|By PR Newswire||
|April 25, 2014 09:00 AM EDT||
VANCOUVER, April 24, 2014 /PRNewswire/ - 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."
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.
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:
Tel: (604) 681-8669
Toll Free: 1 (877) 681-8669
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.
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/20140425_C5063_PHOTO_EN_39617.jpg
“RackN is a software company and we take how a hybrid infrastructure scenario, which consists of clouds, virtualization, traditional data center technologies - how to make them all work together seamlessly from an operational perspective,” stated Dan Choquette, Founder of RackN, in this SYS-CON.tv interview at @DevOpsSummit at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 24, 2017 04:30 PM EST Reads: 3,661
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 24, 2017 04:15 PM EST Reads: 2,731
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 24, 2017 02:30 PM EST Reads: 5,920
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 24, 2017 02:30 PM EST Reads: 5,392
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 24, 2017 02:15 PM EST Reads: 3,278
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 24, 2017 01:45 PM EST Reads: 3,020
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 24, 2017 01:30 PM EST Reads: 4,498
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 24, 2017 01:00 PM EST Reads: 1,741
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 24, 2017 12:45 PM EST Reads: 5,930
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 24, 2017 12:30 PM EST Reads: 3,740
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 24, 2017 12:15 PM EST Reads: 6,534
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 24, 2017 12:15 PM EST Reads: 11,749
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Jan. 24, 2017 12:00 PM EST Reads: 2,878
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 24, 2017 11:45 AM EST Reads: 3,079
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 24, 2017 10:45 AM EST Reads: 4,837