Tanzanian Gold Corporation together with its joint venture partner, STAMICO, is advancing a significant gold project at Buckreef in Tanzania. TanGold announced results for the first quarter of 2022 last week (Q1 2022).
During Q1 2022, the Company continued its successful execution towards a sustainable business plan, in which cash flow from operations funds activities, including exploration and sulphide project development.
Q1 accomplishments and highlights
- Production growth: Positive operating cash flow at Buckreef Gold in December 2021 with 533 ounces of gold production, after successfully completing construction and substantial commissioning of 360 tonnes per day (tpd) processing plant. The 1 000+ tpd expansion is on track for calendar Q2/Q3 2022 with two additional ball mills already having arrived in Dar es Salaam.
- Exploration upside: Drilling has recommenced at Buckreef Gold with the goal of expanding resources, discovering new resources and converting resources to reserves. To date, a total of six exploration holes (1,716 metres) have been completed, including three holes (758 metres) in the northeast extension of the Buckreef Main Zone. The Company plans to expand the exploration programme in 2022, including a focus on the Anfield Zone.
- Sulphide development project advancement: Advanced the metallurgical study, one of the longest lead items on the Sulphide Development Project, which contains approximately 90% of the Buckreef Gold resource. To date, a total of 19 holes (2,367 metres) have been completed for the metallurgical programme. These metallurgical sample holes have been logged and are in preparation for shipment for metallurgical testing in Q2 2022. Exploration drilling will also focus on infill drilling Inferred Mineral Resources, which if successful, has the potential to increase tonnes to the Indicated Mineral Resource category and add, if economic, to the Mineral Reserves.
“It has been an extremely busy year. Together with our Tanzanian colleagues, contractors, and suppliers, we have successfully moved the company to a position where we have proven we can execute on a mine plan, build plants, and successfully produce gold to cover operating costs. As we continue to expand production in 2022, we will move to a position where value accretive activities including exploration and unlocking the value of the Sulphide Development Project, will be predominantly funded from anticipated positive operating cash flow. 2022 is setting up to be quite an exciting year, with a lot of activity focused on our goal of making everything ‘bigger’: production growth, potential resource expansion through exploration and unlocking the significant value of the sulphide project by making it much larger than previously disclosed,” noted Stephen Mullowney, Chief Executive Officer of TanGold.
Enjoy the audio interview herewith between TanGold CEO, Stephen Mullowney and Radio Personality, Denny Smith as they discuss the Buckreef Project, TanGold’s progress in 2021, and the outlook for 2022. Please use the link below to access this audio recording:
Enjoy the audio interview herewith between TanGold CEO, Stephen Mullowney and Radio Personality, Denny Smith as they discuss the Buckreef Project, TanGold’s progress in 2021, and the outlook for 2022. Credit by: Tanzanian Gold Corporation
Watch the TanGold Andrew Cheatle site tour video. Credit by: Tanzanian Gold Corporation