VANCOUVER, Oct. 21, 2014 /CNW/ - TANZANIA MINERALS CORP. (the "Company" or
"TZM") (TSX-V: TZM.V) (FRANKFURT: TM0.F) is pleased to announce
that it has acquired from Twigg Gold Ltd. ("Twigg") a 75% and 90%
interest in the Igurubi and Msasa gold projects, respectively.
Acquisition of Gold Assets
TZM has acquired Twigg's 75% interest in the Igurubi Project and
Twigg's 90% interest in the Msasa Project for a consideration of
CAD $350,000 and 7 million common
shares upon completing its due diligence on both projects and
reaching a definitive agreement.
Robert Dzisiak, President and CEO
of Tanzania Minerals Corp. said, "We are extremely pleased with the
completion of this acquisition. Igurubi and Msasa are both advanced
stage exploration projects that perfectly align with our corporate
strategy to explore for and develop gold assets in Tanzania. Their addition is a welcome
enhancement to the Company's existing considerable exploration
portfolio in Tanzania. Igurubi and Msasa are highly
prospective for shear-zone hosted gold mineralization as proven by
the recent exploration, including the highly encouraging drilling
results.
Our main focus will be on the Igurubi project, where significant
exploration work has been completed to date, including 15,573 m of
RC and AC drilling that defined an auriferous vein system over a
total length of 5 km, although drilling has only tested the vein
system to a depth of 104 m. The next phase of exploration will
focus on defining the current mineralization and following up on
undrilled highly prospective parallel geochemical and geophysical
anomalies. This will hopefully allow the Company to create
shareholder value by upgrading the historical work completed to a
level compliant with NI 43-101 and possibly by the expansion of the
current mineralization as it remains open at depth and along
strike."
About Igurubi
The Igurubi Project is located on the northern margin of the
Nzega greenstone belt of the Lake Victoria Goldfields of northern
Tanzania, approximately 55 km ENE
of Resolute Mining's former 2.2 million ounce Golden Pride deposit (38.5 Mt @ 1.94 g/t Au with
a weighted average recovery of 93%)1. The project
covers an area of approximately 111 sq. km, and comprises three
prospecting licences (109.2 sq. km) and thirteen Primary Mining
Licences (PML) under option (1.4 sq. km). Several
gold-bearing quartz veins have been defined by shallow drilling
(< 100 m), which occur along a 5.2 km long northwest-trending
shear zone.
The project area is underlain by Archean rocks concealed beneath
a sequence of recent lake sediments that can attain a thickness up
to 40 m. The southern part of the project area is dominated
by a late kinematic granite which intrudes greenstone belt
lithologies (mafic and felsic volcanic and volcaniclastic rocks,
banded iron formation (BIF), and earlier granites). The
contact zone between the altered and unaltered granite is sheared,
and hosts a set of northwest-trending gold-bearing quartz
veins. The host rocks and style of mineralization shares
similarities with African Barrick Gold's Buzwagi gold mine (1.1
Moz Au mined since 2009; total
reserve of 24.1 Mt @ 1.446 g/t Au for 1.12 Moz Au, and a total measured and indicated
resource of 49.1 Mt @ 1.291 g/t for 2.038 Moz contained gold), also
located in Tanzania.2
A variety of explorations were performed on the property by
previous operators (Twigg and SAMAX),and included: mapping; soil
sampling; ground magnetics; ground induced polarization; remote
sensing; and 8,572 m of aircore drilling (166 holes), 2,538 m of
shallow percussion rotary air blast drilling (123 holes) and 7,001
m of reverse circulation (RC) drilling (76 holes). To date,
no diamond drilling has been performed on the project.
The auriferous veins were traced by drilling over a
discontinuous strike length of 5.2 km, with mineralization
outcropping in one area that is the focus of the small scale mining
in the PMLs. True widths of the veins are up to 1.5 m and
were detected to a vertical depth of 104 m by RC drilling.
All of the historical drilling on the licence has been focused on
the mineralized zone, with a total of 76 RC holes completed.
These holes produced 2,409 one- to two-metre samples that were
assayed for gold. From these assays 114 samples contained
gold grades greater than 0.4 g/t Au. The highest gold grade
recorded was from drill hole IGRC-12 that returned an average grade
of 35.7 g/t Au (based on three assays) over one metre at a depth of
69 m.
Geological due diligence supports the interpretation that these
mineralized structures are open at depth (>100 m), and along
strike. Ground magnetic and soil geochemistry surveys have
identified structures parallel to the known mineralization and will
be included in the proposed exploration program expected to start
in Q4 of 2014.
About Msasa
The Msasa Project occurs on a discontinuous portion of the
western extension of the Ushirombo Greenstone Belt of the Lake
Victoria Goldfields of northern Tanzania, approximately 21 km south of African
Barrick's former Tulawaka gold mine. The project covers an
area of approximately 51 sq. km, within three prospecting licences,
and hosts a series of gold bearing quartz veins emplaced along a
northwest trending shear zone that extends over a distance of 4
km.
Msasa is underlain by Nyanzian greenstone rocks (mafic- and
felsic- volcanic and volcaniclastic rocks, and BIFs), synorogenic
granite and later kinematic granite. Mineralization appears
to be related to a northwest-trending shear zone parallel to the
contact with the synorogenic granite, and is coincident with a 1.5
km long soil anomaly.
Exploration performed previously on the property included:
shallow soil geochemistry; Mobile Metal Ion (MMI) geochemistry;
airborne geophysics; ground magnetics and induced polarization
surveys. This work program identified a 2 km long
northwest-trending gold soil geochemical anomaly with peak
concentrations in excess of 1 g/t. Shallow RAB test drilling
intersected gold-bearing quartz veins with up to 5.2 g/t Au over 1
m; and an initial 31 hole (2,886 m) RC drilling program tested
anomalies identified during the soil geochemistry and RAB drilling
programs. The initial drilling results were encouraging, with
one extremely high-grade intersection of 81 g/t Au over 9 m,
albeit heavily influenced by a 3 m interval containing 241 g/t
Au. Follow-up exploration resulted in an additional 99 RC
holes (6,218 m) and three diamond drill holes (totalling 565.4 m)
encountered noteworthy gold grades, but these could not be used to
delineate a resource. Twigg interpreted that gold enrichment
was associated with at least one zone of high-grade gold in quartz
veins similar to those seen at Tulawaka to the north.
The next phase of exploration at Msasa will concentrate on
integrating the historic results with structural geology in an
effort to determine the highest priority target for additional
exploration.
About Tanzania Minerals Corp.
Tanzania Minerals Corp. is an emerging junior exploration
company trading on the TSX Venture Exchange. The company has an
extensive portfolio of projects in Tanzania. Additional information on Tanzania
Minerals Corp., including technical reports and other public
documents are available on SEDAR at www.sedar.com or on the
Company's website at www.tanzaniaco.com.
Qualified Person
Dr. Sandy M. Archibald, PGeo,
EurGeol, Consultant Geologist, Aurum Exploration Services, is the
Qualified Person who supervised the preparation of the technical
data in this news release.
Additional information on Tanzania Minerals Corp., including
technical reports and other public documents is available on SEDAR
at www.sedar.com or on the Company's website at
www.tanzaniaco.com.
On behalf of the Board of Directors of Tanzania Minerals
Corp.
"Robert Dzisiak"
Robert Dzisiak, President and
CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Statements included in this announcement, including statements
concerning our plans, intentions and expectations, which are not
historical in nature are intended to be, and are hereby identified
as, "forward looking statements". Forward looking statements may be
identified by words including "anticipates", "believes", "intends",
"estimates", "expects" and similar expressions. The Company
cautions readers that forward looking statements, including without
limitation those relating to the Company's future operations and
business prospects are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in the forward looking statements.
____________________________
1 Resolute Mining Ltd. Annual Reports; SNL Metals and
Mining
2 Barrick Gold Corporation Annual Reports
SOURCE Tanzania Minerals Corp