Mining exploration company Tanzanian Gold Corporation (TanGold) (TSX:TNX) (NYSE:TRX) recently released its results for the fourth quarter of 2021, highlighting the discovery of two new gold-bearing shear zones in the Buckreef West and Anfield Zones in the Geita District in northwestern Tanzania.
Assuming successful exploration results from ongoing diamond drilling, both new zones and the Buckreef Main Zone have the potential to significantly add to the 2.0 million ounces of gold in the measured and indicated mineral resources category and 0.6 million ounces of gold contained in inferred mineral resource category.
Commenting on the discovery, Stephen Mullowney, TanGold’s Chief Executive Officer said: “We are very excited about the drilling prospects at Anfield and Buckreef West. The 1,000+ tpd mine plan only represents approximately 10% of existing measured and indicated resources. Consequently, we have considerable expansion potential, particularly in the Buckreef Main Zone ‘sulfides,’ which accounts for approximately 90% of our current measured and indicated mineral resources [and] I am extremely excited for 2022.”
The Buckreef gold mine, part of 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 area comprises the dormant Buckreef gold mine and four prospects with known mineralization: Buckreef, Buziba, Tembo, and Bingwa.
The Buckreef Project is fully licensed for mining and the extraction of gold and is developed by TanGold along with its joint venture partner, the Tanzania State Mining Corporation (STAMICO).