SMP Gold Project
Project Size: 23,800 Hectares (238km2) Target Style: Orogenic and/or Intrusion-related Gold. Drill Targets: Numerous Targets: Multiple gold-in-soil and bedrock anomalies over a 35km length of the Saza Shear Zone (SSZ) and related structures. Six old gold mines within the project area, including the New Saza Mine which was Tanzania’s second largest goldmine, producing 270,000 ounces of gold at an average grade of 7.5g/t Au between 1939 and 1956. Ownership: 100% owned, subject to royalty. Operator: On July 23, 2014, Plinian became the operator. Location: Lupa Goldfield, southwestern Tanzania. Geology: Early Proterozoic Lupa Block - mineralisation is dated at around 1.94Ga.
January 2020 Update
Winshear is also pursuing its rights to the SMP Gold Project in Tanzania, which the company has been exploring and developing since 2006. Winshear’s SMP project comprises 8 Prospecting Licenses (PLs), 4 Retention Licences (RLs), and one licence under application. Under the Tanzanian Mining Act, 2010, Retention Licences were issued to projects at which a mineral resource had been identified, but the projects could not be developed to mine status by reason of technical constraints, or other economic factors which are temporary in nature. In 2017 the Tanzanian government changed the Mining Act whereby the Retention Licence classification, under which the SMP project was held, was abolished. In December 2019 the Tanzanian Government issued a Notice to Tender whereby new investors could bid for projects formerly held under Retention Licence. Winshear has served a Notice of Intent to submit a claim to arbitration under the Canada-Tanzania agreement for the Promotion and Reciprocal Protection of Investments (see Winshear news release dated January 10, 2020).