Tanzanian Royalty Exploration has said that the measured and indicated resources for the Buckreef Main prospect contain 1.087 million ounces, an increase of about 121.4% compared to an earlier estimate of 563,000oz.
The Canadian mineral explorer also achieved a 39.2% measured and indicated resources rise for the entire Buckreef project.
The Buckreef project consists of the Buckreef mining area and the Buziba-Busolwa mining area.
As per earlier estimates, the areas showed a collective aggregate NI43-101 compliant mineral resource at 0.5g per tonne of gold cut-off grade, measured mineral resources containing 341,000oz, indicated mineral resources containing 1.4 million ounces and inferred mineral resources containing 987,000oz.
The latest aggregate estimate of the two areas shows 0.5g per tonnes of gold cut-off grade, which amounts to measured mineral resources containing 577,500oz, indicated mineral resources containing 1.848 million ounces and inferred mineral resources containing 824,000oz.
The latest estimate also suggests that aggregate measured and indicated mineral resources for the two areas are at 0.5g per tonne of gold cut-off grade contained 2.425 million ounces of gold, compared to an earlier estimate of 1.742 million ounces of gold.
The two areas measured and indicated total resources that contain about 2.4 million ounces.
Tanzanian Royalty Exploration president and CEO James Sinclair said that these encouraging results have increased the company's confidence in the development potential of the Buckreef Project, including the BZMA prospect, which is now targeted for additional drilling.
"As a consequence of the new resource estimate, we have initiated the process of de-watering the historical underground Buckreef mine for bulk sampling purposes," Sinclair said.
The Buckreef Project estimate has been prepared by Venmyn Deloitte in compliance with National Instrument 43-101 (NI 43-101).