2020 Year in Review – Advancing Buckreef

TORONTO, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold or the Company) is pleased to provide a summary of 2020 activities and accomplishments.

2020 Activities and Accomplishments

• Doubling of Measured & Indicated Resources at the Buckreef Gold Project (the Buckreef Project) to 2.04 million ounces of gold and increased average grade by 15% to 1.77 grams per ton (gpt) from 1.54 gpt in the Measured & Indicated category. The Company also reported 635.5 thousand ounces of gold at 1.11 gpt in the Inferred Category, and exploration targets of between 1.2 million to 2.2 million ounces of gold. (See press release dated June 24, 2020.)
  
  
• Continued to move forward key components of the Feasibility Study for a stand-alone sulphide processing plant:
  
  
  1. The Company’s technical partner, the SGS Group of Companies (SGS), continued to advance metallurgical test work to determine the final flowsheet for the treatment of the sulphide ore;
     
  2. SGS also continued geotechnical, rock stress and other test work; and
  3. The Company has also started to develop internal open pit models for Buckreef.
     
     
• Successful completion, ramp-up and operation of a 5 tons per hour (tph) test oxide plant. The test plant has operated 7 days a week with two 12-hour shifts. Ultimately, the test plant has significantly de-risked the development of a much larger oxide operation (upon Government approval) which will be capable of producing 15,000 – 20,000 ounces of gold per year. (See press release dated November 17, 2020.)
  
  
• Continued exploration through the Phase III drilling program, which has indicated the Buckreef deposit is open at depth. Further results are pending, and the Company will provide updates in the future. (See Management’s Discussion & Analysis for Q1-2021 filed January 14, 2021.)
  
  
• Discovered an additional gold bearing shear zone at surface approximately 1 kilometer to the west of the main Buckreef Shear Zone. Further results are pending, and the Company will provide updates in the future. (See Management’s Discussion & Analysis for Q1-2021 filed January 14, 2021.)
  
  
• Added Mr. Andrew Cheatle, P.Geo., MBA, to its Board of Directors. Mr. Cheatle is an experienced and accomplished gold mining industry professional. (See press release dated October 29, 2020.)
  
  
• Appointed on December 1st, 2020, Mr. Stephen Mullowney, CPA, CA, CFA as Chief Executive Officer (CEO) of Tanzanian Gold Corporation. He has also accepted an appointment to the Board of Directors of the Company, (pending the approval of the expansion of the Board of Directors at the 2021 Annual General Meeting). (See press release dated December 1, 2020.)