South Surrey, British Columbia CANADA, Apr 10, 2012 (Filing Services Canada via COMTEX) -- Tanzanian Royalty Exploration Corp (TNX - TSX, TRX - NYSE Amex)
The Company is pleased to announce the receipt of additional assay results from the ongoing drill program at its Buckreef Gold Project in the Lake Victoria Goldfields of Tanzania.
The latest drill results include the highest grade gold values reported to date from the Buckreef Main Zone where drilling continues to confirm an increase in grade and thickness at depth, leaving open the possibility of expanding open pit mining and of underground mining to compliment open pit production.
Hole BMDD127 returned an intercept of 19.0 metres grading 10.58g/t gold from 155 metres which included 9.0 metres averaging 19.06 g/t gold from 156 metres and 5.0 metres grading 25.97g/t gold from 160 metres. The gold mineralization occurs within sheared mafic rocks intercalated with felsic porphyry with strong quartz-carbonate-pyrite alteration which is the main control of high grade gold mineralization.
Joseph K Kahama, Chairman and Chief Operating Officer (Tanzania) describes Hole BMDD127 as "exceptional and certainly beyond anything we have encountered before at Buckreef." In addition, he confirms that the drilling has intersected "a number of mineralized zones of significant thicknesses at vertical depths down to 200m along with the presences of several gold-bearing structures."
"With the current exploration program focused on testing the upside potential in the deeper levels of the Buckreef deposit, we expect to increase our knowledge regarding the continuity and grade of these zones," he adds. "We also expect to further increase the confidence level we have in the Buckreef gold project, lending support to increasing our resource base and leaving additional potential in mineralized zones below a vertical depth of 200m which remains largely untested."
Three additional holes from the Buckreef Main Zone also returned excellent gold values over good thicknesses:
Hole BMDD124 encountered an intercept of 14.0 metres grading 1.75g/t gold which included 3.0 metres averaging 3.72g/t gold from 206 metres;
Hole BMDD125 returned an intercept of 4.0 metres grading 1.49g/t gold from 191 metres;
Hole BMDD126 had an intercept of 26.0 metres grading 4.5g/t gold which included 4.0 metres grading 17.6g/t gold from 215 metres.
All drill intercepts are approximately 50% to 60% of true width.
In early March 2012, the Company engaged a second diamond drill rig from Simba drilling which has been mobilized to the site and is fully operational. Drilling progress rates have improved significantly and are now in line with expectation to complete the program by May 2012. Three drill rigs are currently operating at Buckreef, two diamond drill rigs and one RC rig.
Sample Protocol and QA/QC
The sample chain of custody is managed by Buckreef's technical team under the supervision of Anthony Minde. Core samples are picked up from the drill site at the end of every shift by company personnel for direct delivery to the secured drill core storage house located next to the Buckreef exploration office. The storage is accessible only by approved personnel.
Intervals of core to be analyzed are split in half with a mechanized core cutter with one half sent to the laboratory for geochemical analysis and the remaining half kept in storage for future reference and usage. Samples to be assayed remain under the control of company personnel until submitted to SGS laboratory in Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). The average percentage of core recovery is 95%. Sample intervals of 1.0m or less but greater than 0.5m depended on geology. SGS laboratory is ISO 90001 and 17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting. In addition to SGS internal standards materials and blank samples, the Company regularly inserts into every batch its own certified standards, coarse blanks and duplicates in the sample stream for approximately every 20 samples.
The Company's Qualified Persons, Mr. Phillip Kaniki and Charles Mnguto, have reviewed and approved the contents of this News Release. Mr. Phillip Kaniki has a Bachelor of Science degree in Geology from the University of Dar es Salaam (1997) and is a registered scientist with MAusIMM (Reg. No 221963). Mr. Charles Mnguto has a Bachelor of Science degree (Hons) in Geology from the University of Dar es Salaam (1995) and is a registered scientist with MAusIMM (Reg. No 307793).
Chairman and Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at 1-800-811-3855