Exploration Target Clarification
Exploration Target Clarification
FOR IMMEDIATE RELEASE – February 25, 2021
TORONTO, February 25, 2021 (GLOBE NEWSWIRE) - Tanzanian Gold Corporation (TSX: TNX)
(NYSE American: TRX) (TanGold or the Company) announces that, as a result of a review by
the British Columbia Securities Commission we are issuing the following news to clarify our
disclosure. Certain of the Company’s press releases disseminated between June 17, 2020
and January 8, 2021 included disclosure of exploration targets in the ‘About Tanzanian Gold
Corporation’ section.
The disclosure should be replaced with:
Exploration Targets
(see June 23rd, 2020 press release)
Target Area Tonnage
(millions) Grade (g/t Au)
Northest Extension 4.0 – 6.0 1.40 – 2.50
Main Zone 25.0 – 35.0 1.30 – 1.50
It should be noted that the potential quantity and grade of these Exploration Targets is
conceptual in nature, that there has been insufficient exploration to define a mineral resource
and that it is uncertain if further exploration will result in the target being delineated as a
mineral resource as per the NI 43- 101 reporting standards. The Exploration Targets include
5 isolated drill holes and assume projections of mineralized structures to deep levels as well
as an extension of the Northeast Zone and are based on a continuation of favourable
geological conditions that host mineralized structures which have been encountered in
shallower drilling of Phase II to deep levels below the limits of the current wireframes used in
the estimation of the new resources described herein.
About Tanzanian Gold Corporation
Tanzanian Gold Corporation, along with its joint venture partner STAMICO , is building a significant
gold project at Buckreef in Tanzania that is based on an expanded Mineral Resource base and the
treatment of its mineable Mineral Reserves in two standalone plants. Measured Mineral Resource now
stands at 19.98MT at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated Mineral
Resource now stand at 15.89MT at 1.48g/t gold containing 755,119 ounces of gold for a combined
tonnage of 35.88MT at 1.77g/t gold containing 2,036,280 ounces of gold. The Buckreef Project also
contains an Inferred Mineral Resource of 17.8MT at 1.11g/t gold for contained gold of 635,540 ounces
of gold. The Company is actively investigating and assessing multiple exploration targets on its
property. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold
Project, dated May 15, 2020, for more information.
Tanzanian Gold Corporation is advancing on three value-creation tracks:
1. Strengthening its balance sheet by expanding near-term production to 15,000 - 20,000 oz. of
gold per year from the processing of oxide material from an expanded oxide plant.
2. Advancing the Final Feasibility Study for a stand-alone sulphide treating plant that is
substantially larger than previously modelled and targeting significant annual gold production.
3. Continuing with a drilling program to further t est the potential of its property, Exploration
Targets and Mineral Resource base by: (i) identifying new prospects; (ii) drilling new
oxide/sulphide targets; (iii) infill drilling to upgrade Mineral Resources currently in the Inferred
category; and (iv) a step-out drilling program in the Northeast Extension.
Andrew M. Cheatle, P.Geo. is the Company’s Qualified Person as defined by the NI 43-101 who has
verified the data disclosed in this news release and has otherwise reviewed and assumes
responsibility for the technical content of this press release.
For further information, please contact Michael Martin, Investor Relations,
[email protected], 860-248-0999, or visit the Company website at www.tangoldcorp.com
The Toronto Stock Exchange an d NYSE American have not reviewed and do not accep t
responsibility for the adequacy or accuracy of this release.
U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and
obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml
This news release contains certain forward-looking statements and forward-looking information. All statements, other than
statements of historical fact, included herein are forward-looking statements and forward-looking information that involve
various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to -
time with provincial securities regulatory authorities.
Note to U.S. Investors
US investors are advised that the mineral resource and mineral reserve estimated disclosed in this press release have been
calculated pursuant to Canadian standards which use terminology consistent with the requirements CRIRSCO reporting
standards. For its fiscal year ending August 31, 2021, and thereafter, the Company will f ollow new SEC regulations which
uses a CRIRSCO based templet for mineral resources and mineral reserves, that includes definitions for inferred, indicated,
and measured mineral resources.