TORONTO, ONTARIO - Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX-V: TSD) (OTCQB: TSDRF) (FSE: TZO) is pleased to announce that its advanced evaluation program on the Xaudum Iron Formation (XIF) project is progressing as planned. Drill and assay results confirm that Block 2a located 10 kilometers south of Block 1 is a continuation of the same Block 1 magnetite rich units which will result in a significant increase in the resource tonnage for the XIF project upon completion of the Block 2a drill program.
Assay Results for 10 holes drilled in Block 2a show the following:
XRF assays results have been returned from ALS Chemex for ten (10) drill holes from Block 2a totaling 755 samples consisting of 1,197.70 meters of intersected mineralization showing significant magnetite rich resource material of the same type as seen in Block 1. The Company has defined a CIM compliant Inferred Mineral Resource Estimate within Block 1 of 441 million tonnes (Mt) with an average grade of 29.4% Fe, 41.0% SiO2, 6.1% Al2O3 and 0.3% P for the magnetite XIF in Block 1. The interval weighted average grades for this magnetite rich iron mineralized Block 2 units are shown in Table 1. The hole-by-hole breakdown is shown in Table 2 below. Block 2a will represent a significant increase in the XIF resource tonnage upon completion of the drilling program.
Table 1. Assay results for the 10 Block 2a drill holes. Including results for density and Magnetic Susceptibility (Mag Sus)
|MBA (Banded Magnetite BIF
inclusive of weathered material)
|DIM (Magnetite Diamictite Schist
inclusive of weathered material)
|MGS (Magnetite Garnet Schist
inclusive of weathered material)
Block 2a Drill Plan Continuation
The Company is looking to expand its XIF resource into Block 2a and these assay results represent the first 10 drill hole results from Block 2a (black crosses in Figure 1). These 10 drill holes show that the Company can expect a significant resource increase in this area. Block 2a has been split into an initial “primary area” to be drilled (green dots in Figure 1) which will result in an initial resource to coincide with the Company’s Preliminary Economic Assessment (PEA). The remaining “next stage” Block 2a planned drilling (yellow dots in Figure 1) will then be drilled.
The background of the Figure 1 map shows the First Vertical Derivative (FVD) of the ground magnetic survey data. The drill plans shown on Figure 1 will be continually reviewed and revised to ensure that they are optimal and will result in a resource to be included in mineral resource estimation (MRE) updates.
Sampling and QAQC (Quality Control and Quality Assurance)
The split mineralized core (half core) is sampled at two-meter intervals, these two-meter samples are measured for density using the Archimedean method of weighing dry and then weighing submerged in water, see Table 1 and Table 2. The density measurements are supplemented with QAQC check samples to ensure precision and repeatability of the density measurements.
The two-meter samples from the split cores are then bagged and labeled, and consigned for crushing, pulverizing (pulp creation) and XRF chemical assay. 755 samples from these holes were analyzed by ALS Chemex for XRF assay analysis, this included QAQC check samples.
All returned XRF assay results are checked that they pass QAQC before they are uploaded into the Company’s drillhole database. Standards are checked against control limits; blanks are checked for contamination; and, duplicates are plotted against the original to ensure reproducibility of the process. All QAQC assays have satisfactorily passed the QAQC checks and the assay data has been uploaded into the database.
About the Xaudum Iron Formation Project
An informational presentation of the project outlining more information can be found on the Company’s website at http://www.tsodiloresources.com/i/pdf/Tsodilo-Iron-Project-Overview_May-2021_Website.pdf .
More technical information a report prepared by SRK Consulting (UK) Ltd. for Gcwihaba Resources (Pty) Ltd. titled “Mineral Resource Estimate for the Xaudum Iron Project (Block 1), Republic of Botswana” with an effective date of August 29, 2014 and filed on SEDAR under the Company’s profile at www.sedar.com.
About ALS Chemex, South Africa
ALS is a global leader in providing laboratory testing, inspection, certification and verification solutions with a reputation for providing quality analytical services to the global mining industry in the fields of analytical chemistry, mineralogy and metallurgical testing, commodity analysis and certification.
About Tsodilo Resources Limited
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond, metal deposits and industrial stone at its Bosoto (Pty) Limited ("Bosoto"), Gcwihaba Resources (Pty) Limited ("Gcwihaba") and Newdico (Pty) Ltd. ("Newdico) projects in Botswana. The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana and the PL216/2017 diamond prospection license also in the OKF. The Company has a 100% stake in its Gcwihaba project area consisting of seven metal (base, precious, platinum group, and rare earth) prospecting licenses all located in the North-West district of Botswana. The Company has a 100% interest in its Newdico industrial stone project located in Botswana’s Central District. Tsodilo manages the exploration of the Newdico, Gcwihaba, and Bosoto projects. Overall supervision of the Company's exploration program is the responsibility of Dr. Alistair Jeffcoate, Project Manager and Chief Geologist of the Company and a "qualified person" as such term is defined in National Instrument 43-101.
Table 2. Detailed XRF assay data for the interval weighted average for the 10 Block 2a drill holes. Including results for density (g/cm3) and Magnetic Susceptibility (Mag Sus x10-3).
|Hole ID||From||To||Interval||Geodomain Codes (Lithological Units)*||Fe
|*Weathered Magnetite BIF (MBW) / Magnetite BIF (MBA) / Magnetite Diamictite Schist (DIM) / Weathered Magnetite Diamictite Schist (DMW) / Magnetite Garnet Schist (MGS)|
FOR FURTHER INFORMATION PLEASE CONTACT:
|James M. Bruchs||Chairman and Chief Executive Officer|
|Dr. Alistair Jeffcoate||Project Manager and Chief Geologist||Alistair.Jeffcoate@tsodiloresources.com|
|Head Office||Telephone +1 416 572 2033||Facsimile + 1 416 987 4369|
This press release may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements pertaining to the use of proceeds, the impact of strategic partnerships and statements that describe the Company's future plans, objectives or goals) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward- looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, changes in general economic conditions, market volatility, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, exploration and development risks, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade and quality of diamonds, variations in diamond valuations and future diamond prices; the state of world diamond markets, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration and development business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
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