Tigray Intersects 20.7 Metres at 4.97% Copper, 1.1 g/t Gold, 31 g/t Silver and 8.24% Zinc at Mayshehagne, 3.3 Kilometres South of Terakimti at the Harvest Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/12 -- Tigray Resources Inc. (TSX VENTURE: TIG) ('Tigray' or the 'Company') is pleased to report diamond drill results for five holes at Mayshehagne (may-SHAY-aw-nee), a copper-gold volcanogenic massive sulfide (VMS) prospect on the Company's 70%-owned Harvest project in northern Ethiopia. Results from the first five holes totaling 823 metres are documented below. An additional five holes totaling 623 metres have also been completed and results are pending.
Highlights
-- High-grade base and precious metals drill intercepts near surface;
-- Successful exploration of a blind geophysical target at Mayshehagne
increases the prospectivity of other regional geophysical anomalies; and
-- Results confirm the presence of a new VMS trend (Mayshehagne) 3.3
kilometres south of Terakimti with several airborne electromagnetic (EM)
anomalies along strike.
Mayshehagne is associated with bimodal volcanic rocks (felsic and mafic volcanic rocks). The target has been drilled on three sections 40 metres apart to test the EM conductor and down-dip extensions of surface mineralization (refer to the Company's press release dated Jan 25, 2012). The high-grade banded massive sulfide target remains open down plunge to the northeast. The alteration and volume of disseminated and stringer-style sulfide is increasing to the northeast, toward the location of the five additional holes.
The discovery of this high-grade zone of massive sulfide has increased the prospectivity of several other regional targets defined by airborne EM along strike approximately seven and 12 kilometres to the east-northeast of Mayshehagne.
Table 1 - Mayshehagne Drill Results
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From To Interval Copper Gold Silver Zinc Mineralization
Hole (m) (m) (m)(i) (%) (g/t) (g/t) (%) Type
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HD001 54.60 58.70 4.10 0.84 0.24 5 2.64 Supergene/
Primary
Sulfide
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24.00 44.70 20.70 4.97 1.10 31 8.24 Supergene/
HD002 Primary
Sulfide
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including 28.75 41.55 12.80 7.72 1.73 5012.72 Supergene/
Primary
Sulfide
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HD003 No significant results -
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HD004 84.50 85.10 0.60 0.22 0.44 16 5.56 Primary
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101.10 104.10 3.00 0.17 0.28 4 1.99 Primary
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HD005 No significant results -
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(i) Mineralized true thicknesses are 60-90% of stated thicknesses.
The Mayshehagne target was initially identified as a bedrock EM anomaly with indications of continuity at depth. Subsequent mapping and surface geochemical sampling defined a mineralized zone over a strike of 170 metres that includes several gossans, magnetic ironstone, chert, chert breccia, barite and malachite, hosted in flow banded rhyolite and carbonate-altered mafic volcanic rocks. The bedding dips 50 to 85 degrees to the northwest. Results from eight rock chip samples returned high-grade assay values ranging from 0.07% to 14% copper, 0.11 to 13.2 grams per tonne gold, up to 56 grams per tonne silver, 0.03% to 1.9% zinc and up to 1.7% lead.
The identification of the target airborne EM geophysical anomaly, associated with strong subsurface base metal mineralization, has significant, positive implications for VMS exploration in the initial survey area, and additionally, for the large portion of the property not yet covered by airborne EM coverage.
The first five holes at Mayshehagne have been followed up with additional drilling to test the down dip and down plunge component of the high grade massive sulfide lens identified in holes HD001 and HD002.
Click here for a plan view and Harvest area map: http://media3.marketwire.com/docs/TIG_MAPS.pdf. A complete list of drill hole intercepts can be found on the Company's website at www.tigray.ca.
Quality Control
The planning, execution and monitoring of Tigray's quality control programs at the Harvest project are under the supervision of Jeff Heidema, P.Geo., Tigray's Vice President Exploration. Mr. Heidema is a Qualified Person as defined by National Instrument 43-101.
Diamond drill core samples have undergone preliminary preparation at the Acme Laboratories facility in Ankara, Turkey, and are crushed to 80% passing 10 mesh, and pulverized to 85% passing 200 mesh (Acme R200-1000 package). Analyses are conducted at Acme Laboratories in Vancouver, Canada, utilizing Aqua Regia digestion and ICP-ES. Precious metal analyses are conducted via Fire Assay Fusion with AA finish, and gravimetric analyses for over-limit samples. Blanks and certified reference standards are inserted into the sample stream to monitor laboratory performance.
About Tigray
Tigray is a Canadian mineral exploration company focused on adv ancing early-stage mineral projects in Ethiopia. Tigray's key property is the 70%-owned Harvest polymetallic VMS exploration project, which covers 362 square kilometres in the Tigray region of Ethiopia, 600 kilometres north-northwest of the capital city of Addis Ababa. The Company recently entered into an agreement to acquire the Harvest North properties, which cover 795 square kilometres immediately adjacent north and west of the Harvest project. Tigray's shares trade on the TSX Venture Exchange under the symbol TIG.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'anticipate', 'believe', 'plan', 'expect', 'intend', 'estimate', 'forecast', 'project', 'budget', 'schedule', 'may', 'will', 'could', 'might', 'should' or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in the Company's listing application dated August 18, 2011.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
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:
Tigray Resources Inc.
Meghan Brown
Director Investor Relations
604-488-2557
mbrown@tigray.ca
www.tigray.ca