VANCOUVER, British Columbia, July 26, 2019 (GLOBE NEWSWIRE) — Zanzibar Gold Inc. (the “Company” or “Zanzibar”) (ZBR – CSE; ZNZBF – OTC Pinks) reports that it has mobilized field crews to initiate its exploration on the Mkuvia Gold Placer (“Mkuvia”) and the Fakawi Lode gold (“Fakawi”) properties in Tanzania. In addition, the Company has entered into a due diligent agreement and an option agreement with the Mkuvia and Fakawi properties respectively.
The Mkuvia due diligence agreement contains the following terms: (i) the Company may spend up to CDN$100,000 on its due diligence review, which shall be credited, at the Company’s discretion, towards exploration expenditures or cash options requirements on the Mkuvia.
On the Mkuvia, the Company is sending an independent geologist to complete a 43-101 Exploration Report to satisfy regulatory requests and to outline a more formal small exploration program to test the reported placer area. The program will mainly focus on the areas identified in a 2009 report as prime exploration targets and will utilize modern equipment for the first time on the property area.
Subject to regulatory approval, the Company can earn a 100% legal and beneficial interest in the licenses on Fakawi, free and clear of all charges and encumbrances, on the following option terms: (i) a cash payment of US$75,000 each within 10 and 60 days of the effective date of the option agreement; (ii) the issuance of 1,000,000 common shares to the optionor; (iii) initiate a US$250,000 development and mining program within 6 months of the effective date of the option agreement; (iv) a cash payment of US$100,000 within one year of the effective date of the option agreement; and (v) an issuance of 1,000,000 common shares within one year of the effective date of the option agreement.
The following results were obtained through the retention of the laboratory services of Africa 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 main focus of the field crews, the Fakawi property and the initial exploration program will focus on several gold bearing veins that were outlined in previous exploration. Trenching and sampling to explore the continuity and geology between two test pits to the west of the main valley that assayed 40.70 grams and 57.99 grams (approximately 1.2 ounces and 1.7 ounces respectively) across a 1 metre width and another test pit approximately 200 metres, west, that assayed 36.89 grams (1.1 ounces). Also on the east side of the same valley, between the test pits that assayed 20.4 grams and 40.21 grams (0.6 ounces and 1.2 ounces respectively), and another test pit approximately 300 metres to the north, that assayed 82.31 grams (2.4 ounces). All samples were across an approximate 1 metre width.
The Fakawi property is a hard rock exploration project located northwest of the Magambezi Deposit and south of the Handeni District in the Tanga Region in Tanzania. The property has had no follow up exploration conducted.
“We are excited to start our field work on these interesting exploration targets,” Company President S.A. Farrage stated, “especially at a time when gold is attracting more interest and new gold resource targets are relatively few.”
G. Macdonald P.Geo from Engineers & Geoscientists British Columbia is the qualified person for the Company has reviewed this news release. Mr. Macdonald approved the scientific and technical information in this news release.
On behalf of the Board
Abby Farrage President
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