Handeni Gold Inc. (the "Company" or "Handeni Gold") (OTCBB:HNDI) is
pleased to announce the final first phase drill results on its
Magambazi East project which is located on its 800 km2 Handeni
property located in the United Republic of Tanzania (Fig. 1).
28 diamond core holes (5347 meters) were drilled on the
Magambazi East and related targets (Fig. 1). 20 of these holes
(4228 m or 79.1% of the total 5347 meters of drilling) were drilled
on the main geophysical and geochemical anomaly considered to be an
extension of the main Magambazi Hill mineralization zone. A single
hole (MZD 28; 159 m or 3.0%) was drilled on a potential
mineralization zone north of the main Magambazi mineralization
trend and one hole (MZD 25; 201 m or 3.8%) was drilled on a
potential mineralization zone south of the main mineralization zone
(Figs. 1 and 2). Both these zones were delineated by ground
geophysics and soil geochemistry producing well defined drill
targets (Fig.2). Six holes (MZD 05, MZD 12, MZD 13, MZD 15, MZD 26
and MZD 27 totalling 445 m or 14.2%) were drilled on targets
potentially related to the Magambazi Hill mineralization zones by
faulting and / or folding (Fig. 2).
To view figure 1, please visit the following link:
http://media3.marketwire.com/docs/794893A.jpg
Fig. 1: Drill hole positions for the 28 drilled Magambazi core
drill holes. Holes for which Au assay results have been reported in
previous news releases are represented as red stars, holes for
which assay results are incorporated in this news release are
indicated as black stars.
The Magambazi East Main Zone.
As previously reported elevated gold values were intersected in
8 out of the 10 holes reported on the main zone (MZD 01, MZD 02,
MZD 03, MZD 04, MZD 06, MZD 07, MZD 09 and MZD 10) with values in
MZD 01 of 4.2 g/t over 5 meters, MZD 04 with 10.8 g/t over 1 meter,
MZD 06 with 2.62 g/t over 1 meter and MZD 10 with 1.60 g/t over 1
meter representing the best intersections. The highest sample value
encountered was 24.7 g/t over 0.5 meters in MZD 01.
Of the additional 10 holes drilled on the main zone, one was
abandoned (MZD 19) due to bad drilling conditions. Six of the
remaining nine holes intersected gold values of 0.46 g/t or higher
over intervals of more than one metre (Table 1) with the highest
value 1.24g/t over 1m.
Based on the above results the Magambazi East mineralization
zone define a NW-SE trend over approximately 500m. Mineralization
along this zone is structurally controlled with an erratic spacing
of mineralized shoots interpreted to be plunging at a steep angle
in a NW direction along the flanks of a NW plunging synclinal
structure.
To view figure 2, please visit the following link:
http://media3.marketwire.com/docs/794893B.jpg
Fig. 2: Interpretation of the geology in the vicinity of
Magambazi Hill based on a combination of ground magnetics and
Induced Polarization. Note the drill positions away from Magambazi
Hill on selected geophysical targets.
The northern zone.
A single hole (MZD 28) was drilled on a NW-SE trending
geophysical and geochemical target with a potential strike distance
of 330 m (Fig. 1 and Table 1) on the northern slopes of Magambazi
hill. Three discrete Au enriched zones were intersected with values
of 3.75g/t, 1.57 g/t and 1.56 g/t all over 1m intervals.
The southern zone.
Hole MZD 25 was drilled to evaluate an E-W trending geophysical
and geochemical anomaly to the south of Magambazi Hill (Fig. 1).
Four distinct gold mineralized zones were intersected with best
values of 0.5g/t over 4 m (including 1.31 g/t over 1 m) and 0.68
g/t over 2 m (Table 1). Based on the geophysical evidence and the
drill results this zone has a strike distance of approximately 450
m in an E-W direction.
----------------------------------------------------------------------------
Hole ID From To Interval Au
(m) (m) (m) (g/t)
----------------------------------------------------------------------------
Main Zone
----------------------------------------------------------------------------
MZD 11 184.00 185.00 1.00 0.56
MZD 14 23.00 24.00 1.00 1.24
MZD 17 81.00 82.00 1.00 0.92
MZD 18 85.00 90.00 5.00 0.29
including 1.00 0.76
MZD 20 123.00 124.00 1.00 0.97
MZD 23 151.00 152.00 1.00 0.46
----------------------------------------------------------------------------
Northeastern Zone
----------------------------------------------------------------------------
MZD 28 43.00 44.00 1.00 3.75
62.00 63.00 1.00 1.57
93.00 94.00 1.00 1.56
----------------------------------------------------------------------------
Southwestern Zone
----------------------------------------------------------------------------
MZD 25 70.00 74.00 4.00 0.5
including 1.00 1.31
92.00 93.00 1.00 0.40
137.00 138.00 1.00 0.67
172.00 174.00 2.00 0.68
including 1.00 0.99
----------------------------------------------------------------------------
Table 1: Table summarizing the best intersections on the Main
Zone, North eastern Zone and South western Zone of the Magambazi
East project.
Results of other Magambazi East drill targets.
14% of the total meters drilled was dedicated to investigate
targets potentially related to the Magambazi East mineralization
but separated by faulting, thrusting and/or folding. A simplified
interpretation of the geology is presented in Fig. 2. Although
potential gold bearing garnet amphibolite were intersected in these
holes as well as zones with significant amounts of sulphide and
trace amounts of gold, none of these targets produced gold values
above 0.2g/t.
Summary.
The drilling program on the Magambazi East targets achieved the
following:
a) A gold enriched mineralization zone extends for a distance of
approximately 500m to the south east of the Magambazi Hill
mineralization as defined by Canaco Resources. Gold mineralization
along the zone is related to a folded sequence of garnet amphibolite
and consists of free gold closely related to quartz veins as well as
gold related to sulphides within this zone. The mineralization is
structurally complex and is most likely part of a synclinal structure
plunging to the north west with higher grade gold zones confined to
the fold axis of steeply northwest plunging secondary fold structures
on the limbs of the syncline. The repetition distances of these
structures are unpredictable based on the current results and drill
spacing and an intensive and directed drilling program will be needed
to investigate their economic potential. The best intersection
achieved on the main zone was 4.2 g/t over 5m.
b) A mineralization zone to the north of the main zone (the North eastern
Zone in Table 1) shows gold potential. The strike distance of this
zone on the Handeni Gold property is approximately 330m. Three
mineralized intersections were obtained. The zone may be interpreted
as refolded main zone on the north eastern flank of the syncline or a
"lower amphibolite zone" at a lower level of the main Magambazi
synclinal structure. The most promising intersection on this zone was
3.75 g/t over 1m.
c) A mineralization zone with a strike distance of approximately 450 m to
the south of the main zone (the South western Zone in Table 1) was
intersected. The geological interpretation is the same as for the
North eastern zone. Four mineralized intersections were obtained in
this zone of which 1.31 g/t over 1 m was the maximum value obtained.
Evaluation of the economic potential of the three mineralization
zones will only be possible with closely spaced directional
drilling to follow out the mineralization. Handeni Gold will
continue its evaluation of the Magambazi East project based on a
detailed interpretation of the available drill core and an
intensive program of close spaced ground geophysics. The project
will finally be ranked against 15 other already identified targets
(the decision to continue drilling on its Kwandege project has
already been taken) before a decision on a possible continuation of
the drilling program on Magambazi East will be taken.
Intercepts are reported as drilling widths due to extreme
folding of layers. More drilling will be needed to confirm true
widths. For the holes reported for this phase of the assay program
sampling was conducted along 1 meter continuous intervals of the
core.
Splitting of samples (core saw) is conducted on site for each
project and all samples submitted with QA and QC checks
(approximately in the following variable sequence): Standard, 9
Samples, Blank, 1 Sample, Duplicate, 7 Samples, Standard. External
laboratory checks are also conducted. Half core samples are
retained on site. Samples were assayed at the SGS Laboratory in
Mwanza, Tanzania by 50g gold fire assay. Samples are also submitted
to ALS Chemex, Mwanza from where a less than 75 micrometre split of
the pulverized material is sent to ALS Chemex in Johannesburg for
analyses by fire assay and ICP-AES.
The drilling, sampling and quality assurance/quality control
programs were overseen by a team consisting of Reyno Scheepers Pr.
Sci. Nat., Ph.D. (CEO and a Qualified Person as designated by
NI43-101), Bernard McDonald M.Sc. (Expl. Geol., VP Exploration) and
George Rwekiti (M.Sc., Exploration Manager). SRK Consulting is
externally monitoring the program.
This news release has been reviewed by Reyno Scheepers Pr. Sci.
Nat., Ph.D. (CEO and a Qualified Person as designated by
NI43-101).
About Handeni Gold Inc.
The Company is an emerging mineral exploration company focused
on exploring and developing mining opportunities in Tanzania. For
more information, go to www.handenigold.com.
Safe Harbour Statements
Except for the statements of historical fact contained herein,
the information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian laws. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans, "estimates" or "intends", or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not
statements of historical fact and should be viewed as
"forward-looking statements". Such forward looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the actual results of exploration activities, the
availability of capital to fund programs and the resulting dilution
caused by the raising of capital through the sale of shares,
accidents, labour disputes and other risks of the mining industry
including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this news release and in any document
referred to in this news release.
Forward looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
Such forward-looking statements reflect our current views with
respect to future events and are subject to certain risks,
uncertainties and assumptions, including, the risks and
uncertainties outlined in our most recent financial statements and
reports and registration statement filed with the United States
Securities and Exchange Commission (the "SEC") (available at
www.sec.gov) and with Canadian securities administrators (available
at www.sedar.com). Such risks and uncertainties may include, but
are not limited to, the risks and uncertainties set forth in the
Company's filings with the SEC, such as the ability to obtain
additional financing, the effect of economic and business
conditions, the ability to attract and retain skilled personnel and
factors outside the control of the Company. These forward-looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements, except as
required by applicable law. Although the Company believes that the
beliefs, plans, expectations and intentions contained in this news
release are reasonable, there can be no assurance those beliefs,
plans, expectations or intentions will prove to be accurate.
Investors should consider all of the information set forth herein
and should also refer to the risk factors disclosed in the
Company's periodic reports filed from time-to-time with the SEC.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Contacts: Handeni Gold Inc. Mr. Bob Dynes Investor relations
manager +1.604.642.6165 / Mobile:
+1.778.881.6165rdynes@handenigold.com / info@handenigold.com
www.handenigold.com
Handeni Gold (CE) (USOTC:HNDI)
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