Tan­za­nian hires Stam­ico for Buck­reef phase 1 drilling

Stockwatch Daily - - MINES & METALS - Mr. Jeffrey Du­val re­ports

TAN­ZA­NIAN ROY­ALTY Ex­plo­ration Corp.’s board of direc­tors has se­lected Stam­ico and Core-wor­thy to com­plete phase 1 of its planned three-phase drill pro­gram. To­tal me­tres to be drilled in all phases are ex­pected to amount to ap­prox­i­mately 30,000. The three-phase drill pro­gram is be­ing planned and di­rected by Ul­rich Rath, chair of the com­pany’s tech­ni­cal com­mit­tee.

Phase 1 will be ap­prox­i­mately 4,500 me­tres of in­fill drilling, de­signed to up­grade ex­ist­ing in­ferred ounces within the pro­posed open pit and to be­gin test­ing of the deep con­tact below the open pit. Phase 2 will con­tinue to de­lin­eate and test the con­ti­nu­ity and ex­tent of the deep con­tact. Phase 3 work will be based upon in­for­ma­tion re­ceived from phases 1 and 2.

This three-phased drilling pro­gram has been de­signed to add sig­nif­i­cant over­all value, as well as to im­prove the al­ready ro­bust eco­nomics of the Buck­reef project.

“We al­ready know Buck­reef is a great mine, and it will be pros­per­ous. The drilling of the deep con­tact will re­veal if we have a world-class mine, along the lines of Bulyan­hulu. We are ex­cited,” said James E. Sin­clair, ex­ec­u­tive chair­man.

Fi­nanc­ing re­quire­ments for the drill pro­gram are bud­geted per phase. The com­pany is rais­ing cap­i­tal for phases 2 and 3. Use of funds will be strictly lim­ited to au­tho­rized, ap­proved and nec­es­sary ex­penses. The com­pany does not re­quire large fi­nanc­ing. The re­sults will drive fu­ture devel­op­ment, demon­strate value-added im­prove­ments in project eco­nomics and gain crit­i­cal in­sight into the po­ten­tial un­der­ground re­source, which makes this pro­gram ex­tremely ac­cre­tive in na­ture.

The com­pany has com­plied with the bid­der pre­qual­i­fi­ca­tion process as re­quired by the 2018 Tan­za­nian lo­cal con­tent reg­u­la­tions, and has ten­dered re­quests for pro­posal (RFPs) to qual­i­fied drilling con­trac­tors. With this se­lec­tion of the con­trac­tors by the board of direc­tors, parts B and C of the 2018 lo­cal con­tent reg­u­la­tions can be com­pleted and sub­mit­ted. Af­ter ap­proval by the min­ing com­mis­sion, phase 1 of the pro­gram can pro­ceed. Planned mo­bi­liza­tion by both con­trac­tors to the site will be on or be­fore Jan. 25, 2019. The pro­posed work is to take ap­prox­i­mately 45 days to com­plete. De­lays to the start of this time­line, if any, would be at­trib­ut­able to ad­di­tional re­quire­ments by the min­ing com­mis­sion.

Ad­di­tional in­for­ma­tion on the Buck­reef project can be found in the June 26, 2018, re­port. Tan­za­nian Roy­alty Ex­plo­ration, the op­er­a­tor of Buck­reef Gold Com­pany (BGC), re­leased a Cana­dian Na­tional In­stru­ment 43-101 prefea­si­bil­ity re­port by Vir­i­mai Projects on the Buck­reef project. Copies of this re­port can be found on the com­pany web­site, as well as on SEDAR. This re­port is an in­de­pen­dent mine de­sign and cost­ing prefea­si­bil­ity

study (PFS) of the Buck­reef gold mine project, lo­cated in the Lake Vic­to­ria Gold­fields, Geita district, in north-cen­tral Tanzania.

In the Cana­dian NI 43-101 re­port, Vir­i­mai rec­om­mended an in­fill drilling pro­gram. This crit­i­cal first phase it­self has two pur­poses. Within the cur­rently con­ceived open pit, this pro­gram will up­grade the minable ounces, mov­ing as much as pos­si­ble of the cur­rent in­ferred re­sources to the mea­sured and in­di­cated cat­e­gories and move some in­di­cated re­sources to mea­sured re­sources. Most im­por­tantly, high pri­or­ity will be given to con­duct drilling to con­firm the pre­vi­ously known strong in­ter­sec­tions and grades from deep holes and be­gin to test the de­posit at depth and for po­ten­tial as an un­der­ground mine.

“These next few months will be an ex­cit­ing time for the com­pany. Our team has done an out­stand­ing job plan­ning this pro­gram. We are drilling into a known as­set and are able to specif­i­cally tar­get the holes on the in­fill drilling, al­low­ing an easy up­grade of the minable ounces. While that work will be ex­tremely ac­cre­tive to the Buck­reef project, the com­pany is es­pe­cially in­ter­ested to see the re­sults from the deep con­tact. Mr. Sin­clair was the founder of the Bulyan­hulu mine. He has done this be­fore. By all ap­pear­ances, he is do­ing it again,” said Jeffrey Du­val, act­ing chief ex­ec­u­tive of­fi­cer.

We seek Safe Har­bor.

Nor­man Mur­ray Betts, Wil­liam Har­vey, Ros­alind Mor­row, Trust Co Olympia, Ul­rich E G Rath, James E Sin­clair

(TNX) Shares: 125,162,803

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