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Tanzanian Royalty Reports New High Grade Gold Discovery in Tulawaka Area
Vancouver (ots/PRNewswire) - Tanzanian Royalty Exploration (the Company) (TSX: TNX; AMEX: TRE) is pleased to report that one of its royalty partners, MDN Northern Mining (MDN), has made a significant gold discovery on one of our prospecting licenses under royalty option agreement with MDN in the Tulawaka area of Tanzania.
Rotary Air Blast (RAB) drilling in the Mnezeki area returned one of the highest grade gold intercepts reported from the region in recent years: 30.08 g/t gold (0.88 oz/ton) over 6.0 metres (19.7 ft) from 41 to 47 metres (134.5 - 154.2 ft.) down hole. The fact a RAB drill rig was utilized for this phase of drilling precludes the accurate determination of true width and orientation of the mineralized intersections.
The drill program had to be stopped because of heavy rains but will resume in early in 2007 following a thorough reassessment of all existing data.
"These results confirm that our criteria for selecting properties and royalty partners within the Lake Victoria Gold Belt are sound from a business and technical perspective and we expect to see many more discoveries like this in the future," said Tanzanian Royalty Chairman and CEO, James E. Sinclair.
The discovery hole tested a previously unknown target within a north-south trending shear zone which was interpreted from an induced polarization survey that was coincident with a soil geochemical anomaly.
The high grade target area is located 20 kilometres east of the Tulawaka Gold Mine which is owned by Barrick Gold (70%) and MDN (30%). MDN is earning a 100% interest in this particular property in exchange for work and other commitments including a sliding scale Net Smelter Royalty payable to the Company upon commercial production.
Samples were analyzed by fire assay at the SGS laboratory in Tanzania, certified under international standards. A rigorous program of analytical grade verification implemented by MDN Northern Mining included 12% control samples. The drilling was carried out under the management of geologist Brian Lloyd, and supervised by geologist Dominique Fournier, Ph.D., who acted as a qualified person in accordance with NI 43-101.
MDN has made a number of significant gold discoveries on ground held under option from Tanzanian Royalty and in partnership with others in the Tulawaka area. On November 15, 2006, MDN announced the discovery of the Viyonza target 15 kilometres north of the Tulawaka mine and within the 102.9 square kilometres Nyantimba license.
Among the best gold values reported from this target were 2.0 metres grading 35.95 g/t and 3.0 metres averaging 17.15 g/t. Last March, MDN reported another gold discovery on its Isozibi target about 17 kilometres northwest of the Tulawaka process plant.
"Shareholders are probably aware that we have been actively exploring properties for our own account including Luhala which is evolving into an attractive situation. At the moment, however, we are pulling out all the stops to exploit the exploration potential on our Kigosi Gold Project which I firmly believe has the potential to eclipse anything in our portfolio thus far," Sinclair said. "We have our own drill at Kigosi that is working 24/7 subject to maintenance and repairs and expect to have a continuous stream of results in the new year".
"James E. Sinclair" James E. Sinclair Chairman and Chief Executive Officer
The Toronto Stock Exchange and American Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
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
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