Tamerlane Intersects 71.24 Feet Grading 9.68% Lead-Zinc at the N-204 Open Pit Deposit
BLAINE, WASHINGTON -- (Marketwire) -- 06/15/10 -- Tamerlane Ventures Inc. ('Tamerlane' or the 'Company') (TSX VENTURE: TAM) is pleased to announce that it has received the remaining assays from the drilling at the N204 deposit which was completed earlier this year. The N204 deposit is part of the Company's Pine Point Lead/Zinc (Pb/Zn) project in the Northwest Territories, Canada. The Company has received assays from the 9 remaining holes of the 23 holes drilled, which totaled 1,433 meters, and was drilled by ProCore Drilling of Hay River, Northwest Territories.
The results of these holes further confirm the continuity, style of mineralization and grade distribution at theN204 open pit deposit outlined by Pine Point Mines' historical drilling.
Hole N204-TV12 intersected a true width of 71.24 feet (21.71m) of mineralization with an average grade of 9.68% combined %Pb+%Zn. Mineralization in this hole consists of the typical B Spongy facies fossil mold coatings/fillings but is also interbedded with layers of more massive sulfide. These massive sulfide zones consist of fine grained pyrite intergrown with coarse grained sphalerite and galena and range in thickness from a few inches up to 2.6 feet. The hole was collared SE and adjacent to an area of 12 closely spaced historic drill holes, which are believed to have been drilled to define a possible geophysical anomaly. Examination of these holes does not suggest they intersected the anomaly which may have been offset slightly to the south and was intersected by hole N204-TV12. Examination of cross sections through hole TV12 and the surrounding historic holes suggests that the mineralization may be controlled by a larger more permeable zone, possibly a small collapse structure or prismatic lens, which bifurcates into thinner permeable mineralized horizons along strike. The lateral extent of this thick higher grade zone is unknown at the present time and will be the focus of future infill drilling to delimit its exact dimensions.
About N204 Deposit
The N204 deposit contains a historic ((i)non National Instrument NI 43-101 compliant) resource of 16.3 Mt (at 30% dilution) with an average combined Zn+Pb grade of 4.03%. The deposit is hosted within the B Spongy facies of the Pine Point Formation and is situated at a shallow depth with dry ground conditions, which makes it amenable for potential development by open pit mining methods.
The results of significant drill hole intercepts from the last nine holes are tabulated below, along with several cross-sections delineating the ore intercepts for the new holes compared to the historic holes drilled by Pine Point Mines Ltd.:
Drill Hole Detail N204 Deposit
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True
Interval Thickness Inclin-
Drill (Feet) Thickness (Feet) Average Combined ation
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Hole From To Feet Meters %Zn %Pb %Zn+%Pb
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TV7 142 197 55 16.76 43.9 5.66 1.5 7.16 -53
Including 147 167.57 20.57 6.27 16.42 8.81 1.97 10.78
Interval 157-167 had lower than expected core recovery of only 29%
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TV8 122 197 75 22.86 62.85 4.43 0.9 5.33 -57
Including 132 147 15 4.57 12.57 8.64 1.76 10.4
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TV9 122 187 65 19.81 53.24 3.99 1.04 5.03 -55
Including 127 148.2 21.2 6.46 17.37 7.34 1.8 9.14
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TV10 147 172 25 7.62 20.45 4.31 0.91 5.22 -55
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TV11 132 152 20 6.10 18.28 6.45 1.78 8.23 -66
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TV12 152 237 85 25.91 71.24 7.4 2.28 9.68 -57
Including 157 187 30 9.14 25.15 11.33 3.36 14.69
Including 197 217 20 6.10 16.17 8.49 2.59 11.08
Interval 152-237 had lower than expected core recover of only 63%
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TV13 147 167 20 6.10 15.76 3.4 1.02 4.42 -52
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TV14 147 165.43 18.43 5.62 14.34 6.9 1.3 8.2 -51
Including 152 162 10 3.05 7.78 10.78 2.09 12.86
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TV17 187 197 10 3.05 8.92 1.89 0.132 2.022 -63
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About the Pine Point Project
The Pine Point project is an advanced and permitted Pb/Zn project that hosts extensive infrastructure and significant Pb/Zn resources. The project is situated adjacent to a paved road, close to existing hydro facilities, the existing rail head at Hay River connects directly to the south. A bankable feasibility study was completed in 2008 that identified robust economics and a long mine life. The Company is currently building additional resources through a targeted confirmation surface diamond drill program and reviewing options for potential mine financing alternatives and mine development. Historically, the Pine Point Mine was the largest and most profitable zinc-lead mine in Canadian history. Located on the south side of the Great Slave Lake 129 kilometers (80 miles) south of Yellowknife and 80 kilometers (50 miles) east of Hay River, the historic Pine Point Mine extracted over 64,259,570 tonnes of ore at a grade of 7.0% zinc and 3.1% lead between 1964 and 1987.
The Pine Point Project current mineral inventory contains a NI 43-101 compliant proven & probable reserves of 7.8 million tonnes grading 3.01% Pb and 6.16% Zn, measured & indicated resources of 8.0 million tonnes grading 1.13% Pb and 2.26% Zn. In addition the property hosts non 43-101 compliant historical resources totaling approximately 50.9 million tonnes at a grade of 1.24 % Pb and 3.84% Zn.
The information in this press release was prepared by Mr. Wolfgang A. Schleiss, P.Geo., under the guidance of Mr. Ross F. Burns, P.Geo., LG. Mr. Schleiss is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.
(i)The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ('NI 43-101'). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company is working towards bringing the world-class Pb/Zn Pine Point Property back into production in Northwest Territories, Canada, and developing its Los Pinos heap leach copper project in Peru. The Company's primary focus is the Pine Point Project, which consists of the Pine Point Mine, which was the largest and most profitable base metal mine in Canadian history. Tamerlane controls the Pine Point Project, along with a large contiguous property to the west.
On behalf of Tamerlane Ventures Inc.
'Ross F. Burns'
President & CEO
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as 'may', 'will', 'should', 'anticipate', 'plan', 'expect', 'believe', 'estimate' and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.
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Contacts:
Tamerlane Ventures Inc.
Peter A. Ball
Director of Investor Relations
(360) 332-4653 or Toll Free: (877) 284-6535
(360) 332-4652 (FAX)
pball@tamerlaneventures.com
www.tamerlaneventures.com