- Tanzanian Gold (TNX) has been granted a five-year license renewal extension for its Buckreef Gold Project
- It received a certificate for renewal for its special mining license from the Mining Commission
- The renewal period for Buckreef Gold has now been extended by an additional five years from 2027 to 2032
- Tazanian anticipates the life of mine will extend significantly beyond 2032
- Tanzanian Gold (TNX) is up 7.84 per cent, trading at C$0.55 at 12:29 pm EST
Tanzanian Gold Corporation (TNX) has been granted a five-year license renewal extension for its Buckreef Gold Project.
It received a certificate for renewal for its special mining license from the Mining Commission, a division of the Ministry of Minerals of the United Republic of Tanzania.
The renewal period for Buckreef Gold has now been extended from 2027 to 2032.
Under the Tanzanian Mining Act, an SML provides the holder with the exclusive right to carry out mining operations and prospect (within the SML) for minerals as specified in the license.
Along with its joint venture partner STAMICO and the Government of the United Republic of Tanzania, the company is excited by the continued development and ramp-up of Tanzania’s next large gold mine at Buckreef Gold.
The duration of the special mining license covers the estimated life of mine, with specified renewals over that period.
Tanzanian anticipates the life of the mine will extend significantly beyond 2032.
Therefore the SML will be renewed before the renewal date, following the requirements under the Tanzanian Mining Act.”
“It is a testament to the significant progress being made at Buckreef Gold and the hard work by the team on the ground in Tanzania,” said Stephen Mullowney, Chief Executive Officer of TanGold.
Along with its joint venture partner, STAMICO, Tanzanian Gold is advancing a significant gold project at Buckreef in Tanzania.
Buckreef is anchored by an expanded Mineral Resource published in May 2020.
The measured mineral resource is 19.98 million tonnes at 1.99 grams per tonne of gold-containing 1,281,161 ounces of Gold.
The indicated mineral resource is 15.89 MT at 1.48 g/t gold containing 755,119 ounces of gold for a combined tonnage of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of gold.
The Buckreef Gold Project also contains an inferred mineral resource of 17.8 MT at 1.11g/t gold for contained Gold of 635,540 oz of Gold.
Tanzanian Gold (TNX) is up 7.84 per cent, trading at C$0.55 at 12:29 pm EST.
