Tanzanian Royalty Exploration Report Positive Metallurgical Test Results Confirming Potential of Low Cost Mining for Buckreef...
06 Gennaio 2014 - 2:00PM
Marketwired
Tanzanian Royalty Exploration Report Positive Metallurgical Test
Results Confirming Potential of Low Cost Mining for Buckreef Bingwa
Deposit
SOUTH SURREY, BRITISH COLUMBIA--(Marketwired - Jan 6, 2014) -
Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSEMKT:TRX) is
pleased to announce positive detailed metallurgical test results
for the oxide, transition and sulphide ore resources on the
Buckreef Gold Project in Tanzania. Final results from column leach
tests for the oxide ore resources are 71% recovery for material
that is crushed to 6mm and agglomerated with 1kg/t cement. Testwork
on the sulphide and transition (semi-oxidized) resources indicate a
recovery of 58% using a 12.5 mm crush size and agglomeration using
4kg/t of lime and 3kg/t of cement. The positive results indicate
the potential of alternative lower cost mining methods.
Oxide Column Test
Results:
- A percolation column leach test was conducted on a composite
sample of oxide ore resources with 92% passing 6mm to simulate heap
leach cyanidation conditions.
- Gold recovery of 76% was achieved in 66 days, with >66%
obtained in the first 30 days of leaching and >72% extraction in
40 days.
- Estimated sodium cyanide consumption was 0.2 kg/t and is
considered moderate.
Transition and Sulphide
Column Test Results:
- 54% recovery (79 to 92%) for the transition and sulphide
material, with 100% passing 12mm.
- Gold recovery rates were moderate to fairly rapid, and gold
recoveries of 79% for transition material and 55% for sulphide
material were obtained in the first 10 days of leaching.
"With oxide and transition ore present at Buckreef project,
these metallurgical results are encouraging and give us further
confidence in the viability of the project at a lower cost than
initially projected," said James Sinclair, President and CEO of
Tanzanian Royalty Exploration. "We envision an open pit heap leach
operation, which could be very attractive at current gold
prices."
Mr. Sinclair went on to say that "as a result of decreasing gold
pricing, company management made the strategic decision to preserve
shareholder funds by initiating a program to explore and test for
all potential low cost mining methods on our mine targets and not
be contractually bound to the most expensive means of final
chemical processing for gold production. This will allow us to
begin construction and mine production sooner then originally
planned with significantly less engineering and capital investment
using existing equipment."
Although moving to a lower cost mining alternative and away from
high priced, fixed contract engineering may result in an initial
lower gold recovery percentage, the significantly lower engineering
and development costs and faster lead time into production will
result in improved payback and potential for self-financing the
expansion into other mining projects.
The Company is now working on developing the lower cost mine
plan and its implementation as soon as possible.
Sample Protocol and testwork procedures
Metallurgical composites have been prepared from the PQ core. A
total of 3 composite samples have been created for oxide,
transition and primary ore materials. Three representative
sub-samples of each of the high grade and low grade drill core
samples were split and crushed to 6mm, 12mm, 15mm and 20mm screen
sizes. Simulated heap leach tests were undertaken on the 12 samples
in order to ascertain the optimal crush size to use for column
leach test work. This entailed bottle rolling each sample for 7
days in excess leach conditions.
SGS Lakefield also commissioned a column heap leach test on each
of the oxide, transition and primary samples. An amount of ~80 kg
of each of the 6mm, 12mm, 15mm and 20mm screen sizes were sampled
for the required testwork. The material was placed in a 190mm
diameter column, simulating a heap height of 4.0m. A leach solution
containing cyanide (NaCN) and lime (CaO) was then pumped into the
column at a rate of 10lh/m2. After saturation of the column,
approximately 4,200 ml of pregnant solution was collected from the
columns every 24 hours and analyzed for gold, NaCN and CaO
concentrations for a period of 60 days.
After leaching, the ore beds were washed with water for 4 days
at the same rate as the leach solution and then allowed to drain. A
profile analysis of the solids contained in the columns was then
carried out (top, middle and bottom). This was followed by 48 hour
batch dissolution tests on the profile sub-samples of the heap
leach column tails, which were subjected to milling to a target
grind of 80% passing 75 micron.
Qualified Person
The work described above was undertaken under the guidance of
Tracey Stanek, Manager for the Metallurgy and Mineralogy Division
at SGS South Africa (Pty) Limited in Johannesburg, South Africa.
The qualified person for Tanzanian Royalty Exploration Corporation
is Mr. Phillip Kaniki, General Manager, Exploration and
Administration. Mr. Kaniki is registered as a Chartered
Professional Member of the Australasian Institute of Mining and
Metallurgy MAusIMM CP (Geo) (Reg. No 221963/07) and has reviewed
and approved the contents of this news release.
Respectfully submitted,
James Sinclair, President and CEO
Visit our website:
www.TanzanianRoyalty.com.
The Toronto Stock
Exchange and NYSEMKT LLC have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors - The United States Securities
and Exchange Commission limits disclosure for U.S. reporting
purposes to mineral deposits that a company can economically and
legally extract or produce. We use certain terms on this news
release, such as "reserves", "resources", "geologic resources",
"proven", "probable", "measured", "indicated", or "inferred" which
may not be consistent with the reserve definitions established by
the SEC. U.S. Investors are urged to consider closely the
disclosure in our SEC filings. You can review and obtain copies of
these filings from the SEC's website at
http://www.sec.gov/edgar.shtml.
This news release contains certain forward-looking statements
and forward-looking information. All statements, other than
statements of historical fact, included herein are forward-looking
statements and forward-looking information that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time-to-time with the British
Columbia, Alberta and Ontario provincial securities regulatory
authorities.
Certain information presented in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on numerous assumptions, and involve known and
unknown risks, uncertainties and other factors, including risks
inherent in mineral exploration and development, which may cause
the actual results, performance, or achievements of the Company to
be materially different from any projected future results,
performance, or achievements expressed or implied by such
forward-looking statements. Investors are referred to our
description of the risk factors affecting the Company, as contained
in our SEC filings, including our annual report on Form 20-F and
Registration Statement on Form F-10, as amended, for more
information concerning these risks, uncertainties, and other
factors.
Tanzanian Royalty Exploration CorporationConnecticut Office:93
Benton Hill Road, Sharon, CT 06069(860) 364-1830(860) 364-0673South
Surrey Office:Suite 404 - 1688 152nd StreetSouth Surrey, BC V4A
4N2(604) 536-7873 or Toll Free: 1-800-811-3855(604)
536-2529Investor
Relations1-800-811-3855investors@TanzanianRoyalty.comwww.TanzanianRoyalty.com
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