Tanzanian Gold extends license for Buckreef gold project

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Tanzanian Gold extends license for Buckreef project

Tanzanian Gold has been granted licence extension following renewal date request for the Special Mining License (SML 04/92) at the Buckreef gold project in Tanzania.

The Mining Commission, a division of the Ministry of Minerals of the United Republic of Tanzania, extended the firm’s Special Mining License renewal period for Buckreef Gold has now been extended by an additional 5 years from 2027 to 2032.

“The company, along with its joint venture partner STAMICO and the Government of the United Republic of Tanzania, is excited by the continued development and ramp-up of Tanzania’s next large gold mine at Buckreef Gold,” said the firm’s CEO Stephen Mullowney.

Special Mining License

The duration of the Special Mining License covers the estimated life of mine, with specified renewals over that period. The company anticipates the life of mine will extend significantly beyond 2032, and therefore the SML will be renewed prior to the renewal date, in accordance with the requirements under the Tanzanian Mining Act.

“The company is delighted to receive this license extension and 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. We look forward to working together in building the next large gold mine in Tanzania,” said CEO Stephen Mullowney.

Measured Mineral Resource now stands at 19.98MT at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated Mineral Resource now stands at 15.89MT at 1.48g/t gold containing 755,119 ounces of gold for a combined tonnage of 35.88MT at 1.77g/t gold containing 2,036,280 ounces of gold.

The Buckreef Project also contains an Inferred Mineral Resource of 17.8MT at 1.11g/t gold for contained gold of 635,540 ounces of gold. The Company is actively investigating and assessing multiple exploration targets on its property.

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