Tirex Resources Project Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/10/11 -- Tirex Resources Ltd. (TSX VENTURE: TXX) -
-- assay results from South Gurthi No. 2 expand copper and gold rich
deposit area
-- bulk sampling of multiple deposit areas for Mineralogical and
Metallurgical testing underway
-- technical team assessing underground workings at deposits targeted for
initial production
Tirex Resources is pleased to provide an update on progress at its Mirdita VMS project located in Albania. Tirex plans to commence near term copper and gold production at Mirdita in addition to continuing intense district-scale exploration targeting discovery.
Deposit Assessment
Under a recently signed MOU, Tirex and a private Turkish company are forming a joint operating company for production purposes. The Turkish company will provide the funding and mine operating team to the operations and Tirex will contribute 6 of the company's 17 known historical deposit areas in the Mirdita District (see Tirex News Release 2011-03-23 for production related details). Members of the Tirex technical team have recently been underground at various deposits within the Mirdita District, evaluating the quality of adits, portals and underground workings for production planning purposes. The team is sampling these deposit areas to assess the viability of zinc production in addition to the initial gold and copper production profile that is now targeted.
Current onsite assessment work is taking place at Fushe Arres, Tuc, and Qaf Bari. While Tirex has not drilled these areas, the deposits are of significant interest due to past historical work and the existence of underground mine workings. According to early 1970's resource estimates by the Albanian Geological Survey ('AGS'), the deposits at Fushe Arres totals 1,115,600 tons of 1.04% Cu, within which is a 267,000 tons zone near surface of 2.77% Cu, Qaf Bari totals 445,700 tons of 2.07% Cu and Tuc totals 2,072,000 tons of 1.537% Cu. It is the belief of the Tirex technical team that all of these deposit areas have room for significant expansion. Tirex plans to test various deposit expansion opportunities by targeting favourable horizons by drilling from underground drill locations. While the extent of gold, silver and zinc mineralization (present in all of the historic areas drilled by Tirex to date) is unknown at Fushe Arres, Qaf Bari and Tuc, these areas are highly prospective for precious metal enrichment.
The historical AGS calculations classify the deposit resources as a combination of C1 & C2 categories based on the Russian resource reporting system and roughly equivalent to the NI 43-101 inferred and indicated categories. However, these historical resources are not compliant with National Instrument 43-101 and should not be relied upon. Tirex is not treating the historical estimates as current mineral resources or reserves but considers them important as a guide for future work in the District. In addition to Fushe Arres, Tuc and Qaf Bari, Tirex will also evaluate near term production potential at Koshaj, South Gurthi No. 1 and No. 2 and Letitna.
South Gurthi No. 2 Deposit Area
Tirex Resources is pleased to report that drill results from South Gurthi No. 2 in the Mirdita District have expanded the deposit which remains open to the south and to the southwest. Assays have been received from a total of six holes. The holes were drilled ranging in depth from 176 to 215 metre. Thirteen holes had previously been drilled by Tirex Resources, with multiple long intercepts of high grade copper, gold and silver reported. Three of the six holes were vertical while the other three holes were angled at -77 to -82 degrees to the east. Results are listed below and a drill hole location map can be found at www.tirexresources.com.
Assays
Hole No. Interval (m) Intersection (m) Cu (%) Zn (%) Ag (g/t) Au (g/t)
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MR10-66 no significant results
MR10-67 103.28-132.50 2.22 3.58 1.81 12.74 1.34
Including 130.28-130.93 0.65 11.55 6.18 42.20 4.33
MR10-68 no significant results
MR10-69 102.28-106.28 4.00 2.12 0.03 1.00 0.92
MR10-70 119.07-119.75 0.63 1.57 0.86 14.90 0.96
Metallurgical Work
Metallurgical samples continue to be collected from Tirex deposits located within the Mirdita Mining District. The samples will form the basis for ongoing Mineralogical and Metallurgical work as Tirex continues to advance towards near term production.
Exploration
In addition to the current focus on fast tracking Tirex into copper and gold production in a non-dilutive and cost effective manner, Tirex has been refining exploration targets in preparation for exploration drilling. A focus of exploration in 2011 will be the Qaf Bari South area. Geological mapping and rock sampling has identified potential lithological and lithogeochemical targets for precious metal-rich volcanogenic massive sulphide mineralization. As well, ground IP geophysics has identified a significant chargeability anomaly to the north of the producing Munelle Mine deposit. Three holes drilled during the 2010 drilling campaign were angled at varying orientations and dips on 3 sections over a strike length of approximately 1.35 kilometers. Results of the 2010 drilling confirm the presence of base metal and precious metal mineralization within wide envelopes of strong hydrothermal alteration in the Qaf Bari South Area (see Tirex News Release dated 2011-01-10). These 2010 drill holes will be followed up with additional drill testing and the use of borehole electromagnetic geophysics to further vector in on target areas.
John Nicholson, P.Geo., Mirdita Project Manager and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
Further details on the company and the Mirdita Project can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
Forward-Looking Statements: This Tirex News Release may contain certain 'forward-looking' statements and information relating to Tirex. Such statements include but are not limited to statements about the MOU, the production arrangement and the intention to conclude a definitive agreement. Often forward-looking statements or information include words such as 'plans', expects', 'intends', 'anticipates', 'estimates' 'forecasts', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. The assumptions made include assumptions about Tirex's ability to move forward with the MOU and the production arrangement and conclude a definitive agreement. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, the risks related to negotiating and concluding a definitive agreement and obtaining all necessary approvals, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events as well as risks, uncertainties and other factors discussed in our quarterly and annual management's discussion and analysis. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law.
'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 news release.'
Contacts:
Tirex Resources Ltd.
Bryan J.R. Slusarchuk
CEO and Director
604-687-7160 or Toll Free: 1-877-687-7160
604-687-7165 (FAX)
info@TirexResources.com
www.TirexResources.com