Stamford Bridge Delivers Again – Another Best Drill Intercept New Stamford Bridge shear zone extended another 50 meters
Stamford Bridge Delivers Again – Another Best Drill Intercept
New Stamford Bridge shear zone extended another 50 meters
TORONTO, Nov. 12, 2024 -- TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is
excited to announce, once again, another best drill results ever, on a gram x tonne x meters (“gtm”) basis with hole
BMDD315 intersecting 37 metres (“m”) @ 6.86 g/t Au (253.82 gtm) from 130 m. This drill hole result is approximately 250
m east of the Buckreef Main Zone —host to Buckreef Gold’s 2M+ ounce Au Mineral Resource 1 and where current
operations are ongoing in the Main Pit—and is located at the project’s newly discovered Stamford Bridge Shear Zone (see
Figure 1).
This drill hole result comes following the Company’s previous drill results, dated October 24, whereby the Company announced
the discovery of a promising new gold mineralization shear zone, named the Stamford Bridge Zone, at which results are
revealing geological characteristics and mineral alterations similar to that at Buckreef’s Main Zone .
On the heels of this exciting new discovery, the Stamford Bridge shear zone has quickly become the Company’s exploration
priority. An exploration program is underway to uncover the area’s true gold mineralisation potential. Over the next few weeks,
the Buckreef Gold team will be preparing for the kick-off of a geophysical survey campaign, which will focus on the Stamford
Bridge trend line, as well as an area covering up to 500 meters to both the North and South sides of the trend line. Following
the results of this campaign, a strategic drill campaign will resume on newly defined, high-priority targets.
Significance of this latest drill intercept:
1. Hole BMDD315 intersected 37 m @ 6.86 g/t Au from 130 m; including 23 m @ 9.31 g/t Au from 139 m. This is the
best drill hole result ever in the history of Buckreef Gold’s database, and is 50 meters further along the bridge than the
last hole (see Figure 2);
2. This intercept continues to confirm a “bridge” or an interpreted mineralized shear zone trending 070 degrees (ENE) that
is showing potential to extend to over 1 kilometer. To date, intersections reported over the last few weeks cover
approximately 150 meters of strike length (See Figure 1);
3. The Stamford Bridge Zone is a potentially significant shear zone and geologically similar to the Buckreef Main Zone. It
bridges the gap between the Buckreef Main Zone and the Eastern Porphyry deposit and Anfield Zone, to the Southeast
(see Figure 1).
Isaac Bisansaba, Manager of Technical Services at Buckreef Gold, explains, “We are eager to begin the detailed ground
geophysics work, as results should enable us to plan very strategic drill targets, and ultimately help us to define the direction
and length of this new shear structure.”
Stephen Mullowney, TRX Gold CEO continues, “This is a very exciting blue-sky potential-type of drill result! We’ve confirmed
this new shear structure to another 50 meters along strike. Although this is early in the drill campaign, results to date are very
encouraging. The Buckreef Gold Project still has very good discovery potential built-in to its underexplored 16km 2 land
package and we intend to unlock that value and ultimately grow the Mineral Resource of the project beyond its current 2
million ounces,” commented Stephen Mullowney, TRX Gold Chief Executive Officer.
Figure 1. Buckreef Gold Property Showing Location of Latest Drill Hole BMDD315 Among Previous Results Along
Stamford Bridge Zone
Figure 2. Cross-section results for new drill hole BMDD315 - Stamford Bridge Zone
Table 1: Summary of Results – Stamford Bridge
Hole ID Hole
Type
Drill Holes Location Sample Depth Width
(m)
Assay
Grade
(gpt)
Lithology CommentEasting
(m)
Northing
(m) RL (m) Azimuth Dip From
(m)
To
(m)
BMGT001 DD 391,780 9,658,453 1,217.8 270 -50 104.00 115.39 11.39 2.80 Msh Stamford
Bridge
Mineralised
shear zone
with strong
alteration
186.00 208.00 22.00 2.36 Msh
393.00 425.80 32.80 1.70 Msh Buckreef Main
mineralised
shear zone
BMDD309 DD 391,676 9,658,400 1,216.6 334 -60 101.80 104.50 2.70 1.65 Msh
Mineralised
shear zone
with strong
alteration
BMDD310 DD 391,723 9,658,418 1,217.2 334 -60 64.50 100.00 35.50 5.48
Msh
Mineralised
shear zone
with strong
alteration
Including
76.00 89.00 13.00 8.06
BMDD312 DD 391,685 9,658,382 1,216.4 335 -60 164.60 181.80 17.20 3.14 Msh
Mineralised
shear zone
with strong
alteration
BMDD315 DD 391,770 9,658,435 1,217.6 335 -60 130.00 167.00 37.00 6.86 Msh
Mineralised
shear zone
with strong
alteration
Including 139.00 162.00 23.00 9.31
Qualified Person
Mr. William van Breugel, P.Eng, BASc (Hons), technical Advisor to TRX Gold Corporation, is the Company’s Qualified Person
under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and has reviewed and assumes
responsibility for the scientific and technical content in this press release.
Sample Protocol QA/QC
The sample chain of custody is managed by the Buckreef geology team on site. Reported results are from diamond drilled
core samples. Intervals of core to be analyzed are split into half using a mechanized core cutter, with one half sent to the
Laboratory for geochemical analysis and the remaining half kept in storage for future reference and uses. Diamond drilled core
has been a HQ size and recoveries are consistently 100% across all drill holes intercept reported.
Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QAQC
program involves insertion of duplicate samples, blanks and certified reference materials in the sample stream. Gold analyses
are performed by standard fire assaying protocols using a 50-gram charge with atomic absorption (AAS) finish and a
gravimetric finish performed for assays greater than 10 grams per tonne.
Sample Preparation and analysis are performed by independent SGS Laboratory in Mwanza, Tanzania. SGS Laboratory is
ISO17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and
reporting.
The results summarized in this release are from Stamford Bridge target. The intercepts confirm an interpreted mineralized
shear zone trending 070 degrees (ENE) that is over a km long. The intersections reported here has covered only the first 100m
strike length, they are down-hole lengths and may not represent true width, however the true width is estimated to be between
50% - 60% of the length.
About TRX Gold Corporation
TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 2020, the project
currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of
gold and an Inferred Mineral Resource of 17.8 MT at 1.11g/t gold for 635,540 oz of gold. The leadership team is focused on
creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow. The
positive cash flow will be utilized for exploratory drilling with the goal of increasing the current gold Resource base and
advancing the Sulphide Ore Project which represents 90% of current gold Resources. TRX Gold’s actions are led by the
highest ESG standards, evidenced by the relationships and programs that the Company has developed during its nearly two
decades of presence in Geita Region, Tanzania.
For investor or shareholder inquiries, please contact:
Investor Relations
Christina Lalli
Vice President, Investor Relations
TRX Gold Corporation
+1-438-399-8665
www.TRXgold.com
Forward-Looking and Cautionary Statements
This press release contains certain forward-looking statements as defined in the applicable securities laws. All statements,
other than statements of historical facts, are forward-looking statements. Forward-looking statements are frequently, but not
always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “possible”
and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved.
Forward-looking statements relate to future events or future performance and reflect TRX Gold management’s expectations or
beliefs regarding future events and include, but are not limited to, statements with respect to continued operating cash flow,
expansion of its process plant, estimation of mineral resources, ability to develop value creating activities, recoveries,
subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future
production, and capital expenditure.
Although TRX Gold believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other
future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic,
competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations;
fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method, production
profile and mine plan; delays in exploration, development and construction activities; changes in government legislation and
regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over title to properties;
employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the
exploration, development and mining business. These risks are set forth in reports that TRX Gold files with the SEC and the
various Canadian securities authorities. You can review and obtain copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml and the Company’s profile on the System for Electronic Document Analysis and Retrieval
(“SEDAR+”) at www.sedarplus.ca.
The disclosure contained in this press release of a scientific or technical nature relating to the Company’s Buckreef Project
has been summarized or extracted from the technical report entitled “The National Instrument 43-101 Independent Technical
Report, Updated Mineral Resource Estimate for the Buckreef Gold Mine Project, Tanzania, East Africa for TRX Gold” with an
effective date (the “Effective Date”) of May 15, 2020 (the “2020 Technical Report”). The 2020 Technical Report was prepared
by or under the supervision Mr. Wenceslaus Kutekwatekwa (Mining Engineer, Mining and Project Management Consultant)
BSc Hons (Mining Eng.), MBA, FSAIMM, of Virimai Projects, and, Dr Frank Crundwell, MBA, PhD, a Consulting Engineer,
each of whom is an independent Qualified Person as such term is defined in NI 43-101. The information contained herein is
subject to all of the assumptions, qualifications and procedures set out in the 2020 Technical Report and reference should be
made to the full details of the 2020 Technical Report which has been filed with the applicable regulatory authorities and is
available on the Company’s profile at www.sedarplus.ca. The Company did not complete any new work that would warrant
reporting material changes in the previously reported Mineral Resource (“MRE”) and Mineral Reserve statements during the
prior reporting period. The Company has engaged two globally recognized and respected mining consulting groups to
undertake a comprehensive review of the MRE, and economic analysis which was previously conducted under the 2003 CIM
code. This in turn follows significant infill and exploration drilling, plus other required technical work undertaken over the prior
18 months. This work is currently being undertaken to be compliant with the November 2019 CIM Code for the Valuation of
Mineral Properties, which are different with respect to the 2003 guidelines. There can be no assurance that there will not be a
change in the MRE and Mineral Reserve as disclosed in the 2020 Technical Report after such work has been updated (in
accordance with the 2019 CIM code).
The information contained in this press release is as of the date of the press release and TRX Gold assumes no duty to
update such information.
The TSX and NYSE America have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents
of this press release, which has been prepared by the management of TRX Gold.
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