VANCOUVER, Nov. 14, 2013 /CNW/ - Tanzania Minerals Corp. (the "Company" or "TZM"), (TSXV: TZM) (FRANKFURT: TM0.F) is pleased to provide an update on exploration activity at the Company's Mufindi property in Southern Tanzania.
Statement from the CEO
Kal Matharu, CEO of Tanzania Minerals Corp. said, "The Company continues to work on its portfolio and continues to explore for new opportunities. The initial XRF soil geochemistry results from Mufindi are positive for gold pathfinder elements from an area not previously explored for gold. A total of 101 soil samples were submitted to the assay lab, and results are expected within three weeks."
The licence is located approximately 470 km from Dar es Salaam, 100 km southwest of the town of Iringa and 150 km east of the Lupa Goldfield in southern Tanzania, and covers an area of approximately 44 km2. It is underlain by the Archean rocks that comprise of poorly studied rocks of the Tanzanian Craton. These rocks include highly metamorphosed feldspathic gneisses, amphibolites and granites. Three gold showings are documented in the same package of rocks within 65 km of the Mufindi licence, however no gold mineralization has been identified previously from the property. Gold mineralization from the Lupa Goldfield is structurally controlled and typically is associated with metabasites, and felsic gneiss and schists. The auriferous quartz veins usually contain pyrite, chalcopyrite, molybedenite, galena and sphalerite.
The field program at Mufindi consisted of geological mapping, lithogeochemical sampling, stream sediment geochemistry, and multi-element XRF analysis. The multi-element XRF sampling program was carried out using a line spacing of 400 m and a sample spacing of 200 m. In areas where Cu, Pb, Zn anomalism was recorded the grid spacing was reduced to 100 m by 100 m. A total of 816 samples were collected and analysed by the XRF instrument. Two areas of coincident Cu, Pb and Zn anomalism, defined as concentrations greater than one standard deviation from the mean, were noted. These areas correspond to a northwest-trending, possibly fault-bound, amphibolite unit, and a highly siliceous biotite gneiss located at the point of interception of two mapped fault lines. Both areas are also coincident with anomalous iron concentrations in shallow soil. A total of 101 soil samples from the two areas were submitted to the assay lab, and results are expected in the next two to three weeks.
IR Contract Update
Effective November 1, 2013, investor relations provider, Trident Financial, will provide its services to the Company at a rate of $1000 per month with a thirty (30) day cancellation policy.
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.
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.
Image with caption: "Geology map of the northern portion of the Mufindi licence showing areas of elevated copper, lead and zinc in soil samples. (CNW Group/Tanzania Minerals Corp)". Image available at: http://photos.newswire.ca/images/download/20131114_C7398_PHOTO_EN_33362.jpg
SOURCE: Tanzania Minerals Corp
For further information:
Tanzania Minerals Corp.
President and CEO
Tel: (204) 942-3191
Fax: (204) 944-0513
Tel: (604) 681-8669
Toll Free: 1 (877) 681-8669