Tanzanian Gold announces an upper level intercept of 48m (incl. 5m @6.6g/t and 1.0M @ 16.8 g/t ) and a deeper intercept of 13.4m (incl. 8.0m @ 4.9 g/t) in the first hole of the Phase III deep drilling program testing the underground potential at Buckreef

TORONTO, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce results from Hole L19-1 (BMRCD309), the first hole of Phase III (ultra-deep) that targets the continuity of mineralization significantly below that encountered in Phase II.

The results summarized below from Hole L19-1 indicate that the mineralization encountered at surface extends at least 500m vertically at depth and is still open. The intersection at 622m in this hole appears to be just a slice of the entire Mineralized Zone target. A second hole on Line L19 has been started that will be even deeper than Hole L19-1 to test the full extent of the Mineralized Zone

Drill-hole L19-1 was collar position is 391342E/9658530N (UTM ARC 1960; Z36S) at an elevation of 1229m and was drilled on an azimuth of 126deg and at an inclination of -70deg to a depth of 730m. Notable intercepts from Hole L19-1 (BMRCD309) are:

• 48m @ 1.5 g/t Au starting at 35m, including
  • 4.0m @ 2.5 g/t Au at 47m;
  • 16.0m @ 3.7 g/t Au at 67, including
    • 1.0m @ 16 g/t Au at 68 m
  • 5.0m @ 6.6g/t Au at 78m, including
    • 1.0m @ 16.8 g/t Au at 79m
       
• 13.4m @ 3.4 g/t Au from 617.3m to 630.4m, including
  • 8.0m @ 4.9 g/t Au from 621m, including
    • 1.0m @ 6.3 g/t Au at 622m
    • 1.0m @ 6.1 g/t Au at 624m

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 has started a new and exciting stage as we will be testing exploration areas we have identified at shallower depths all along the Buckreef Shear Zone in order to see how deep the gold mineralization extends below surface” stated Mr. James E. Sinclair, Executive Chairman, who went on to say that “while we complete our Resource Estimate, we will also be focusing more on the deeper underground potential at the Buckreef Shear Zone”.

“SGS Canada has collected a comprehensive suite of samples from deeper levels that are presently en-route to Canada and to Queens University for stress testing. We also expect to be working with SGS Canada on a conceptual stope layout based on the results of these stress tests” concluded Mr. Sinclair.