TRX Gold Corporation (TSX:TNX, NYSE-A:TRX) has announced positive assay results from the exploration program at its Buckreef gold project in Tanzania which has provided another extension of known mineralization on the Main Zone trend of approximately 200 metres (m) to the southwest and deeper under the historical South Pit.
The Toronto-based company said the results are positive and significant as they continue to demonstrate continuity of gold mineralization along strike to the southwest of the Main Zone deposit, as well as continued gold mineralization under the historical South Pit.
The deposit, therefore, remains ‘open at depth and on strike,’ and in addition to the 300m extension of the northeast, represents an additional 10% increase to the Main Zone deposit strike length, to now over 2 kilometres (km), it added.
“More positive exploration results at Buckreef Gold! After extending known gold mineralization to the northeast on the Main Zone, we wanted to explore to the southwest and go beyond the defined mineral resource,” TRX CEO noted Stephen Mullowney in a statement.
READ: TRX Gold heading towards further growth in 2023 at Buckreef gold mine in Tanzania, say analysts
Assay highlights include:
- Hole BMDD250 intersected 34.8m grading at 1.26 grams per ton (g/t) gold from 87.2m, including 10m grading at 3.08 g/t from 89.9m; and
- Hole BMDD275 intersected 16.5m grading at 2.01 g/t gold from 53.7m, including 7m grading at 3.28 g/t from 56m.
“These wide-spaced results to the southwest of the Main Zone, lie beyond our existing mineral resource and include promising intercepts of good width and grade, similar to our current mining areas,” Mullowney said. “In addition, we infill drilled inferred mineral resources under the south pit, which should upgrade resources from the inferred category.”
TRX noted that the results, combined with historical and shallow artisanal mine workings, located near an additional kilometre along trend to the southwest are, in the opinion of the company’s geologists, strong evidence that economic gold mineralization could extend well beyond the known mineral resources of 2 million ounces in the Measured and Indicated category and 0.6 million ounces in the Inferred category.
The company said its exploration program will continue to focus on discovering new trends, gold deposits and mineral resources at Buckreef Gold throughout 2023. It has drilled a total of 24 drill holes representing 4,255m in the southwest area and has a property-wide program of 9,000m of diamond drilling, 13,000m of grade control drilling and 10,000m of RC ‘sterilization’ drilling for fiscal 2023.
“Over the past year, our geologists continued to demonstrate an increased understanding of ‘the controls on gold mineralization’ at our developing gold mine,” Mullowney concluded. “Therefore, it is with great excitement that I look forward to our exploration results in 2023, which will include the Anfield and Eastern Porphyry zones.”
TRX Gold is rapidly advancing the Buckreef Gold project. Anchored by a mineral resource published in May 2020, the project currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 million tonnes (MT) at 1.77 g/t gold containing 2,036,280 ounces of gold and an Inferred Mineral Resource of 17.8 MT at 1.11 g/t gold for 635,540 ounces of gold.
Contact the author at stephen.gunnion@proactiveinvestors.com