The gold project is located in the Lake Victoria Goldfields of northern Tanzania within the Rwamagaza Greenstone Belt.
The project contains National Instrument 43-101 compliant gold resources at a 0.5 g/t cutoff grade in the categories including: measured, 5.176 million tonnes grading 2.05 g/t (341,000 oz); indicated, 24.97 million tonnes averaging 1.19 t/g (954,000 oz); and inferred, 17.173 million tonnes grading 1.51 g/t (835,000 oz).
Tanzanian Royalty, through its subsidiary Tanzanian American International Development Corporation 2000, will hold a 55% interest in the JV company – Buckreef Gold – with Stamico holding the remaining 45% stake.
Under the latest JV deal, the parties plan to work toward bringing the Buckreef project into commercial production within a 30 month period.
