TRX Gold (TSX:TNX, NYSE-A:TRX) this week unveiled a significant discovery at its Buckreef gold project: its largest intercept to date which has led to the identification of a new gold mineralization shear zone called the Stamford Bridge zone.
CEO Stephen Mullowney joined Proactive to discuss the discovery.
Proactive: Exciting news from the company today. Talk to you about the Buckreef gold project and your biggest intercept to date, which has led to a new discovery as well. Tell me what's going on here.
Stephen Mullowney: Yes, so it's interesting how these things come together. I've always said in my presentations and publications that there's a lot of gold at Buckreef. This particular trend was found by mining one. We got down to that part of the pit, and we also verified it through a geotechnical hole. Then the geologists said, "Let's go drill a couple more holes." That enabled us to intercept 35 meters at almost 5 grams per ton, 200 grams x meter x ton (gmt), so just fabulous results. Great continuity. This structure sits between the eastern porphyry on one side and the Buckreef Main on the other side, running straight across. Stay tuned for more results from this structure. It's not that deep, either, which is great.
This is the Stamford Bridge zone you're talking about, and it's showing some characteristics similar to what you've already seen on the property?
Yes, it's similar. It's a shear zone that hosts a gold structure. It has characteristics like the other rocks around Buckreef Main, which we're currently mining. I'm extremely excited about it. As we explore more, geologists tend to like these cross-structures between larger zones, as they tend to be good gold-bearing zones. But we need to drill it out and figure it out.
In the news release, you mentioned an expanded drill program to explore this area further. When you get something like this, you have to go back, right?
Of course, we're going back. We already have assays in the lab, although I don’t know what the results are yet. But there are other holes drilled, and we’ll see how they come back. So far, we’ve had over a 50% hit rate along this zone. The focus is mineable ounces, and this discovery starts at just 60 meters down.
One last question. Was this drill program originally designed to expand the whole project, or was it focused on this specific area?
Like much of geology, you see something and think, “Let’s see how that looks.” This is a new discovery, part of the system adjacent to the other structures I mentioned. With results like this, you're going to follow it out, and that’s what we’re doing.
Quotes have been lightly edited for clarity and style