South Surrey, British Columbia CANADA, June 01, 2012 /FSC/ - Tanzanian Royalty Exploration Corp (TNX - TSX, TRX - NYSE - Amex), is pleased to announce that it has received further assays from its ongoing deep drilling program at the Buckreef Gold Project in Tanzania. This hole is part of a program of drilling designed to extend and confirm the mineralisation potential at depth.
* Highlight is 12 metres grading 5.22g/t gold from 336 metres in drill hole BMDD158 which include 5 metres grading 7.31g/t gold from 341 metres. This is the best result from deep drilling sampling at Buckreef.
* The intersected gold zone is characterized by brecciated quartz vein and strong silica-sericite-carbonate-pyrite alteration.
* The deep drilling program has provided the first opportunity to sample the deep mineralisation at Buckreef and confirmed the width and grade of gold mineralization at depth.
The intersection reported here is a core length and may not represent true width but the true width is estimated to be 50 - 60%.
The gold mineralization at the Buckreef is hosted in shear zones emplaced along the fine grained basaltic sequence, medium grained dolerite and strongly altered felsic porphyry units, associated with gold-bearing quartz-sericite-carbonate-pyrite alteration assemblages. The best gold grades are confined within brecciated and altered dolerite with felsic porphyry intercalation and grey quartz vein with fine disseminated pyrite.
"We are pleased with this higher grade assay results from core drilling at Buckreef" commented Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania), "These results show that our drilling has been successful and has provided the first opportunity to sample the deep mineralisation at Buckreef. He further added this drill intercept has confirmed the width and gold grade of greater than 12m wide hydrothermal veined mineralized system with a well developed silica-sericite-carbonate-pyrite alteration. This will serve to further increase our level of confidence associated with the Buckreef Gold Project and, we expect, increase our resource base meanwhile, all mineralized zones below a vertical depth of 350m below surface remain largely untested."
Sample Protocol and QA/QC
The samples chain of custody is managed by Buckreef technical team under the supervision of Anthony Minde. Core samples are picked up from the drill site at the end of every shift by Company personnel for direct delivery to the secured drill core storage house locate next to the Buckreef exploration office. The storage is accessible only by approved personnel.
Intervals of core to be analyzed are split with a mechanized core cutter in half with one half to be sent to the laboratory for geochemical analysis and the remaining half to be kept in the storage for future reference and uses. Sample to be assayed will remain under the control of Company personnel until submitted to SGS laboratory in Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). The average percentage of recovery core is 95%. Sample intervals of 1m or less but greater than 0.5m depended on geology.
SGS laboratory is ISO 90001 and 17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting. In addition to SGS internal standards materials and blank samples, the Company regularly inserts into every batch its own certified standards, coarse blanks and duplicate sample in the sample stream approximately every 20 samples.
The Company's Qualified Persons, Mr. Phillip Kaniki and Charles Mnguto, have reviewed and approved the content of this news release. Mr. Phillip Kaniki has a Bachelor of Science in Geology degree from the University of Dar es Salaam (1997) and is a registered scientist with MAusIMM (Reg. No 221963). Mr. Charles Mnguto has a Bachelor of Science in Geology (Hons) degree from the University of Dar es Salaam (1995) and is registered scientist with MAusIMM (Reg. No 307793).
Chairman and Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyalty.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "reserves", "resources", "geologic resources", "proven", "probable", "measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC. 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 the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
Certain information presented in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking
statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.
93 Benton Hill Road
Sharon, CT 06069
Tel: (860) 364-1830
Fax: (860) 364-0673
Form 20-F, File No. 001-32500
NYSE Amex Equities:TRX
South Surrey Office
Suite 404-1688 152nd Street
South Surrey, BC V4A 4N2
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Source: Tanzanian Royalty Exploration Corp (TNX - TSX) (TRE - AMEX) http://www.tanzanianroyaltyexploration.com
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