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Tanga Resources doubles in value following discovery of bonanza-grade gold at Tanzania project

The highlight was a grab sample that weighed in at a bonanza 81 grams per tonne (g/t) of gold
geologists' hammer
Hammering Away: Early exploration work has yielded some impressive results

Outstanding trench and pit samples from the Winston area of the Hanang Project, Tanzania, saw shares in Tanga Resources Ltd (ASX: TRL) double in value.

The highlight was a grab sample that weighed in at a bonanza 81 grams per tonne (g/t) of gold.

However, this wasn’t an isolated occurrence. Sampling from the pit area yielded grades of between 14.56 g/t and 36.8 g/t.

“These latest results reinforce the high-grade nature of mineralisation at the Winston target and highlight the potential for further discoveries, both within the immediate Winston area and regionally within the Hanang Project area,” said John Stockley, technical director.

Legislative uncertainty….

“While the recently-passed legislative amendments have created some uncertainty for investors, there is no immediate effect on our exploration activities at the Hanang Gold Project, which we believe has the potential to host a major new gold discovery.”

Formerly the Singida Project, Hanang covers 410-square kilometres of Central-North Tanzania.

The Winston area is what’s known as an orogenic lode gold deposit hosted within a banded iron ore formation.

At 2.25pm, shares in the company were changing hands for $0.025, up $0.013, or 108%. This still only values Tanga at a micro-cap $10.6 million.

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Tanga Resources Ltd Timeline

February 27 2017
February 04 2016

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