Tanzanian Gold Announces End of Phase II Drilling and Start of Phase III Ultra-Deep Drilling; 50m @ 1.8 g/t Au Including 5m @ 4.6 g/t Au, 7m @3.9 g/t Au and 1.0m @ 7.0 g/t Au Confirms Northeast Extension Still Open

TORONTO, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce final results from Phase II of its ongoing drill program at the Buckreef Project. The Company also announces the start of Phase III drilling that will test the extension to ultra-deep levels of mineralization found below the pit bottom in Phase II.

The results summarized below from Hole 26-2 confirm that the Northeast Extension is still open along strike. Phase II tested the mineralization below the open pit bottom of a pit defined by the Company’s Pre-Feasibility Study of the Buckreef Project. The last hole in Phase II has extended a wide and robust mineralized shear zone in the Northeast Extension by 300m along strike.

Notable intercepts from Hole 26-2 (BMRCD308) are:

• 50.0m grading 1.8 g/t Au from 315m to 365m which includes;
  • 7.0m grading 3.9 g/t Au from 319m which includes:
    • 3.0m grading 5.3 g/t Au at 322m  
  • 5.0m grading 4.6 g/t Au from360m which includes;
    • 1.0m grading 7.0 g/t Au at 362m

The intersections reported here are a down-hole length and may not represent true width but the true width is estimated to be 50 – 60%.

“The drilling program of the past year (2019) has been the largest such program in the Company’s history,” stated Mr. James E. Sinclair, Executive Chairman, who went on to say that “Phase I and Phase II have most likely increased our total gold endowment at Buckreef and have demonstrated that gold mineralization is still open along strike and down dip."

“With our new Resource Model, we have been able to carefully plan Phase III drilling that has now started to test the down dip extension into the ultra-deep; and many of these holes will be over 1,000m long,” concluded Mr. Sinclair.

Sample Protocol and QA/QC

The sample chain of custody is managed by the Buckreef technical team under the supervision of Anthony Minde. Gold analyses reported in this release were performed by standard fire assay using a 50-gram charge with atomic absorption finish (0.01ppm LLD) and a gravimetric finish for assays greater than 10 grams per tonne. All assays were performed by Nesch Mintech Laboratory in Mwanza. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QAQC program includes duplicate samples, blanks and analytical standards.