An exclusive right to negotiate an option agreement on the 28-sq.-mile Itetemia gold prospect in Tanzania has been granted to Tan Range Exploration (VSE).
The property is southeast of the Bulyankhulu gold deposit, the subject of exclusive negotiations between the Tanzanian government and Sutton Resources (VSE).
No details on the Bulyankhulu deposit have been released, although it is reported to contain reserves of more than one million ounces of gold. Tan Range reports that the Itetemia project gives the company control over ground along strike on both sides of the Bulyankhulu deposit. The company’s Ngula property, 2.5 miles to the northwest of Bulyankhulu, is located along the same aeromagnetic lineament, and features two zones of high conductivity and anomalous gold values.
Tan Range has called for tenders for an initial phase of close-spaced drilling on the Ngula property.
Budgeted expenditures by Tan Range on two additional gold prospects and five diamond concessions in Tanzania are estimated at about $4 million this year.
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