Please note the content of the release remains the same (no
figures have changed), however it has been brought to our
attention that some formatting downstream did not appear correctly
therefore we are re-issuing to clarify the formatting.
VANCOUVER, March 11, 2015 /CNW/ - Tanzania Minerals Corp.
(the "Company" or "TZM") (TSX-V: TZM.V) (FRANKFURT: TM0.F) is pleased to provide
an update regarding its work programs at Igurubi.
TZM Fieldwork Update
James Walchuck, Chairman of
Tanzania Minerals Corp. stated, "Preliminary lithogeochemical
sampling of artisanal workings has verified the high gold grades
reported by previous operators at Igurubi. The soil sampling
program is progressing well and the final area should be completed
shortly. Initial results suggest that metal anomalism is
present in areas not previously explored, and other styles of gold
mineralization could be present on the property."
Exploration work on licences PL 7867/2012, PL 2212/2003, PL
7426/2011, and HQ-P28716 is continuing in the form of geological
mapping, locating artisanal workings, collecting verification
mineralized samples, and shallow soil samples. To date, a
total of 4,862 soil samples have been collected from four of the
five licences that comprise the Igurubi property. Thirty soil
lines, equivalent to 145 line kms, adopting a 50 m by 200 m grid
pattern covering the southeastern extension of the Igurubi
mineralized structure on PL 7426/2011 and HQ-P28716. An
additional 22 soil lines, totalling 96.5 line km, adopting a 50 by
400 m grid pattern were also sampled over the existing
mineralization on PL 2212/2003, PL 7426/2011 and possible
extensions into PL 7867/2012. All of the samples were
analyzed by a handheld XRF instrument to determine their
multi-element geochemical signature. Based on anomalous
concentrations of copper, arsenic and bismuth a subset of the
samples were submitted to an accredited assay lab for low-detection
level gold analysis.
Additionally, twenty-four rock (grab) samples were collected
from artisanal shafts and workings in order to determine gold
abundance in the various mineralized samples (sulphide- or
hematite-dominated) and host rock (barren or wallrock). The
samples were analysed at SGS Laboratories in Mwaza for gold, and
the summary results are present below.
Summary results of gold concentration
(in ppm) of artisanal workings
Rock
Description
|
|
|
n
|
|
|
Mean
(ppm)
|
|
|
StdDev
|
|
|
Min
(ppm)
|
|
|
Max
(ppm)
|
Barren
|
|
|
6
|
|
|
0.06
|
|
|
0.07
|
|
|
0.01
|
|
|
0.19
|
Wallrock
|
|
|
4
|
|
|
0.87
|
|
|
0.84
|
|
|
0.09
|
|
|
2.02
|
Sulphide-dominated
|
|
|
7
|
|
|
5.93
|
|
|
13.94
|
|
|
0.04
|
|
|
37.5
|
Hematite-dominated
|
|
|
7
|
|
|
8.55
|
|
|
13.46
|
|
|
1.14
|
|
|
37.5
|
The gold concentrations are in good agreement with previous
operators and the observations and XRF trace metal geochemistry
have been used to refine the Company's exploration model at
Igurubi.
The Company will provide updates on work completed on the
Igurubi gold property as soon as results are obtained.
Transaction Update
On October 21, 2014, the Company
had announced it had entered into an agreement with Twigg Gold Ltd.
("Twigg") to purchase its 90% and 75% interests in the Igurubi and
Msasa gold projects, respectively. The agreement was subject to the
satisfaction of several conditions in order to close the
transaction. Several of these conditions have taken longer than
anticipated to fulfil, due to circumstances beyond TZM and Twigg's
control. TZM continues to work with Twigg to bring the transaction
to completion and will provide additional updates in a timely
manner.
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.
"James Walchuck"
James Walchuck,
Chairperson
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.
SOURCE Tanzania Minerals Corp