Tanzanian Gold’s Buckreef On Course To Be A Significant Gold Producer, Says CEO Stephen Mullowney
April 30, 2021
Tanzanian Gold’s (TSX: TNX; NYSE: TRX) Buckreef gold project, south of Lake Victoria and 110 km southwest of the city of Mwanza in north-central Tanzania, is on track to become the region’s newest gold mine, according to the company’s CEO Stephen Mullowney.
The project involves the re-development of the past-producing Buckreef underground gold mine operated by a state-owned mining company during the late 1980s. The mine closed in 1990 due to low gold prices and lack of working capital.
The Buckreef project area hosts over 1.2 km of continuous mineralization, with two key deposits: Buckreef Main, which is open in all directions, and Buckreef West. The company is also advancing work on four prospects: Buziba, 20 km east of Buckreef Main; Tembo, three kilometres southwest; Bingwa, four kilometres east; and Eastern Porphyry, one kilometre east.
Tanzanian Gold is in the process of de-risking and advancing the project through the ramp-up of an open-pit oxide pilot treatment plant currently running at 4.5 tonnes per hour to a much larger plant of 36 tonnes per hour for an expected annual production of 15,000 to 20,000 oz. of gold.
The company has commenced the tender process with prospective engineering, procurement, and construction service providers for the plant, with production targeted for the first half of next year from an open-pit mining operation.