirm our belief that its full potential remains to be established."
This drill program has succeeded in confirming the existence of a continuous high-grade pay shoot at GHR down to a depth of 450 metres, having a total down plunge distance of 550 metres, bar the effects of the pegmatite dyke in GHDD-030.
"We remain highly excited about the potential of GHR, and the results of this drill program will help focus future diamond drilling, and add value to the project in the coming months," said the Company's president, John Deane.
Future Plans
The Company plans on RC drilling the gaps in the top 150 metres of the GHR to obtain the true strike, estimated at 300 metres, and grade of the deposit so a decision can be made on the deeper drilling.
Other Projects
Tanzanian Royalty is continuing with a Reverse Circulation (RC) drilling program on several kimberlite targets. To date one new kimberlite has been intersected on its Nyamigunga PL bringing the total number of kimberlites on the license to eight. Composite 25 kg samples from the larger pipes will be submitted for micro-diamond analysis next month. Furthermore, a ten hole diamond drill program has recently commenced along the eastern flanks of Kisunge Hill on the Luhala Project. This is aimed at testing the down-dip extension of high-grade gold mineralization, proven by earlier in-house RC drilling.
Analysis
Fire assay with flame AAS finish was conducted by Humac Laboratories in Mwanza, Tanzania. Standards were inserted in the sample stream sent to Humac and subsequent analysis shows the standards to fall within analytically acceptable (5% standard deviation) limits. Duplicates of pulps and rejects have been received and fall within the 95% correlation coefficient.
Qualified Person
The Company's Qualified Person is Mr. Peter Chadwick, M.Sc. University of Cape Town, a registered scientist with SACNASP (Reg. No. 400082/93) since 1993, and a Fellow of the Society of Economic Geologists. Mr. Chadwick personally undertook the re-evaluation of the Golden Horseshoe Reef in addition to the geological logging and sampling of the drill core.
Respectfully Submitted
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
The Toronto Stock Exchange and American Stock Exchange 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 permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Contact:
For further information: please contact Investor Relations at
+1-800-811-3855; Visit our website:
www.TanzanianRoyaltyExploration.com