Drill Program at Tanzanian Royalty's Kigosi Project Yields New Discovery With High Grade Gold Values
Market Wire, July, 2008
Tanzanian Royalty Exploration Corporation (TSX: TNX) (AMEX: TRE) is pleased to announce that all assay results have been received from the Phase 6 Reverse Circulation (RC) drill program at Kigosi which was completed on June 3, 2008.
The Kigosi drill program continues to generate near-surface, high grade gold values in previously established gold shoots, along with some of the best grades reported to date in new IP/soil anomalies northeast of the Luhwaika area. Among the exceptional gold values reported from this new target area was 3.0 metres grading 22.24 g/t (0.64 oz/t) and 1.0 metre averaging 66.06 g/t (2.0 oz/t).
According to James E. Sinclair, Chairman and CEO, "The new target area adds an entirely new dimension to Kigosi which we intend to advance aggressively in the coming year. As an added bonus, it is highly encouraging to see a continuation of the high grade gold values we are encountering on other parts of the property which I feel is a testament to Kigosi's bulk tonnage potential."
The Phase 6 drill program consisted of 93 holes aggregating 5,933 metres, bringing the total drilled metres at Kigosi to 23,226 in 471 holes. Drilling was conducted along nine control lines, with a central baseline having a strike length of 2.8 kilometres.
Tanzanian Royalty President, John Deane states: "We are particularly encouraged by these initial results on the new targets that were drilled. It confirms our belief that Kigosi represents another large gold belt in the Lake Victoria Goldfields of Tanzania."
The objective of this sixth phase of drilling was to conduct some infill drilling along the drilled-out part of the Luhwaika Main and West Reef systems in order to confirm the continuity of high grade gold shoots tested in previous drill phases.
Due to heavy rains, limited access was available so the Company also drilled three new IP/soil targets 200 metres, 600 metres and 1,300 metres to the northeast of the Luhwaika Main shoot which have a similar trend to Luhwaika Main. Hole spacing was 30 metres. A summary of the better results is presented in the table below:
-***-
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Hole No From To Intercept Gold Including Comments
(m) (m) (m) g/t
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Line 1510N
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KG20RC-379 66 67 1 5.90 Albatross Shoot
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KG20RC-380 90 91 1 1.83 Edge of Albatross
Shoot
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KG20RC-381 106 107 1 *0.77 Albatross Shoot
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KG20RC-382 120 123 3 4.37 1m @ 12.23 Albatross Shoot
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Line 1850N
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KG20RC-387 78 80 2 1.27 West Zone
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KG20RC-388 73 77 4 1.78 2m @ 3.09 New Zone
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Line 2350N
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KG20RC-408 8 13 5 1.16 1m @ 3.66 Falcon Shoot
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KG20RC-409 16 21 5 1.11 1m @ 3.77 Falcon Shoot
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KG20RC-411 38 40 2 3.27 Goshawk Shoot
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KG20RC-412 44 50 6 1.89 1m @ 9.11 Goshawk Shoot
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KG20RC-413 57 59 2 2.45 Goshawk Shoot
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KG20RC-414 69 71 2 5.17 1m @ 9.90 Goshawk Shoot
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KG20RC-416 2 4 2 1.07 Gravel
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KG20RC-416 95 97 2 5.29 1m @ 9.68 Bateleur Shoot
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KG20RC-417 2 4 2 7.72 1m @ 14.70 Gravel
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KG20RC-417 107 110 3 2.68 1m @ 8.70 Bateleur Shoot
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Line 2750N
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KG20RC-398 0 1 1 3.42 Gravel
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Line 3050N
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KG20RC-441 42 43 1 1.03 New IP/Soil target
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KG20RC-457 2 4 2 5.04 New IP Soil target
- gravels
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KG20RC-462 28 31 3 22.24 1m @ 66.06 New IP/Soil target
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KG20RC-463 63 64 1 4.44 New IP/ Soil target
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Line 3250N
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KG20RC-434 39 40 1 1.29 New IP/Soil target
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Line 4100N
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KG20RC-453 12 13 1 2.76 New IP/Soil target
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* Duplicate run: 2.46g/t.
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