VANCOUVER, Sept. 4, 2013 /CNW/ - Tanzania Minerals Corp. (the "Company"), (TSX-V: TZM) (FRANKFURT: TM0.F) is pleased to provide an update to exploration activities on their Siga and Kiagata licences in the Lake Victoria Goldfield.
Statement from the CEO
Kal Matharu, CEO of Tanzania Minerals Corp. said, "Positive results continue to be generated from our Siga and Kiagata licences. At Siga, gold assays from shallow soil sampling have indicated an 1100 by 1000 metre anomaly which we hope to follow-up with ground geophysics. At Kiagata, XRF shallow soil data has identified the presence of two concealed mafic volcanoclastic sequences with linear arsenic soil anomalism. These soil samples have been sent to the assay laboratory for analysis and we eagerly await the results."
The Siga licence covers an area of approximately 51 km2 and 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 approximately 5 km south of the colonial-period BIF-hosted Jubilee Reef or 'Augusta Victoria' gold mine. Gold mineralization at the Jubilee Reef is recorded as being associated by shear-zone hosted quartz veins, and recent mineralization reported by Currie Rose Resources Inc. (TSXV: CUI) at Masabi Hill is associated with a granitic intrusion. Masabi Hill is located 6 km NW of the Siga property.
Masabi- and Jubilee Reef- style mineralization was investigated in July 2013 through a shallow soil geochemistry survey, which recorded 1,642 analyses through the use of portable XRF equipment. Based on the results of this survey 185 samples (and associated standards) from two main areas, and three smaller anomalous areas, were submitted for gold assaying. The gold assay results identified a broad anomaly 1 x 1 km, which contained eight samples considered anomalous (7-11 ppb Au) and one highly anomalous sample (50 ppb), within a zone with average gold concentrations of 3 ppb. The area is underlain by an unknown thickness of mbuga soil, which masks much of the underlying geology. The soil anomaly is coincident with an airborne geophysical anomaly that might represent an intrusion. Ground geophysics in this area will be performed to determine if conductors are present at depth, which might represent mineralization.
Located within the Musoma-Mara Greenstone Belt, the 44 km2 Kiagata property is located approximately 5 km to the north of the past-producing Buhemba mine (~ 0.7 Moz Au) and is the target for vein-hosted orogenic lode-gold mineralization. High-resolution airborne geophysics flown by the company in 2011 identified several exploration targets on the licence, based on faults and splay structures cutting the underlying granite and possible volcanic units.
A shallow soil XRF program (200 m line spacing and 100 m sample spacing) has concluded, and identified arsenic anomalism associated with what appears to be a concealed mafic dominated volcanic/volcanoclastic sequence. Arsenic is commonly associated with gold mineralization in Archean gold mineralization, and is therefore used as a targeting technique. Arsenic anomalism broadly trends north-westwards following the trend of dykes in the area. Average concentrations of 37 ppm arsenic are recorded in areas underlain by mafic rocks, and anomalous areas are defined as samples greater than 66 ppm As. The maximum arsenic concentration in soil was 181 ppm. Based on these encouraging results it was decided that 217 soil samples from two areas will be submitted for gold assaying. Follow-up work will be contingent of the assay results.
Dr. Sandy M. Archibald, PGeo, EurGeol, Consultant Geologist, Aurum Exploration Services, is the Qualified Person who supervised the preparation of the technical data in this news release.
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.
SOURCE: Tanzania Minerals Corp
For further information:
Tanzania Minerals Corp.
President and CEO
Tel: (204) 942-3191
Fax: (204) 944-0513