Tournigan Increases Indicated Resource at Kuriskova by 39% to 28.5 Million Pounds of U3O8
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Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) (Pink Sheets:
TVCFF) has updated its resource estimate for the Kuriskova uranium
deposit in Slovakia. This NI 43-101 compliant updated estimate increases
the amount of uranium contained in the Indicated Resource by 39% to 28.5
million pounds of U3O8 and increases the overall
size of the deposit. Tetra Tech, Inc., the firm that is conducting the
ongoing Prefeasibility Study on Kuriskova, has reviewed, audited and
approved the updated resource estimate.
Highlights of the updated estimate include:
About 7.9 million pounds of U3O8 have been added
to the Indicated Resource category, increasing the Indicated Resource
by 39% to 28.5 million pounds of U3O8;
Overall the uranium oxide contained in the Kuriskova deposit has
increased by 3.1 million pounds of U3O8 and now
comprises 28.5 million pounds at 0.555% U3O8 in
the Indicated Resource and an additional 12.7 million pounds in
Inferred Resource at 0.185% U3O8; and
Kuriskova remains one of the highest grade known uranium deposits in
the world outside of Canada′s Athabasca Basin.
'We are confident that this Indicated Resource is of sufficient size and
grade to be the basis of a Reserve for the Kuriskova Prefeasibility
Study, which we expect to complete around the end of this year,? said
Dorian L. (Dusty) Nicol, Tournigan′s president and CEO. 'We expect the
increase in high-grade resource to have a positive effect on overall
project economics as compared to our June 2009 Preliminary Assessment
(Scoping Study).
'We emphasize that we believe there remains significant exploration
potential to increase the size of the Kuriskova resource both
immediately adjacent to the current resource and in the surrounding
exploration licence. This new resource estimate also continues to
demonstrate the presence of a significant amount of molybdenum within
the uranium resource, which could represent a significant by-product
credit.'
The following tables summarize the current and previous resource
estimates:
Current Resource April 2011:
Kuriskova Resource Estimate April 2011 -- Cut-off 0.05%U | |||||||||||||
U% | Tonnes (000) | %U3O8 | U3O8 lbs (000) | Mo% | Tonnes (000) | Mo lbs (000) * | |||||||
| 0.471 | 2,328 | 0.555 | 28,487 | .065 | 2,301 | 3,312 | ||||||
| 0.157 | 3,099 | 0.185 | 12,664 | .033 | 2,996 | 2,185 |
* Mo resource numbers represent molybdenum associated with uranium
resource blocks above a 0.05%U cutoff
Previous Resource (February 2010):
Kuriskova Resource Estimate March 2010 -- Cut-off 0.05%U | ||||||||||||||
U% | Tonnes (000) | %U3O8 | U3O8 lbs (000) | Mo% | Tonnes (000) | Mo lbs (000) * | ||||||||
| 0.484 | 1,631 | 0.571 | 20,539 | 0.08 | 1,564 | 2,760 | |||||||
| 0.194 | 3,481 | 0.228 | 17,528 | 0.032 | 3,417 | 2,442 |
A complete table of the new resource estimate can be found in Appendix A
to this news release or by visiting Tournigan's web site from this web
link: http://www.tournigan.com/i/pdf/20110426-Appendix-A.pdf.
A graphic showing the changes in outlines of the resource zones can be
found in Appendix B or can be viewed from this web link: http://www.tournigan.com/i/pdf/20110426-Appendix-B.pdf.
The updated estimate incorporates the results of 18 diamond drill holes
totaling 4,548 metres that were drilled since the last resource estimate
previously disclosed in a news release dated March 24, 2010. The updated
estimate also reflects enhanced understanding of Kuriskova geology which
has allowed more detailed structural modeling than was done in the past.
The estimate was prepared by Ravi Sharma, Tournigan's manager of
resources and reserves, and reviewed, audited and approved by Tetra
Tech, Inc., who is preparing an independent NI 43-101 compliant
Technical Report which will be filed on SEDAR within 45 days of the date
of this news release. Mr. John W. Rozelle, P.G., is Tetra Tech, Inc.'s
Qualified Person (QP) for this updated report and is an independent
Qualified Person as defined by NI 43-101.
Drill core samples are analyzed by ALS Chemex in Seville, Spain for
chemical assay, under Tournigan's strict Quality Assurance/Quality
Control protocols. Interpretation and outlining of mineralization was
conducted section-by-section by incorporating geological, structural and
assay information for each geological domain. The 3D wireframe solids of
the previous resource estimate dated March 24, 2010 were updated with
infill holes for the Main Zone South and new wireframe solids were
created for Zone 45 based on step-out drill holes. The detailed
structural interpretation was carried out for the deposit and structures
controlling grades were modeled and incorporated; these were reviewed by
Tetra Tech. Interpolation and NI 43-101 compliant resource
classification parameters were reviewed by Tetra Tech.
Ravi Sharma, MAusIMM, Tournigan's manager of resources and reserves, and
a Qualified Person as defined by NI 43-101, has reviewed and approved
the technical disclosure contained in this news release. Tetra Tech,
Inc. has also reviewed and approved the technical content of this news
release.
About Tournigan
Tournigan is a uranium exploration and development company that has
built a portfolio of highly prospective assets in Slovakia, a member of
the European Union since 2004. Slovakia is economically and politically
stable, has excellent infrastructure and currently has four nuclear
reactors generating half of its electricity with two more under
construction. Tournigan is committed to safe and sustainable exploration
and mine development in Slovakia. In addition to Kuriskova, Tournigan
has several other exploration targets along the Slovakian uranium belt
which are showing positive exploration results.
TOURNIGAN ENERGY LTD.
'Dusty Nicol?
Dorian L. (Dusty)
Nicol, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are based on
the Corporation′s current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan?,
'expect?, 'project?, 'intend?, 'believe?, 'anticipate?, 'estimate?,
'suggest?, 'indicate? and other similar words or statements that certain
events or conditions 'may? or 'will? occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to continue
to be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Corporation disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
Notice to US investors:
This press release uses the terms 'indicated resources' and 'inferred
resources', which are calculated in accordance with the Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. We advise investors that while those
terms are recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves. In
addition, 'Inferred resources' have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or pre-feasibility studies, except in certain
exceptional cases. U.S. investors are cautioned not to assume that part
or all of an inferred resource exists, or is economically or legally
minable.
Tournigan Energy Investor Relations
Knox Henderson, 604-683-8320
www.tournigan.com