VANCOUVER, April 24, 2014 /CNW/ - Tanzania Minerals Corp.
(the "Company" or "TZM") (TSX-V: TZM.V) (FRANKFURT: TM0.F) is
pleased to announce that it has entered into a letter of intent to
acquire from Twigg Gold Ltd. ("Twigg") its 75% and 90% interest in
the Igurubi and Msasa gold projects, respectively.
Terms of the LOI
TZM is to acquire Twigg's 75% interest in the
Irugubi Project and Twigg's 90% interest in the Msasa Project for
consideration of US $350,000 and 7
million common shares upon closing of the transaction. TZM will
have 90 days to finalize its due diligence on the projects. The
transaction will close 120 days from the signing of the Letter of
Intent.
Robert Dzisiak,
President and CEO of Tanzania Minerals Corp. said, "We are
extremely pleased with the acquisition of the Igurubi and Msasa
projects. Both Igurubi and Msasa are highly prospective and have
had significant funds expended on exploration, including drilling.
In particular, the Igurubi project is within the same greenstone
belt as the 2.2 million ounce Golden
Pride deposit, only 55 km away, and displays similar
lithologies and structures.
The results of previous work are especially
encouraging and have allowed the Company to identify additional
exploration targets on both projects. Igurubi and Msasa bring two
advanced gold exploration assets within TZM's current extensive
exploration portfolio within Tanzania."
About Igurubi
The Igurubi Project is located on the northern
margin of the Nzega greenstone belt of the Lake Victoria Goldfields
of northern Tanzania,
approximately 55 km ENE of Resolute Mining's former 2.2 million
ounce Golden Pride deposit (38.5 Mt
@ 1.94 g/t Au with a weighted average recovery of 93%). The
project covers an area of approximately 111 sq. km (three
prospecting licences covering 109.2 sq. km and thirteen Primary
Mining Licences under option 1.4 sq. km) and hosts a series of gold
bearing quartz veins emplaced along a northwest trending shear zone
that extends over a distance of 5.2 km.
The previous operators, Twigg and SAMAX, have
undertaken a variety of exploration on the property over the known
artisanal workings and their strike extension. These
exploration programs included: mapping; soil sampling (1,619
samples); ground magnetics (33.52 km2 with a 100 m
line spacing); ground induced polarization; remote sensing; and
8,572 m of aircore drilling (166 holes), 2,538 m of percussion
rotary air blast drilling (123 holes) and 7,001 m of reverse
circulation (RC) drilling (76 holes).
The Archean geology of the project area is
concealed by recent sediments of paleo Lake Victoria, which can
attain thickness up to 40 m. The northern half of the project
area is interpreted to be underlain by greenstone lithologies
(mafic and felsic volcanics, banded iron formation (BIF), and
granites), whereas the southern half of the project area is granite
dominated. The contact zone between the volcanic lithologies
and the granite is sheared, displays pervasive alteration, and
contains a set of northwest-trending gold-bearing quartz veins.
The mineralized veins trend between 300° to
330°, and are interpreted to extend over a discontinuous strike
length of 5.2 km. True widths of the veins are up to 1.5 m
and have been traced to a vertical depth of 104 m through RC
drilling only. In total, 76 RC holes have been drilled on the
property, and from the 2,409 one- to two-metre samples assayed, 114
samples contained gold grades greater than 0.4 g/t Au. The
highest gold grade recorded was from drill hole IGRC-12 that
returned an average grade of 35.7 g/t Au (based on three assays)
over one metre at a depth of 69 m.
Interpretation of the drilling results indicates
that the mineralized structures are open at depth, and along
strike. Structures, identified from ground magnetic data,
parallel to the known mineralization have not been adequately
tested on the licence.
About Msasa
The Msasa Project occurs on a discontinuous
portion of the western extension of the Ushirombo Greenstone Belt
of the Lake Victoria Goldfields of northern Tanzania, approximately 21 km south of African
Barrick's former Tulawaka gold mine. The project covers an
area of approximately 51 sq. km, within three prospecting licences,
and hosts a series of gold bearing quartz veins emplaced along a
northwest trending shear zone that extends over a distance of 4
km.
Msasa is underlain by Nyanzian greenstone rocks
(mafic- and felsic- volcanic and volcaniclastic rocks, and BIFs),
synorogenic granite and later kinematic granite.
Mineralization appears to be related to a northwest-trending shear
zone parallel to the contact with the synorogenic granite, and is
coincident with a 1.5 km long soil anomaly.
Exploration performed previously on the property
included: shallow soil geochemistry; Mobil Metal Ion (MMI)
geochemistry; airborne geophysics; ground magnetics and induced
polarization surveys, which identified a 2 km long
northwest-trending soil geochemical anomaly with peak values in
excess of 1 g/t; shallow RAB test drilling that intersected
gold-bearing quartz veins with up to 5.2 g/t Au over 1 m; and an
initial 31 hole (2,886 m) RC drilling program to test results from
the soil geochemistry and RAB drilling programs. The initial
drilling results were encouraging, with one extremely high-grade
intersection of 81 g/t Au over 9 m, that was heavily influenced by
a 3 m interval containing 241 g/t Au, which resulted in a Joint
Venture with Explorations Minieres du Nord Ltee (MDN). The
second phase of exploration resulted in an additional 99 RC holes
(6,218 m) and 3 diamond drill holes (565.4 m), which encountered
interesting gold grades, but these could not be used to deliniate a
resource.
Twigg interpreted that gold enrichment was
associated with at least one zone of high-grade gold in quartz
veins similar to those seen at Tulawaka to the north.
About Twigg Gold Ltd.
Twigg Gold Limited is a wholly owned subsidiary
of Blackdown Resources (UK) Ltd. Blackdown Resources (UK) Ltd is a
registered, private mineral resource company focused on exploring,
developing and holding nickel and cobalt projects in Tanzania. Additional information on Blackdown
Resources (UK) Ltd is available on their website at
www.blackdownresources.com.
About Tanzania Minerals Corp.
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. 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.
Or please contact our investor relations service provider:
Trident Financial
Rob Riley
President
Tel: (604) 681-8669
Toll Free: 1 (877) 681-8669
www.tridentfin.com
Qualified Person
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.
On behalf of the Board of Directors of Tanzania Minerals
Corp.
"Robert Dzisiak"
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
Image with caption: "Regional map showing the location of the
Igurubi and Msasa projects. (CNW Group/Tanzania Minerals Corp)".
Image available at:
http://photos.newswire.ca/images/download/20140424_C5058_PHOTO_EN_39616.jpg