Golden Heights is a highly prospective project in Greenstones of Lake Victoria Goldfields of Tanzania with multimillion ounce potential and located on the site of the biggest legacy Tanzanian gold rush. The project’s geology setting and style are very similar to the Bulyanhulu mine (20M ounces) hosted in similar lithology and mineralization along strike within the same highly prospective inner greenstone belt. The 17 million ounce Geita deposit and 2 million ounce Buckreef deposit (currently in development) also occur within the same greenstone belt. The anomalous zone on the project was initially identified in 1995 by regional geochemical soil sampling. The project is legacy to 250,000 artisanal workings and the main artisanal worked zone was never tested at depth.
Barrick Gold (Acacia) acquired the project in 1999. In the early 2000’s Barrick’s drilling program on the property returned several high grade albeit narrow intercepts: 1.2m @ 41.09 g/t gold, 3m @ 11.73 g/t gold and 1m @ 21.10 g/t gold. Recent reconnaissance pit sampling executed by the Goldrange team in 2021 returned 35 g/t gold and 10.2 g/t gold in grab samples. Limited reactivated artisanal mining activity on the permit further confirms mineralized potential and easily recoverable gold.
NOTE: The Golden Heights Project in Tanzania is the subject of a non-binding letter of intent/term sheet. Such transaction requires the completion of additional work and also the entering into of a definitive agreement. There can be no assurance Goldrange will enter into such definitive agreement.