TRX Gold drills 3.5 g/t gold over 14 metres at Buckreef, Tanzania

VANCOUVER – TRX Gold Corp. [TNX-TSX; TRX-NYSE American] reported drilling results from the Anfield and Eastern porphyry zones. The results demonstrate the potential for the Anfield and Eastern porphyry zones to add to resources and a new mining area on the Buckreef gold project. The Buckreef Project is located in the Geita District of the Geita Region, south of Lake Victoria, approximately 110 km southwest of the city of Mwanza, Tanzania.These results are part of the company’s larger 2023 exploration and brownfield drilling campaign totalling over 10,000 metres, completed for fiscal 2023, that has the objective of identifying new gold targets and trends, as well as converting mineral resources to mineral reserves.

The project’s high-priority Anfield and Eastern porphyry zones are at the northern end of a three-kilometre-long zone of identified gold mineralization that is subparallel to the Buckreef main zone.

Highlights: Hole BMDD298 (Eastern porphyry) intersected 14.0 metres grading at 3.48 g/t, including 3.0 metres grading at 10.96 g/t from 27.0 metres and 25.23 metres grading at 1.62 g/t gold from 47 metres.

Hole BMDD300 (Eastern porphyry) intersected 3.61 metres grading at 6.80 g/t, from 33.65 metres. Hole BMDD297 (Eastern porphyry) intersected 14.70 metres grading at 1.22 g/t, from 98.80 metres. Hole AFDD001 (Anfield) intersected 2.94 metres grading at 13.74 g/t, from 43.00 metres. Hole AFDD004 (Anfield) intersected 6.09 metres grading at 1.41 g/t, from 32.45 metres.

“We are very pleased to announce these highly anticipated drill results. The grades we are seeing are precisely what we had hoped for and are in line with our geologists’ expectations. These two zones represent a great exploration opportunity for the Buckreef gold property as we continue to test the three-kilometre trend of demonstrated gold potential. These zones run parallel and in close proximity to our current Main zone, from which we have been successfully mining over the last 18 months. These results demonstrate the potential for continued resource expansion and a new mining area on the Buckreef gold property,” commented Stephen Mullowney, CEO.

The results summarized in this release are from the Eastern porphyry and Anfield zones, located approximately 250 metres to 700 metres east of the Buckreef Main zone. Intersections reported here are a down-hole length and may not represent true width, however, the true width is estimated to be between 50-60% of the length.

The Eastern porphyry contains a historic 2014 mineral resource of: measured category 90,000 tonnes grading at 1.20 g/t and indicated category of 1.02 million tonnes grading at 1.17 g/t for a combined measured and indicated in situ gold content of 41,705 ounces. In addition, there were inferred mineral resources of 1.24 million t grading at 1.39 g/t containing an estimated 55,380 ounces of gold.

The latest drill results confirm zones of high-grade mineralization close to surface. Initial results from the Anfield zone are very promising and highlighted by hole AFDD001 which intersected 2.94 m grading at 13.74 g/t, from 43.00 metres. This hole was specifically laid out to intersect the area where three high-grade grab samples (assaying 37.52 g/t, 28.55 g/t and 14.42 g/t respectively) had been retrieved from artisanal mine shafts.

The drilling program for the Eastern porphyry and Anfield zones is currently paused and will resume in the near future. The brief pause will be used for the planning of the next high-priority drill targets as follow-up to the above results.

TRX Gold is rapidly advancing the Buckreef gold project. Anchored by a mineral resource published in May 2020, the project currently hosts a NI 43-101 measured and indicated mineral resource of 35.88 million tonnes at 1.77 g/t gold containing 2,036,280 oz of gold and an inferred mineral resource of 17.8 million tonnes at 1.11 g/t gold for 635,540 ounces of gold.

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