Tanzanian Royalty Exploration Corporation – 4 hours ago
SOUTH SURREY, British Columbia--(BUSINESS WIRE)-- Tanzanian Royalty (TNX - TSX, TRX - NYSE Amex) is pleased to announce that it has received extremely positive results from the recently completed Phase 2 Reverse Circulation (RC) drilling program on its Nyamakwenge Prospect, part of the Company’s Lunguya Gold Project in the Lake Victoria Goldfields of Tanzania. The drill program commenced in June 2011 and was completed at the end September.
Company Chairman and Chief Operating Officer, Joseph K. Kahama, describes the results as “among the best and most consistent we have received to date at Lunguya,” noting that “the bar has been set high for a follow-up drilling program that is planned to commence in February or March 2012 at the end of the current rainy season.”
“This certainly has the potential to become a significant new gold discovery, with grade tenors and intercept thicknesses comparable to our flagship Buckreef Project,” he adds.
The Phase 2 drill program consisted of 39 RC holes aggregating 4,145 metres. A total 0f 4,469 RC samples were collected during the program.
The objective of the program was to establish the strike and down-dip continuity of mineralization identified in a wide-spaced 2002 preliminary drill program on the Nyamakwenge reef system on 50m spaced lines. For comparative purposes, the following tables show the significant intersections from both the recent and the previous (2002) drilling programs conducted at the Nyamakwenge Prospect.
The results in the tables are segregated on the basis of drilling method (RC or Diamond Drill), and by zone (Reef 01, Reef 02, Rubble, HW splay). The intersections are estimated to be very close to true thicknesses with all the drill inclinations being -60 degrees and the dip of the reef being -22 degrees. All holes are drilled perpendicular to the assumed strike of the reef(s).
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