Source: Tanzanian Gold
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  • Tanzanian Gold (TNX) continued to execute on its strategy to build a sustainable business plan during the first quarter
  • The company announced record production and sales, the first month of positive operating cash flow in the company’s history
  • Drilling has resumed at Buckreef Gold, and the company plans to expand the exploration program in 2022
  • The company is committed to working to the highest ESG standards
  • Tanzanian Gold is a mineral resource company
  • Shares in Tanzanian Gold Corp. (TNX) are steady, trading at $0.52 per share

Tanzanian Gold (TNX) continued to execute on its strategy to build a sustainable business plan during the first quarter.

With the addition of a 360-tonne-per-day processing plant at the Buckreef Gold Project, expansion is on track to reach over 1,000 tonnes per day in Q2 or Q3 2022.

The company announced record production and sales, the first month of positive operating cash flow in the company’s history. This positive trajectory is expected to continue throughout Q2 2022.

Drilling has resumed at Buckreef Gold, with the goal of expanding resources, discovering new resources, and converting resources to reserves. The company plans to expand the exploration program in 2022, including a focus on the Anfield Zone.

The company continued its metallurgical study, one of the longest lead items on the Sulphide Development Project, which contains approximately 90 per cent of the Buckreef Gold resource.

To date, a total of 19 holes (2,367 meters) have been completed for the metallurgical program.

Exploration drilling will also focus on infill drilling of inferred mineral resources, which if successful, has the potential to increase tonnes to the indicated mineral resource category and add to the mineral reserves.

“It has been an extremely busy year,” said TanGold CEO Stephen Mullowney. “In conjunction 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.”

Total ore mined in Q1 2022 increased to 116 thousand tonnes from nine thousand tonnes in Q4 2021 after mining recommenced in the first quarter with the hiring of a Tanzanian mining contractor.

The company is committed to working to the highest ESG standards and has initiated several programs while also developing a broader framework and policies.

As of November 30, 2021, TanGold had $7.9 million in cash and net working capital of $4.2 million.

Tanzanian Gold is a mineral resource company engaged in the acquisition of interests and the exploration of natural resource properties.

Shares in Tanzanian Gold Corp. (TNX) are steady, trading at $0.52 per share as of 12:42 pm EST.

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