PR Newswire
TORONTO, July 13, 2017
Tanzanian Royalty's recently released Mine Feasibility Study (MFS) defines 1.064 million ounces of open pit minable gold, and initiates discussion on development of the underground Mine potential.
TORONTO, July 13, 2017 /PRNewswire/ - Tanzanian Royalty Exploration ("TRX" or the "Company") (NYSE: TRX) (TSX: TNX) is providing an update to its shareholders, discussing the findings of its recently completed Mining Feasibility Study ("MFS" or the "Study") on its JV-owned Buckreef Gold Mine Project (the "Project"). The Study was led by an external consultant team from MaSS Resources Ltd. of Tanzania, with technical support provided by an internal team and combined previous published Preliminary Economic Assessment study results by Venymn of South Africa, as well as other historical feasibility studies conducted over the years on this historic deposit. The Buckreef project is in the Geita District in Lake Victoria Greenstone Belt in central Tanzania, East Africa. The full study can be found on the home page of the Company's website: www.tanzanianroyalty.com
"We want to take this opportunity to inform our loyal investors of not only the next steps towards mining production but also direct their attention to the discussion of the underground potential of Buckreef.," stated Jeffrey Duval, Acting Chief Executive Officer of TRX. We have included a small portion of the underground discussion in this release and are excited with the potential that our last the deep drilling program uncovered. The results mirrored favorably with the historical records from the old Buckreef underground workings.
"As you can see in the slide, the underground mineralisation extends several hundred meters below the bottom of the open pit mine and the drill hole is open in all directions. It is this feature that has us most excited for the future."
"We are also pleased to have achieved third-party validation of the tremendous economic potential for the open pit portion of the Buckreef Project.
"The Company maintains a 55% economic interest in the Buckreef project, which infers a 55% interest in the 1.064 million ounces of gold reserves at Buckreef, which has been validated by independent consultants. When one compares our current stock price levels to the Company's economic interests at Buckreef, measured at gold prices levels throughout the last several years, our stock price is trading at significantly discounted levels.
"The Study results reflect the continued refinement of pit optimized mining reserves, mine production schedule, process plant ore feed schedule and financial projections & analysis based on comprehensive cost estimations for process plant (design, fabrication, construction and operation) and mining (equipment purchase and mine production) on the Buckreef Project.
The Company has begun active negotiations to complete financing on a straight loan basis. This will ensure that we have the necessary capital to complete the reconditioning and construction of new modules for our modern Gravity/CIL plant. We have brought in a team of experts with decades of experience in building and maintaining these types of plants. We have the utmost confidence in their ability to complete the project under budget and ahead of schedule. Importantly, this Gravity/CIL plant will allow us to run pay dirt at an efficiency rate of 90% or higher in the recovery of gold. We anticipate the plant being built in approximately 8 months.
The Company has successfully operated in Tanzania since 1992. The significant experience of our technical team, as well as the consultants in Tanzania contributes to the integrity of the results. The soon-to-commence grade control drilling will be essential to further refine the mineable reserves during the pre-stripping development plan, and in advance of our process plant construction," concluded Mr. Duval.
Highlights
Major Assumptions
Mineral Resources and Reserves
The mineral resources and reserves of the Buckreef deposits were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101.
The mineral resource block model, which serves as the basis of the Mineral Resources and Mineral Reserves in the Study, were developed utilizing 3D lithology models. Table 1 summarizes the Mineral Resources for the Buckreef project as of February 14, 2014. The mineral resource is reported at a 0.5 g/t Au cut-off grade.
Table 1 – Buckreef Mineral Resources
Prospect | MEASURED | INDICATED | INFERRED | MEASURED+INDICATED | EXPLORATION TARGET | ||||||||||
Tonnes (Mt) | Grade (g/t) | Contained Gold (oz Au) | Tonnes (Mt) | Grade (g/t) | Contained Gold (oz Au) | Tonnes (Mt) | Grade (g/t) | Contained Gold (oz Au) | Tonnes (Mt) | Grade (g/t) | Contained Gold (oz Au) | Tonnes (Mt) | Grade (g/t) | Contained Gold (oz Au) | |
Buckreef | 8.902 | 1.72 | 491,529 | 13.100 | 1.41 | 594,456 | 7.528 | 1.33 | 322,902 | 22.022 | 1.53 | 1,085,985 | 4.385 | 1.10 | 155,321 |
Eastern Porphyry | 0.087 | 1.20 | 3,366 | 1.016 | 1.17 | 38,355 | 1.239 | 1.39 | 55,476 | 1.103 | 1.18 | 41,721 | 1.324 | 1.14 | 48,664 |
Tembo | 0.017 | 0.99 | 531 | 0.185 | 1.77 | 10,518 | 0.267 | 1.29 | 16,521 | 0.202 | 1.71 | 11,048 | 0.095 | 1.12 | 3,429 |
Bingwa | 0.906 | 2.83 | 82,387 | 0.569 | 1.38 | 25,274 | 0.312 Werbung Mehr Nachrichten zur Tanzanian Royalty Exploration Aktie kostenlos abonnieren
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