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Tanzanian Gold Corp.
Summary
| Project: | Buckreef Mine | |
|---|---|---|
| Deposit: | Buckreef Mine | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 7/30/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 30-7-2018: Tanzanian Gold Corp. announces a Pre-Feasibility Study report for its Buckreef Mine deposit at the Buckreef Mine project. PFS results incl. post-tax NPV of US $130.69M (5%), IRR of 74%, . The pre-feasibility study of the Buckreef Gold Mine Proj | |
| Resources: | (Reserve, P+P): 19.202Mt @ 1.54g/t Au for 951Koz Au contained at Buckreef | |
| CP/QP: | [Resources]: Wenceslaus Kutekwatekwa (Virimai Projects) | |
| ABSTRACT: | The pre-feasibility study of the Buckreef Gold Mine Project discussed in this Independent Technical Report (ITR) has been prepared by Virimai Projects (Virimai) at the request of Tanzam2000, a subsidiary to Tanzanian Royalty Exploration Corporation (TRX) as a replacement to the ITR report that was initially prepared and compiled by MaSS Resources with an effective date of April 27, 2017. On publication of MaSS’ report entitled “Updated Independent Technical Mining Reserve Estimate and Economic Feasibility Study on the Buckreef Gold Mine Project, Tanzania, East Africa”, the Ontario Securities Commission (OSC) conducted a routine review of the report’s contents and raised some queries that necessitated a review of the original report compiled by MaSS. Virimai Projects was then commissioned by Tanzam2000, to carry out an in-depth review of the original report by MaSS with the objective of amending and recompiling the ITR in compliance with Canadian National Instrument 43- 101 “Standards of Disclosure for Mineral Projects” (NI43-101). When TRX engaged Virimai Projects to review and respond to the comments raised by the OSC in relation to the MaSS report it was essential to start from the last published resource model and reconcile it to the present. Since no further exploration or infill drilling had been carried out since the January 2014 NI43-101 published mineral resources by Venmyn-Deloitte, these were the “current” mineral resource to be used in subsequent studies. In undertaking its review, Virimai Projects identified an immediate problem regarding the files that were used by MaSS. Virimai Projects determined that Venmyn Deloitte had provided TRX with all the files it had generated during the resource estimation process including working files, instead of providing one final file only. MaSS made an error and used a test block model instead of the final block model. The details of this error by MaSS are fully explained in Section 14.2 of this report | |
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