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Located in favourable Lake Victoria gold field Tanzania. Property includes the historic high grade (+18 g/t) Sekenke mine gold producer. Tanzania has preferred.

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Presentation on theme: "Located in favourable Lake Victoria gold field Tanzania. Property includes the historic high grade (+18 g/t) Sekenke mine gold producer. Tanzania has preferred."— Presentation transcript:

1 Located in favourable Lake Victoria gold field Tanzania. Property includes the historic high grade (+18 g/t) Sekenke mine gold producer. Tanzania has preferred status for economics, politics and rate-of-success for gold deposits. Over 30 million ounces of gold resources discovered in Tanzania in the past five years mostly in the LVGF. Altogether there are fifteen quartz veins making up the Sekenke vein system. Modern exploration conducted by Anmercosa Exploration (T) Ltd. From 1996-98 aimed at identifying large tonnage, low-grade gold deposits, resulting an inferred resource (non-43-101) of 781,000 tonnes at a grade of 9.5g/t was calculated for the five reefs drilled. Exploration activity was conducted from 2000-2002 by Barrick Exploration Africa Ltd. (BEAL) intersected numerous significant gold intersections on multiple targets and summarized the following: Based on recent drilling completed along the Main Dernburg Reef, and considering high-grade past production, it is estimated that the Main Dernburg Reef has the potential to host an inferred gold resource in the order of 0.5 to 1Moz. gold…Consequently, it is considered that potential still exists for further high-grade discoveries in the Sekenke area. RECOMMENDATION – Pursue acquisition of the SEKENKE PROPERTY. Sekenke Property –Tanzania - Highlights

2 BEAL (Barrick Exploration Africa Ltd.) in their 2002 and 2003 reports recommends an aggressive RC drilling program to investigate the highest potential Au-in-soil anomalies occurring within the Sekenke PL. Drilling priority should be placed on the Au-in-soil trend lying along strike to the north of the Main Dernburg Reef… with further diamond drilling on the Main Dernburg Reef. Based on my (RFW) review I recommend a compilation of all the data including re-logging some of the core stored at the secured Sekenke mine site. Review of the Anmercosa Exploration inferred resource (non-43-101) of 781,000 tonnes at a grade of 9.5g/t (238,000 in-situ Au ounces) with follow-up on RAB drill holes returning: –Hole SEKR 011 returning 32.26 g/t over 2.00 m @ 55.00 m depth; Hole SEKR 023 returning 18.18 g/t Au over 2.00 m @ 62.00 m depth; Hole SEKR 030 returning 16.61 g/t Au over 7.00 m @ 87.00 m depth; Hole SEKR 035 returning 495.06 g/t Au over 2.00 m @ 37.00 m depth; and hole SEKR 043 returning 13.35 g/t Au over 3.00 m @ 44.00 m depth. Concur with BEALs recommendation, based on results, the current exploration targets on the property remain 1) along strike to the north and south of the main Dernburg Reef system and 2) at depth and along strike of the mine area to trace the ore shoots. Budget for 2008-2009 –TARGET + 1 MILION OUNCES AU WITHIN 24 MONTHS Sekenke Property - Recommendations n

3 Located approx. 600km NW of Dar es Salaam and approx 100km NW of the town of Singida, in the southern portion of the prolific Lake Victoria gold field (LVGF), Tanzania. Tanzania is the third largest gold producing country in Africa with large mines in operation by Anglo Gold and Barrick. Royalty rates on production are three % on gold production. Mining companies in Tanzania pay royalties but not corporate tax until the initial investment has been paid back. These enlightened measures have born golden fruit with over 30 million ounces of gold resources discovered in Tanzania in the past five years mostly in the LVGF. Sekenke property covered by PL56/92, covering the historic Sekenke mine and area, the Papas Mine and the Kikkides Mine. Sekenke Mine discovered in 1907 and worked from 1909 to 1959 as the largest single historic producer of gold in the pre-war period of the late 1930s. Development extended down to the 7th level (200m below surface) with production of 260,000 tons recovering approx. 140,000oz of gold, at a grade of 18.46 g/t. Altogether there are fifteen quartz veins making up the Sekenke vein system. Tanzania Gold Belt Mines Ltd. (TAGOMI, the current company) acquired the claims in 1992 with the objective of re-opening and developing the old mines and exploring for additional new targets. Initial mapping, prospecting and sampling of the old workings were accomplished in 1993 before the claims were optioned to Trillion Resources Ltd. in 1994. In the period 1996-98, Anmercosa Exploration (T) Ltd. carried out exploration programs aimed at identifying large tonnage, low-grade gold deposits. Exploration activities included: geological mapping; soil geochemical sampling; a heliborne magnetic and radiometric survey; trenching; RAB drilling; and RC drilling. An inferred resource (non-43-101) of 781,000 tonnes or ore at a grade of 9.5g/t was calculated for the five reefs drilled. In the period 2000-2001, BEAL conducted field work which included gridding, mapping, IP, soil and rock chip geochemical surveys. BEAL also conducted a short DDH program (Tunzo, 2001b) in order to test and evaluate the mineralized horizon within the Sekenke Mine. Another program in 2002 intersected mineralized reefs in all hole, with the exception of one. A total of 24 significant gold intersections (>1g/t) were obtained during the 16 hole program. The most significant intersections were obtained over the Main Dernburg Reef, including 23.8 g/t over 4.8 m, 4.4 g/t over 2.1 m, and 3.8 g/t over 3.3 m. The reef is defined over a strike length of 800m. 5 holes out of 5 (100%) intersected the reef and 3 holes out of 5 (60%) returned results >7.5 g/t Au. Sekenke Property –Tanzania - SUMMARY Sekenke Project

4 Sekenke Location Map -Tanzania Sekenke Property Tanzania, the largest nation in East Africa, borders Kenya to the north; Rwanda, Burundi and the Democratic Republic of Congo to the west; and Zambia and Mozambique to the south. Tanzania is well endowed with a wealth of minerals, and mining comprises one of its major growing industries. Tanzania has become one of the fastest-emerging gold producers in Africa, and is now the continents third-largest gold-producing country after South Africa and Ghana. Annual production of gold has increased from around 43.2 t in 2002 to about 48.0 t in 2003. Tanzania has achieved the status of Africas third-largest gold producer in less than a decade because of its investor-friendly policies after decades of state-controlled mining activities. Since privatization of the state-lead mining industry in 1993 the country has witnessed significant foreign investment in the mining sector and the emergence of large commercial mining operations.

5 Sekenke – Lake Victoria Goldfields Gold was first discovered and mined in Geita, Kahama and Sekenke areas of the Lake Victoria Goldfields (LVGF) in 1898. Gold mining in the LVGF is recorded starting in 1898 and continued on a small scale into the 1970's in the Mara, Musoma, Serengeti, Iramba Plateau and Geita areas. Mining by local small-scale miners (artisanal mining) has probably been continuous, and is currently active. Barth (1990) compiled 237 gold mines and occurrences in the region. Over the last 12 years, the Lake Victoria Goldfield of northern Tanzania has been recognized as a world-class gold province and four large mines are in production. During the 1990's, several major gold discoveries have been made, and much larger mines are entering production. These developments and discoveries include the following: ```Golden Pride 2.7M oz Au 2.6 g/T Resolute Mining ```Geita 6.4M oz Au 4.05 g/T Anglo Gold-Ashanti Ltd ```Bulyanhulu 10M oz Au 14.0 g/T Barrick ```Tulawaka 1.7M tons 19 g/T Pangaea ` ```Buckreef-Rwamagaza 0.36M oz Au 3.1 g/T Spinifex ```Nyakafuru 0.14M oz Au 5.7 g/T Spinifex ```Chocolate Reef 1.9M oz. Au 2.3 g/T Anglo Gold-Ashanti Ltd-Pangaea ```Golden Ridge 1.6M oz. Au 1.4 g/T Barrick-Pangaea ```Kitongo 0.33M oz. Au 1.34 g/T Ashanti-Spinifex ```Kukuluma-Matandani 1.96M oz Au 2.87 g/T Anglo Gold-Ashanti Ltd ```North Mara 2.06M oz Au 3.17 g/T Placer Dome Topographically the area is characterized by low hills and broad valleys. A thick lateritic weathered layer obscures bedrock in most of the area, composed of an Fe- cemented duricrust underlain by a mottled zone and a pallid (saprolite) zone, generally less than 30 m thick. A stone line is present at many localities and is a favoured level for artisanal miners because of gold enrichment in and near this zone. Valleys are occupied by mbuga, a black clay-rich soil. In some areas the older rocks are obscured by recent lake sediments. Tanzania Facts Full country name: United Republic of Tanzania Area: 945,090 sq km Population: 31,270,820 Capital city: Dodoma People: 99% native African (over 100 tribes), 1% Asian, European and Arabic Languages: Swahili, English, indigenous Religion: 40% Christian, 33% Muslim, 20% indigenous beliefs Government: Republic (multi-party state) President: Jakaya Mrisho Kikwete GDP: US$7 billion GDP per head: US$220 Major industries: Tobacco, sugar, sisal, diamond and gold mining, oil refining, cement, tourism Major trading partners: India, Germany, Japan, Malaysia, Rwanda, the Netherlands, South Africa, Kenya, U.K., Saudi Arabia, China The primary gold deposits of the LVGF are exothermal lode type gold deposits of the non-stratiform or "iron-formation-associated gold" types (Borg, 1990; Kerswill, 1993), hosted in the greenstone belts. Mining of eluvial deposits by artisanal miners is widespread. The region also has potential for placer and paleoplacer gold, diamonds, and other mineral resources. Deep lateritic weathering plus valley fill and lacustrine deposits cover the bedrock and have impeded prior exploration. The deposits have similarities to major gold districts in the Canadian Shield (Val d'Or, Kirkland Lake), Brazil (Morro Velho, Sao Bento), W.Australia (Kalgoorlie) and India (Kolar). Most of the veins and vein systems are associated with faults, shear zones and dikes in the greenstone belts, though no major regional shear zones are recognized. Many are localized in banded iron formation (BIF), possibly because this rock type crops out through the thick weathered zone more frequently than others.

6 LOCATION & LOGISTICS The Sekenke property is located approximately 600km NW of Dar es Salaam, Tanzania. The property lies approximately 250km SE of the Bulyanhulu mine, and is easily accessible (± 6 hours driving) from the Bulyanhulu infrastructure via the Shinyanga – Dodoma - Dar Es Salaam main road. The area is located at ± 100km NW of the town of Singida. The area is also accessible by railway through Manyoni-Singida branch line of the Central Railway line. An airstrip (1,300m in length), located in the village of Kinambeu, UTM: 649955E / 9523201N, is approximately 30km from the Sekenke property. HISTORY The earliest organized prospecting and mining in Tanzania took place during the German colonial period, with gold discoveries in the LVGF region in 1894. The Sekenke Mine was discovered in 1907 and worked from 1909 to 1959, at an average gold grade of 15.4g/t Au and 2.5g/t Ag. Economic widths ranged from 0.5 to 2.5m and mineralization was found along a strike length of 2.6km, with mining confined to a much shorter strike length. The mine was the largest single producer of gold in the pre-war period of the late 1930s. Development extended down to the 7th level (200m below surface) and altogether about 260,000 tons of ore were milled for a recovery of about 140,000oz (3,969kg) of gold, at a grade of 18.46 g/t. Exploitation was largely confined to a section of the mine lying SE of a dyke crossing the Dernburg Reef. The reef is divided for parts of its strike into a West and East Reef, which coalesce at depth before the fifth level. The width is from 2.0 to 2.3m with patchy gold values throughout. Remarkably high gold values were recovered in the first level as a result of near surface, supergene enrichment. At depth the ore is reported to average 6g/t Au. A 330m-long ore shoot with high-grade gold values was established 300m south of the main shaft where it pitches 45° to the SE at the sixth level and vertically below the sixth level. Diamond drilling shows that the ore shoot continues below the 7th level although at 335m the reef has again split into two. Altogether there are fifteen quartz veins making up the Sekenke vein system. Two mines, known as the Papas and Kikkides Mines, lie immediately to the south of the Sekenke Mine and were consolidated under the name Union Gold Mines. Approximately 10,100 tonnes of ore were milled from these mines between 1934/36 at a grade of 5.3g/t. Papas Mine was developed on a 1.0m quartz vein in a vertical shear-fault. The quartz vein was worked to a depth of 25-30m by a number of shafts but little is known of the values at depth. The strike extent of the vein to the NW, within the aplogranite has not been tested. Kikkides Mine lies 1.6km to the west of the Papas Mine and is developed on a 0.6-1.0m wide quartz vein that has a NW strike and dip of 45° to the SW. The vein has been exploited to 30m with values found to be patchy. The Tanzanian Geological Survey conducted work in the Sekenke area in the years 1973/74. Stamico, in conjunction with the University of Delft in Holland, conducted exploration programs in the area in the period 1975-77, which included tailings re- treatment, as well as, trenching and sampling of five of the reefs. Tanzania Gold Belt Mines Ltd. (TAGOMI) acquired the Sekenke claims in 1992 with the objective of re-opening and developing the old mines and exploring for additional new targets. Initial mapping, prospecting and sampling of the old workings were accomplished in 1993 before the claims were optioned to Trillion Resources Ltd. in 1994. Trillion Resources Ltd. conducted an exploration program in 1994, which included gridding, mapping, sampling and a magnetometer survey. A follow-up drilling program was recommended but never implemented. In the period 1996-98, Anmercosa Exploration (T) Ltd. carried out exploration programs aimed at identifying large tonnage, low-grade gold deposits on the properties. Exploration activities included: geological mapping at a scale of 1: 20,000; soil geochemical sampling; a heliborne magnetic and radiometric survey; trenching; RAB drilling; and RC drilling. An inferred resource of 781,000 tonnes or ore at a grade of 9.5g/t was calculated for the five reefs drilled. Table 1 gives a listing of significant results obtained in the Anmercosa Exploration (T) Ltd. RC program. In the period 2000-2001, Barrick Exploration Africa Ltd.(BEAL) conducted field work which included gridding, mapping, and soil and rock chip geochemical surveys (Tunzo, 2001a). In addition, an I.P. survey over the reef areas was undertaken. BEAL also conducted a short DDH program (Tunzo, 2001b) in order to test and evaluate the mineralized horizon within the Sekenke Mine. Sekenke Property – Location, History and Previous Exploration

7 Sekenke Property – Maps & Figures


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