TIDMTNZ
RNS Number : 1428Z
Tanzanite One Limited
10 January 2011
10 January 2011
TanzaniteOne Limited
("TanzaniteOne" or "the Company") (AIM: TNZ)
Tsavorite Maiden JORC Resource Statement, Tanzania
TanzaniteOne Limited ("TanzaniteOne" or "the Company") (AIM:
TNZ), the coloured gemstone producer and developer, today announce
its maiden JORC compliant Resources Statement for its Tsavorite
project, NE Tanzania (the "Project"). Tsavorite is a brilliant
green gemstone variety of grossular garnet and the Project is
located 20 km from the Company's producing Tanzanite mine.
Highlights
-- Maiden JORC compliant Inferred Resource of 7.6 to 10.4
million bank cubic metres ("bcm") or approximately 18.2 to 24.9
million tonnes
-- Maiden JORC compliant Indicated Resource of 0.89 to 2.17
million bcm or approximately 2.1 to 5.2 million tonnes located
within Inferred Resource
-- Average Tsavorite grade of 1.6 carats per loose cubic meter
("lcm") for the Indicated Resource
-- Estimated 1.4 and 3.5 million carats of tsavorite located
within Indicated Resource only
-- Further Resource statement expected in Q2 2011, following
second phase bulk sampling
The Tsavorite Project Resource Statement was prepared for
TanzaniteOne, by Mr Ross McMaster as at 29 December 2010 in
accordance with the guidelines of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves
(JORC Code - 2004 edition). This resource statement is based on the
work conducted to date on the project and covers approximately 50%
of the Project.
Work Summary
The resource study activities conducted on the Project during
late 2009 and 2010 included a total of 164 drill holes (with a
combined depth of 3 180m) and comprised 6 inch rotary air blast
("RAB") and down hole hammer drilling to determine the volume of
gravels, and bulk sampling to determine the grade. The average
depth of the holes was 19m. The drill profiles were logged and
supported by heavy mineral sampling at 1.5 metre intervals
resulting in 2,100 heavy mineral samples.
A 32 tonne excavator with a 6 metre reach was used to conduct a
bulk sampling exercise. The material was loaded into a 10 tonne
tipper with 1 sample of 5 cubic metres per truckload for individual
treatment. The treatment plant consists of a primary dry screening
module with screened product between -12mm and +2mm being fed to a
wet Bushman jig capable of treating two 5 cubic metre batch samples
per day. A total of 26 samples were taken and processed resulting
in a total sample size of approximately 312 tonnes.
JORC compliant Resource Summary:
Average
Resource Grade
Resource Resource Gravel (million (carats per Carats
Category Block Type Waste of bcm) lcm) (million)
----------- ---------- --------- ------ --------- ------------ ----------
Channel
Lines C and 7.6 to
Inferred to J Terrace 10.4
----------- ---------- --------- ------ --------- ------------ ----------
7.6 to
Total Inferred Resource 10.4
------------------------------------------ --------- ------------ ----------
Lines C Terrace
Indicated to F Gravels 50% 0.34 1.6 0.55
----------- ---------- --------- ------ --------- ------------ ----------
80% 0.14 0.22
-------------------------------- ------ --------- ------------ ----------
Lines C Channel
Indicated to F Gravels 50% 1.83 1.6 2.93
----------- ---------- --------- ------ --------- ------------ ----------
80% 0.75 1.2
-------------------------------- ------ --------- ------------ ----------
Total Indicated Resource (included 0.89 to 1.6 1.4 to
in Inferred Resource) 2.17 3.5
------------------------------------------ --------- ------------ ----------
The inferred resource is based on drilling, pitting and sampling
data from 8 drilling lines (C to J), while the indicated resource
is based on 4 lines (C to F). The remaining lines G to J have been
drilled but are yet to be bulk sampled. The bulk sampling of these
remaining 4 lines will be conducted during the first quarter of
2011 and an updated resource update is expected in Q2. The data
from the bulk sampling and resource valuations will then form the
basis of a financial scoping study.
Qualified Person
The resource statement has been prepared and all technical
information has been reviewed and verified by Mr Ross McMaster, who
has sufficient relevant experience to the style of mineralisation
and type of deposit under consideration to qualify as a Competent
Person as defined in the JORC Code (2004). Mr McMaster is a Member
of the Australasian Institute of Mining and Metallurgy and meets
the criteria of a qualified person under the AIM guidance note for
mining, oil and gas companies. He has compiled and approved the
technical disclosures in this announcement.
Commenting today Bernard Olivier, Chief Executive Officer said:
"Having successfully delineated a maiden resource to JORC compliant
standards we shall now work towards establishing an economic model
for a potential Tsavorite mine. We expect to provide a further
resource update during the second quarter of 2011 following the
next phase of the bulk sampling programme scheduled in the coming
months."
END
For more information, please visit www.tanzaniteone.com or
contact:
Willi Boehm, Company Secretary
+61 8 9367 5211
Bernard Olivier, Chief Executive Director
+61 4089 48182
Nominated Adviser and Broker
Ambrian Partners Limited
Samantha Harrison/ Richard Chase
+44 (0) 20 7634 4700
Public Relations
Threadneedle Communications
Laurence Read/ Beth Harris
+44 (0)7979 955 923
Notes to the Editor:
Tsavorite is the brilliant green gemstone variety of grossular
garnet ((Ca3Al2(SiO4)3)), which was first discovered in 1968 in
Lemshuku, NE Tanzania. In 1974, the new gemstone was introduced to
the world market by Tiffany & Co in New York and named
'Tsavorite,' after the famous nearby 'Tsavo National Park' game
reserve in Kenya. Tsavorite has a beautiful vivid green colour, is
bright and lively with a high refractive index, durability and
clarity. Tsavorite has a hardness approaching 7.5 on the Mohs Scale
of Hardness and has no cleavage, which makes it suitable for almost
any jewellery application and makes it durable enough for every day
wear. Tsavorite is also not treated in any way. The price per carat
of tsavorite is approximately two to four times higher than
tanzanite and roughly a quarter of the price of emerald.
TanzaniteOne is the largest and most scientifically advanced
miner and supplier of rough tanzanite, a unique position that
affords it the opportunity to support and influence the entire
channel, from mine to market, ensuring that maximum stakeholder
value is achieved at each stage of the process.
Our leading position in the tanzanite market has ensured
TanzaniteOne the recognition and respect of its peers and provides
the opportunity for expansion into a broader range of PCGs located
at various key sites around the world.
TanzaniteOne, which uses state-of-the-art optical sorters and
technically advanced processing and sorting methods, has further
enhanced its sorting techniques resulting in the unlocking of
further value in the B and BL categories. This initiative forms
part of the Group's stated refocus on its main production source,
lighter but equally brilliant stones. Additional evaluation
continues in this area as TanzaniteOne strives to unlock value in
this significant portion of its production.
Glossary of technical terms:
"Indicated That part of a Mineral Resource for which tonnage, densities,
Resource" shape, physical characteristics, grade and mineral content
can be estimated with a reasonable level of confidence.
It is based on exploration, sampling and testing information
gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill
holes. The locations are too widely or inappropriately
spaced to confirm geological and/or grade continuity
but are spaced closely enough for continuity to be assumed.
"Inferred That part of a Mineral Resource for which tonnage, grade
Resource" and mineral content can be estimated with a low level
of confidence. It is inferred from geological evidence
and assumed but not verified geological and/or grade
continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes which may be
limited or of uncertain quality and reliability
"bcm" Bcm is bank cubic metres which is the in situ measurement
and of material volume - once excavated this material (sands,
"lcm" gravels and cobbles ) usually bulks out by a further
20-30% to give volume measurements in loose cubic metres
("lcm").
"JORC" The Joint Ore Reserves Committee: The Australasian Code
for Reporting of Exploration Results, Mineral Resources
and Ore Reserves, as published by the Joint Ore Reserves
Committee of The Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and
Minerals Council of Australia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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