TRX Gold (TSX:TNX, NYSE-A:TRX) Corporation said geotechnical fieldwork has been completed successfully at its Buckreef Gold mine development project, with metallurgical samples from 18 holes sent for variability analysis.
“Both pieces of work are cornerstones for the larger project development and help set the stage for the next big growth phase,” Stephen Mullowney, TRX Gold CEO said in a statement.
The company noted ongoing geotechnical characterization by consultants from SGS Canada and Terrane Geoscience, who have been to the project site over the past 4 weeks to complete fieldwork and drill hole analyses.
READ: TRX Gold reports preliminary Q2 data showing record gold production
Metallurgical variability studies focusing on the project’s next five to seven years are advancing, and, in the near term, will help determine whether sulphide ore material can be processed through Buckreef Gold’s current processing plant, the company said, noting that it expects to release drill results from the Anfield and Eastern Porphyry zones in the next few weeks.
Results from both the metallurgical and geotechnical programs are expected by end of Q4 2023, it added.
The Buckreef Gold property consists of 16 square kilometres located along the prolific Lake Victoria Greenstone Belt in the Geita region of Tanzania, around 110 kilometres (km) from the city of Mwanza, about 45 km to the west of Barrick Gold’s Bulyanhulu gold mine and nearly 35 km south from AngloGold Ashanti's flagship Geita mine.
In 2023, Buckreef Gold is expected to produce between 20,000-25,000 ounces at total average cash costs of $750-$850 per ounce. In the long term, the Buckreef Gold mining operation is expected to become a significant gold producer in Tanzania.
Contact the author at jon.hopkins@proactiveinvestors.com