The Buckreef Gold Project is located in north-central Tanzania immediately to the south of Lake Victoria and 110km southwest of Mwanza.
The Buckreef project comprises four gold deposits namely Buckreef, Eastern Porphyry, Tembo, and Bwinga, all within 4km of each other.
The project, fully licensed for gold mining and extraction, is managed by Buckreef Gold Company, a joint venture between TRX Gold Corporation (TSX:TNX) (NYSE:TRX) which holds 55%, and the Tanzania State Mining Corporation (STAMICO) which holds 45%.
Buckreef is anchored by an expanded Mineral Resource published in May 2020. Measured Mineral Resource is 19.98 million tonnes (“MT”) at 1.99 grams per tonne (“g/t”) gold (“Au”) containing 1,281,161 ounces (“oz”) of gold and Indicated Mineral Resource is 15.89 MT at 1.48 g/t gold containing 755,119 ounces of gold for a combined tonnage of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of gold.
The Buckreef Gold Project contains an Inferred Mineral Resource of 17.8 MT at 1.11g/t gold for contained gold of 635,540 oz of gold.
TanGold is investigating and assessing multiple exploration targets on its property.
Buckreef is being advanced in a value accretive sustainable manner through:
-Expanding Production Profile: A 360 tonne per day (“tpd”) processing plant is being expanded to 1,000+ tpd, enabling a near term production profile of 15,000 – 20,000 oz of gold per year.
-Exploration: Continuing with a drilling program with the goal of expanding resources, discovering new resources and converting resources to reserves, by: (i) step-out drilling in the northeast extension of Buckreef Main; (ii) infill drilling to upgrade Mineral Resources currently in the Inferred category in Buckreef Main; (iii) infill drilling program of Buckreef West; (iv) develop exploration program for the newly discovered Anfield Zone; (v) upgrade historical mineral resources at Bingwa and Tembo; (vi) identification of new prospects at Buckreef Gold Project, and in the East African region.
-Sulphide Development Project: Unlocking the value of the Sulphide Project in which the ‘sulfide ore’ encompasses approximately 90% of the Resources. It is the goal of the Company to substantially exceed all metrics as outlined in the Technical Report, including annual production and strip ratio.