Tembo Gold Reports Additional High Grade Intersections From Shallow Reverse Circulation Drill Holes at the Nyakagwe Village Target
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/21/13 -- Tembo Gold Corp. (TSX VENTURE: TEM)(OTCQX: TBGPF)(FRANKFURT: T23) ("Tembo" or "the Company") is pleased to report additional results from the 2012 drill program on the Tembo Property in the Lake Victoria goldfield of Tanzania. These additional shallow reverse circulation (RC) holes from the Nyakagwe Village target were drilled in the phase 1 drilling program on the Tembo property and support the results previously reported from this target area.
Highlights of the latest drill results include:
-- TRC0552 : 8.42g/t gold over 3.00m from 86m
-- TRC0562 : 4.61g/t gold over 5.00m from 82m
David Scott President & CEO stated, "The mineralization at the Nyakagwe Village target was only recently discovered by local artisanal miners in the past 36 months beneath transported overburden extensively used as agricultural lands immediately adjacent to the village. Our initial drill results at the Nyakagwe Village target returned multiple high-grade zones of mineralization such as diamond drill hole TDD0107 which (as previously reported) returned 16.58 g/t gold over 3.55m from 44m and 27.88 g/t gold over 3m from 66m). RC drilling of potential extensions to this mineralization along strike of the high grade TDD0107 diamond drill hole and elsewhere within the target area, has intersected mineralized structures correlated with mineralization in TDD0107 at least 200m to the east, and indicates that there are other sub-parallel mineralized structures. Follow-up drilling of the extensions will be required during a later phase of drilling."
The Nyakagwe Village Target
The Nyakagwe Village target is located at the western end of the broad, semi-arcuate belt of active artisanal workings (up to 1000m wide) stretching eastwards through the Mgusu target to the Nyakagwe East target area (a distance of some 1,500 m). The main artisanal workings at Nyakagwe Village comprise a pit with dimensions of some 100 m x 100 m and 35 m deep within an area containing numerous vertical shafts over a rectangular area some 200 m by 100 m. Artisanal shafts located on the southern edge of the pit extend to depths in excess of 40 m below surface. Underground workings reportedly extend over a strike length of 40m, exploiting a quartz vein up to 3m thick, striking WNW and dipping at approximately 40 degrees to the south.
Prior to 2011 this mineralization was unknown despite being within metres of the local village, a result of the ubiquitous transported cover draped over the Tembo project area to depths in excess of 4-10m. This fact strongly supports the conclusion that there are potentially many high-grade targets yet to be discovered beneath this cover along the numerous magnetic lineaments that locally coincide with artisanal workings but extend well beyond these and have sub-parallel counterparts with no workings.
Higher-grade samples from the Nyakagwe Village workings exhibit very fine grained visible gold associated with vein quartz. The high grades intersected in drill holes are associated with quartz veining and sulphides (predominantly pyrite) within meta-basalts. Further diamond and RC drilling is planned to follow up the high-grade intersections achieved to date and to define the structural controls on the mineralisation and determine the lateral and depth extent of the mineralization.
Drill Program
The initial drilling at the target has consisted of limited diamond drilling beneath the shafts and open pit and lines of heel-toe RC drill holes to test for the extensions and other potential parallel mineralized structures. Further drilling will be required at Nyakagwe Village, drilling for 2013 will be focused on the development of the more advanced targets, particularly Ngula 1.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/TEM0321.pdf
Table 1: Additional drilling results from drilling at Nyakagwe Village
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Width Au g/t Width Au g/t
From To Width Au greater than greater than
BH ID (m) (m) (m) g/t 0.50g/t 2.00g/t
-------------------------------------- ----------------- -----------------
TRC0552 50.00 51.00 1.00 0.69 1.00 0.69
------------------------------------------------------------------
86.00 87.00 1.00 8.99 3.00 8.42
87.00 88.00 1.00 8.40
88.00 89.00 1.00 7.88
--------------------------------------------------------------------------
TRC0554 47.00 48.00 1.00 2.53 1.00 2.53
------------------------------------------------------------------
TRC0557 78.00 79.00 1.00 0.93 1.00 0.93
------------------------------------------------------------------
148.00 149.00 1.00 0.63 1.00 0.63
--------------------------------------------------------------------------
TRC0560 42.00 43.00 1.00 0.51 4.00 0.88
43.00 44.00 1.00 0.60
44.00 45.00 1.00 1.85
45.00 46.00 1.00 0.56
------------------------------------------------------------------
82.00 83.00 1.00 0.53 2.00 0.54
83.00 84.00 1.00 0.55
--------------------------------------------------------------------------
TRC0561 54.00 55.00 1.00 0.73 1.00 0.73
--------------------------------------------------------------------------
TRC0562 18.00 19.00 1.00 1.69 2.00 1.86
19.00 20.00 1.00 2.03 1.00 2.03
------------------------------------------------------------------
67.00 68.00 1.00 0.61 5.00 0.66
68.00 69.00 1.00 0.36
69.00 70.00 1.00 0.63
70.00 71.00 1.00 0.07
71.00 72.00 1.00 1.64
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71.00 72.00 1.00 1.64 1.00 1.64
------------------------------------------------------------------
76.00 77.00 1.00 1.32 1.00 1.32
------------------------------------------------------------------
82.00 83.00 1.00 9.90 5.00 4.61
83.00 84.00 1.00 1.01
84.00 85.00 1.00 5.82
85.00 86.00 1.00 0.27
86.00 87.00 1.00 6.07
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- Widths represent down hole lengths and true widths are unknown at this
time
Table 2: Drill hole collar coordinates, azimuth, collar dip, and final depth for the recent Nyakagwe Village drill hole
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Elev-
Hole_ID Easting Northing ation Azimuth CollarDip Eoh
-------------------------------------------------------------------------
TRC0552 436700 9644875 1225 000 degrees -60 degrees 170
TRC0553(i) 436700 9644915 1225 000 degrees -60 degrees 33
TRC0554 436700 9644955 1225 000 degrees -60 degrees 150
TRC0555 436700 9644995 1225 000 degrees -60 degrees 150
TRC0556(i) 436700 9645035 1225 000 degrees -60 degrees 36
TRC0557 436701 9645094 1225 000 degrees -60 degrees 150
TRC0558 436700 9645135 1225 000 degrees -60 degrees 150
TRC0559(i) 436700 9645175 1225 000 degrees -60 degrees 46
TRC0560 436700 9645215 1225 000 degrees -60 degrees 150
TRC0561 436700 9645255 1225 000 degrees -60 degrees 130
TRC0562 436725 9644875 1225 000 degrees -60 degrees 150
-------------------------------------------------------------------------
(i) Abandoned
QA/QC
A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than 0.5 g/t Au are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.
About Tembo Gold Corp.
Tembo Gold Corp. is a Canadian publicly listed mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa. The Company currently has 100% interest in the Tembo Gold Project that is located adjacent to African Barrick's 14Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. The company is led by a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. The Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.
On Behalf of the Board of Directors of Tembo, David Scott, President & CEO
Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of the results of the gold deportment studies conducted by SGS, including, without limitation, expected CIL recoveries and the expectation of high recoveries based on the preliminary gold deportment results, Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's Tembo project, the economic climate in the jurisdictions where the Company carries on operations at its Tembo project and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contacts:
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
