Clarification - Tanzania Minerals - Igurubi Field Work Update
Please note the content of the release remains the same (no figures have changed), however it has been brought to our attention that some formatting downstream did not appear correctly therefore we are re-issuing to clarify the formatting.
VANCOUVER, March 11, 2015 /CNW/ - Tanzania Minerals Corp. (the "Company" or "TZM") (TSX-V: TZM.V) (FRANKFURT: TM0.F) is pleased to provide an update regarding its work programs at Igurubi.
TZM Fieldwork Update
James Walchuck, Chairman of Tanzania Minerals Corp. stated, "Preliminary lithogeochemical sampling of artisanal workings has verified the high gold grades reported by previous operators at Igurubi. The soil sampling program is progressing well and the final area should be completed shortly. Initial results suggest that metal anomalism is present in areas not previously explored, and other styles of gold mineralization could be present on the property."
Exploration work on licences PL 7867/2012, PL 2212/2003, PL 7426/2011, and HQ-P28716 is continuing in the form of geological mapping, locating artisanal workings, collecting verification mineralized samples, and shallow soil samples. To date, a total of 4,862 soil samples have been collected from four of the five licences that comprise the Igurubi property. Thirty soil lines, equivalent to 145 line kms, adopting a 50 m by 200 m grid pattern covering the southeastern extension of the Igurubi mineralized structure on PL 7426/2011 and HQ-P28716. An additional 22 soil lines, totalling 96.5 line km, adopting a 50 by 400 m grid pattern were also sampled over the existing mineralization on PL 2212/2003, PL 7426/2011 and possible extensions into PL 7867/2012. All of the samples were analyzed by a handheld XRF instrument to determine their multi-element geochemical signature. Based on anomalous concentrations of copper, arsenic and bismuth a subset of the samples were submitted to an accredited assay lab for low-detection level gold analysis.
Additionally, twenty-four rock (grab) samples were collected from artisanal shafts and workings in order to determine gold abundance in the various mineralized samples (sulphide- or hematite-dominated) and host rock (barren or wallrock). The samples were analysed at SGS Laboratories in Mwaza for gold, and the summary results are present below.
Summary results of gold concentration (in ppm) of artisanal workings
| Rock Description | n | Mean (ppm) | StdDev | Min (ppm) | Max (ppm) | ||||||||||
| Barren | 6 | 0.06 | 0.07 | 0.01 | 0.19 | ||||||||||
| Wallrock | 4 | 0.87 | 0.84 | 0.09 | 2.02 | ||||||||||
| Sulphide-dominated | 7 | 5.93 | 13.94 | 0.04 | 37.5 | ||||||||||
| Hematite-dominated | 7 | 8.55 | 13.46 | 1.14 | 37.5 |
The gold concentrations are in good agreement with previous operators and the observations and XRF trace metal geochemistry have been used to refine the Company's exploration model at Igurubi.
The Company will provide updates on work completed on the Igurubi gold property as soon as results are obtained.
Transaction Update
On October 21, 2014, the Company had announced it had entered into an agreement with Twigg Gold Ltd. ("Twigg") to purchase its 90% and 75% interests in the Igurubi and Msasa gold projects, respectively. The agreement was subject to the satisfaction of several conditions in order to close the transaction. Several of these conditions have taken longer than anticipated to fulfil, due to circumstances beyond TZM and Twigg's control. TZM continues to work with Twigg to bring the transaction to completion and will provide additional updates in a timely manner.
About Tanzania Minerals Corp.
Tanzania Minerals Corp. is an emerging junior exploration company trading on the TSX Venture Exchange. The Company has an extensive portfolio of projects in Tanzania. Additional information on Tanzania Minerals Corp., including technical reports and other public documents are available on SEDAR at www.sedar.com or on the Company's website at www.tanzaniaco.com.
Qualified PersonDr. Sandy M. Archibald, PGeo, EurGeol, Consultant Geologist, Aurum Exploration Services, is the Qualified Person who supervised the preparation of the technical data in this news release.
Additional information on Tanzania Minerals Corp., including technical reports and other public documents is available on SEDAR at www.sedar.com or on the Company's website at www.tanzaniaco.com.
On behalf of the Board of Directors of Tanzania Minerals Corp.
"James Walchuck"
James Walchuck, Chairperson
Neither 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 release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward looking statements, including without limitation those relating to the Company's future operations and business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements.
SOURCE Tanzania Minerals Corp.
ContactTanzania Minerals Corp., Kal Matharu, Tel: (204) 421-1999, Fax: (604) 669-3877, www.tanzaniaco.com
