Zanzibar Gold in Negotiation to Acquire Advance Gold Exploration Properties
VANCOUVER, British Columbia, June 11, 2019 (GLOBE NEWSWIRE) -- Zanzibar Gold Inc. (ZBR – CSE; ZNZBF – OTC Pinks) reports that it is in negotiations for an option earn-in agreement to acquire a 100% interest subject to a royalty in favour of the proposed property optionor in the Fakawi Gold property in the Handeni area of north-central Tanzania, have several areas of high grade gold samples that have not been followed up, previously.
During exploration work programs completed in 2012, several gold bearing veins were observed that have spawned several areas of placer gold mining by the local residents. Sampling to the west of the main valley following up on a soil sample of 310 ppb gold by a small trench revealed a quartz vein that assayed 40.70 grams and 57.99 grams (approximately 1.2 ounces and 1.7 ounces respectively) across a 1 metre width. Another small trench approximately 200 metres west of this pit assayed 36.89 grams (1.1 ounces) over an apparent width of 1 metre. Approximately 600 metres north of the first pit another 1 metre wide vein was exposed in a small trench which assayed 34.03 grams (1 ounce) with another sample at 1.82 grams.
On the east side of the same main valley, along an 1 kilometre east-west direction, approximately 6 small trenches all assayed gold values with 2 reporting 20.4 grams and 40.21 grams (0.6 ounces and 1.2 ounces respectively). Another trench approximately 300 metres north of this line assayed 82.31 grams (2.4 ounces) across a 1 metre width.
The foregoing results were obtained through the retention of the laboratory services of African Minerals and Geo-sciences Centre (AMGC) in Tanzania, an ISO certified, high tech minerals related laboratory which employed AAS with multi-acid digestion analysis.
The Fakawi Property is a hard rock exploration project located northwest of the 1 million ounce Magambezi Deposit, and has had no follow up exploration conducted.
The metamorphic rocks that host the area’s mineralization could represent an extension of the greenstone belts that host Tanzania’s main mining deposits to the west or represent a Sediment Hosted Vein (SHV) Deposit, which have typically low grade gold (1-3 grams per ton) with some high grade veins and represent some of the largest deposits in the world, with common characteristics to this region.
“These high grade samples over a wide area represents an interesting exploration target,” company president Abby Farrage stated, “that is just being understood as it undergoes its first real modern assessment.”
The Company is looking forward to completing its negotiations for the proposed option earn-in and will announce same when an agreement has been entered into.
G. Macdonald, the QP for the company has reviewed and approved the scientific and technical information in this news release.
The Company also announces the resignation of Akash Patel as the CFO of the Company for personal reasons and thanks him for his services to date and wishes him well in his future endeavors.
On behalf of the Board,
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.