Tanzanian Royalty Exploration Corporation

Tanzanian Royalty to Begin Major Drill Program at Kigosi

    Vancouver, Canada, November 16 (ots/PRNewswire) - Tanzanian Royalty Exploration is pleased to announce that it has  started a detailed exploration program on its Kigosi Property which  includes the following elements:

    -    A detailed assessment of the AngloAshanti database (complete).

    -    Selected IP traverses over the artisanal workings at Luhwaika and  Igunda.

    -  A 5,000 metre Reverse Circulation (RC) drill program scheduled to commence this month.

    According to Tanzanian Royalty Chairman and CEO Jim Sinclair, "We've  been eager to determine the full potential of Kigosi for some time now and  we are prepared to commit whatever resources are needed to allow us to  achieve that goal."

    The area of interest comprises two artisanal mining sites that are parallel to each other and are separated by a 2.5 kilometre wide swath of  mbuga (overburden). The Luhwaika workings are the largest in the area with  sporadic artisanal activity spread over a distance of approximately 1,200  metres.

    Within this area, mineralization is controlled by a gold-rich, brittle  ductile shear zone that has developed near the contact between a large  granite intrusive and mafic greenstones. The strike of this high strain  zone is 320 degrees, which is similar to the Bulyanhulu deposit, while the  dip is moderate to the southwest.

    From the productive shallow artisanal work shafts, it appears that at  least two sub-parallel zones exist. This is confirmed by the AngloAshanti  soils data that extend the Luhwaika mineralization to over 3.3 kilometres  along strike. The soil data indicate a strong relationship between the  granite contact and the gold mineralization. Grab samples at Luhwaika have  returned values up to 194 g/t.

    The gold occurs within a stockwork of shear-hosted quartz veins and  within sheared granite. To date, two IP traverses have been completed over  the Luhwaika showings by the Company's in-house geophysical department. One  traverse is in the southeast and the other 1.6 kilometres to the northwest.  Both these traverses display moderate to strong chargabilities and  resistivities over the artisanal zones. More sub-parallel IP anomalies  could represent additional mineralization that has not yet been uncovered  by the artisanals. The zones appear thick and in some cases may be up to 50 metres wide.

    The present strike of the Igunda workings is approximately 300 metres.  These workings occur in a thin (one meter) quartz vein within mafic  volcanics and have a similar strike to the Luhwaika workings but a steeper  almost vertical dip. Grab samples from these workings have returned values  up to 50.32 g/t. One IP line has been completed across these workings and  results indicate that there may be an additional zone a few hundred meters  to the southwest.

    A fourth IP line has been completed across the middle of the mbuga that separates the Luhwaika and Igunda occurrences. A weak anomaly occurs  along strike of the Luhwaika-Igunda trend, and stronger anomalies occur to  the northeast and southwest.

    Aeromagnetic interpretations conducted by AngloAshanti suggest that  the granite - greenstone contact occurs a few hundred meters south of the  Luhwaika-Igunda trend in this particular area. This has been suggested by  the IP which needs to be extended to confirm this hypothesis. No soil  geochem has been carried out in this area as the mbuga soils form a  transported blanket over the mineralization.

    The IP is ongoing and due to the large strike of the system, IP lines  are being planned across the highest soil anomaly areas.

    This first phase drilling will test the main Luhwaika and Igunda workings along three to four traverse lines but will not target additional  IP targets. Shallow drilling (50 metre holes) along toe and collar RC  fences has been designed to test across the entire length of both workings.  An all-weather road is currently being constructed for drill and support  vehicle accessibility. Drilling is expected to begin within the week.

    The total strike length of the Luhwaika-Igunda shear system is currently 4.7 kilometres and by including the Luhwaika north extension this  system is up to 9.0 kilometres long.

    Tanzanian Royalty President, John Deane comments: "This is a very exciting time for the Company. These workings have been known for some time  but our ability to evaluate these highly prospective targets has been  slowed by a lengthy permitting process which understandably is designed to  preserve the environmental integrity of the site."

    "The Company intends to go in hard and fast. The system has more than  adequate strike length, multiple sub-parallel zones, and appears to have  excellent grade potential as well. This first phase of drilling will  determine if it has the continuity to generate resources of economic  interest."

    Qualified Person

    The Company's Qualified Person is Mr. John Deane, the President of Tanzanian Royalty Exploration Corporation Limited. He has an M.Sc. from the  University of Cape Town (1993) and is a registered scientist with SACNASP  (Reg. No.400005/05). Mr. Deane has reviewed and validated the AngloAshanti  geochemical and geological databases for this particular area and has made  the necessary corrections.

    Analysis

    The AngloAshanti soils were submitted to SGS Mwanza for Fire Assay analysis.

    Grab and rock chip samples reported in this release were taken by Mr. Deane and Dr. Jim Oliver. The majority of these samples were taken from  artisanal muck piles found on the top of production shafts and pits, and  this data cannot be used for any resource evaluation. Fire assay with flame  AAS finish on these samples was conducted by Humac Laboratory in Mwanza,  Tanzania.

    Respectfully Submitted,

    "James E. Sinclair"

    James E. Sinclair

    Chairman and Chief Executive Officer

@@start.t1@@                 Visit our website:  www.TanzanianRoyaltyExploration.com
            The Toronto Stock Exchange and American Stock Exchange have not
         reviewed and do not accept responsibility for the adequacy or accuracy
                                                 of this release@@end@@

    Cautionary Note to U.S. Investors - The United States Securities and  Exchange Commission permits U.S. mining companies, in their filings with  the SEC, to disclose only those mineral deposits that a company can  economically and legally extract or produce. We use certain terms on this  news release, such as "measured", "indicated", and "inferred" "resources"  that the SEC guidelines strictly prohibit U.S. registered companies from  including in their filings with the SEC. U.S. Investors are urged to  consider closely the disclosure in our Form 20-F, File No. 0-50634, which  may be secured from us, or from the SEC's website at  http://www.sec.gov/edgar.shtml.

ots Originaltext: Tanzanian Royalty Exploration Corporation
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: Investor Relations at 1-800-811-3855; Visit
our website: www.TanzanianRoyaltyExploration.com/



Weitere Meldungen: Tanzanian Royalty Exploration Corporation

Das könnte Sie auch interessieren: