VANCOUVER, March 1, 2012 /CNW/ - Tanzania Minerals Corp. (the
"Company"), (TSXV: TZM) (FRANKFURT: TM0.F) is pleased to announce the
addition of three new gold licences to its extensive property portfolio
in Tanzania. The new licences are located in the Musoma-Mara,
Serengeti, and Siga-Mabale greenstone belts in the Lake Victoria area
of northern Tanzania, and are all located in areas of known gold
Statement from CEO
Kal Matharu, CEO of Tanzania Minerals Corp. said, "The addition of the
three new licences gives the Company additional exploration
opportunities in new geographical areas in Tanzania known to contain
economic gold deposits. We are particularly pleased to acquire ground
proximal to Barrick's Gokona/Nyabigena mine in the highly-prospective
North Mara Gold District. Aggressive gold exploration programs are
currently underway on our existing permits and we eagerly anticipate
results from them and the newly acquired ground."
Licence PL7505 covers an area of 6.03 km2 and is located approximately 6.5 km northwest from African Barrick
Gold's Gokona/Nyabigena mine and 8 km due north of their Nyabirama
mine. Both mines are collectively known as the North Mara Mine and are
located in the Tarime District of the Mara Region. The licence is
underlain by Archean mafic volcanic and volcaniclastic rocks of the
Musoma-Mara greenstone belt, and is located adjacent to the Nyarwana
Break - Gena Trend (previously known as the Mara Shear Zone). This
structure is interpreted to control gold mineralization in the
Gokona/Nyabigena mine and several gold occurrences along its length.
The licence area is poorly exposed due to the flat terrain, a 10 to 20
m weathered rock profile (saprolite), and the presence of alluvial
PL5928 covers an area of 27.45 km2 and lies within the Archean Serengeti greenstone belt and is located 12
km southeast of Musoma town and approximately 20 km southeast of the
historic Negoti gold mines (mined from 1900-1913, and 1920-1945). The
property is underlain by intermediate-mafic volcanic rocks, banded iron
formations and sheared carbonated- felsitic and chloritic schist, with
granitic intrusions in the south of the licence. Gold mineralization
within the Serengeti greenstone belt (including the Negoti mine) is
typically associated with late-stage white quartz veins.
The third licence granted to Tanzania Minerals is HQ-P17797 (official licence number is pending), located 130 km south-southwest of
the city of Mwanza. The licence covers an area of 51.42 km2and is underlain by the Archean Siga Mabale greenstone belt and
associated granites. Much of the licence is covered by alluvial
deposits associated with Lake Nyanza, which obscures the surface
geology. The licence is located immediately to the south of the
colonial-period Jubilee Reef or 'Augusta Victoria' gold mine, and,
where exposed, is underlain by banded iron formation and granite. Gold
mineralization at the Jubilee Reef is recorded as being associated by
shear-zone hosted quartz veins, and this style of mineralization will
be investigated on HQ-P17797.
Following detailed desktop research field-based exploration programs
will commence with the verification of geology and initiation of
geochemical sample surveys to define drilling targets. This work will
be run in conjunction with the other gold properties in the Company's
portfolio, i.e., Mrangi South, Mrangi East and the four licences in
EurGeolDr. Sandy M. Archibald, PGeo, Consultant Geologist, Aurum
Exploration Services, is the Qualified Person who supervised the
preparation of the technical data in this news release.
Additional information on Tanzania Minerals Corp., including technical
reports and other public documents are available on SEDAR at www.sedar.com or on the Company's website at www.tanzaniaco.com.
Tanzania Minerals Corp. is an emerging junior exploration company
trading on the TSX Venture Exchange. The company has an extensive
portfolio of projects in Tanzania.
On behalf of the Board of Directors of Tanzania Minerals Corp.
Kal Matharu, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements
concerning our plans, intentions and expectations, which are not
historical in nature are intended to be, and are hereby identified as,
"forward looking statements". Forward looking statements may be
identified by words including "anticipates", "believes", "intends",
"estimates", "expects" and similar expressions. The Company cautions
readers that forward looking statements, including without limitation
those relating to the Company's future operations and business
prospects are subject to certain risks and uncertainties that could
cause actual results to differ materially from those indicated in the
forward looking statements.
Image with caption: "Location of the recently granted prospecting licences PL7505 (Musoma-Mara), PL5928 (Serengeti) and HQ-P17797 (Siga Mabale), and the location of the Company's Mrangi licences. (CNW Group/Tanzania Minerals Corp)". Image available at: http://photos.newswire.ca/images/download/20120229_C8647_PHOTO_EN_10622.jpg
SOURCE Tanzania Minerals Corp
For further information:
Tanzania Minerals Corp.
President and CEO
Tel: (204) 942-3191
Fax: (204) 944-0513