Tigray Drills 31.75 Metres of 1.84% Copper, 0.83 Grams per Tonne Gold, 17 Grams per Tonne Silver and 7.03% Zinc at Terakimti Prospect, Harvest Project, Ethiopia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/02/12 -- Tigray Resources Inc. (TSX VENTURE: TIG) ("Tigray" or the "Company") reports new diamond drill results at the Terakimti volcanogenic massive sulfide (VMS) copper-gold discovery on the Company's Harvest project in northern Ethiopia. Four separate VMS lenses have been discovered at Terakimti over a strike length of 800 metres. Recent drilling has extended mineralization along strike and down dip, with the system remaining open in these directions.
Highlights
-- The high-grade copper-gold Southern Lens has been extended 80 metres
along strike to the north (TD043).
-- Drilling of the Central Lens has intersected high-grade VMS
mineralization to 265 metres down hole (TD051) and the target remains
open at depth.
Important New Drill Intercepts
-- Hole TD051 - 29.95 metres of 1.29% copper, 1.09 grams per tonne gold, 19
grams per tonne silver and 1.87% zinc, from 233.35 metres, including
13.3 metres of 2.52% copper, 1.98 grams per tonne gold, 36 grams per
tonne silver and 3.48% zinc in the Central Lens from 242.95 metres.
-- Hole TD043 - 47.8 metres of 1.01% copper, 0.7 grams per tonne gold, 6
grams per tonne silver and 0.72% zinc from 147.7 metres, including 17.45
metres of 2.15% copper, 1.11 grams per tonne gold, 10 grams per tonne
silver and 0.42% zinc from 174.2 metres, which extends the Southern Lens
80 metres to the north.
-- Hole TD025 - 31.75 metres of 1.84% copper, 0.83 grams per tonne gold, 17
grams per tonne silver and 7.03% zinc from 93.85 metres, including 11.9
metres of 3.08% copper, 1.06 grams per tonne gold, 20 grams per tonne
silver and 9.54% zinc from 110.5 metres.
These new results, along with petrological studies and a detailed interpretation of Terakimti, have provided a better understanding of the mineralizing system.
Planned Phase 2 drilling will test the down dip extensions of the system, with 7,500 metres of drilling to depths of up to 500 metres. A helicopter VTEM (electromagnetic, magnetic and radiometric) survey will be completed to test 15 kilometres along strike of Terakimti, and the more recent Mayshehagne discovery, in order to expedite regional targeting along these two trends.
Table 1 - Terakimti Drill Results: Highlights from Recent Drilling
----------------------------------------------------------------------------
Mineraliz-
Hole From To Interval Copper Gold Silver Zinc ation
(m) (m) (m)(i) (%) (g/t) (g/t) (%) type
----------------------------------------------------------------------------
TD025 Supergene/
Primary
74.70 80.50 5.80 3.54 1.27 24 0.74 Sulfide
----------------------------------------------------------------------
93.85 125.60 31.75 1.84 0.83 17 7.03 Primary
----------------------------------------------------------------------
including 106.50 123.20 16.70 2.37 0.89 19 9.16 Primary
----------------------------------------------------------------------
and
including 110.50 122.40 11.90 3.08 1.06 20 9.54 Primary
----------------------------------------------------------------------------
TD033 24.00 27.10 3.10 0.04 0.74 34 7.97 Primary
----------------------------------------------------------------------------
TD041 28.50 31.65 3.15 0.02 5.32 9 0.00 Oxide
----------------------------------------------------------------------
50.90 54.35 3.45 0.55 0.02 0 0.01 Supergene
----------------------------------------------------------------------------
TD043 147.70 195.50 47.80 1.01 0.70 6 0.72 Primary
----------------------------------------------------------------------
174.20 191.65 17.45 2.15 1.11 10 0.42 Primary
----------------------------------------------------------------------
including 174.95 186.10 11.15 3.05 1.28 14 0.56 Primary
----------------------------------------------------------------------------
TD044 0.00 33.95 33.95 0.06 1.34 2 0.03 Oxide
----------------------------------------------------------------------
including 17.20 30.60 13.40 0.10 2.70 2 0.03 Oxide
----------------------------------------------------------------------------
TD048 81.85 87.35 5.50 1.51 0.83 31 13.26 Primary
----------------------------------------------------------------------------
TD049 Oxide/Sup-
38.90 58.00 19.10 0.01 0.57 42 0.00 ergene
----------------------------------------------------------------------------
TD051 233.35 263.30 29.95 1.29 1.09 19 1.87 Primary
----------------------------------------------------------------------------
including 242.95 256.25 13.30 2.52 1.98 36 3.48 Primary
----------------------------------------------------------------------------
(i) Mineralized true thicknesses are 60 to 90% of stated thicknesses
Geological Interpretation
The Terakimti VMS discovery is hosted within a sequence of intermediate volcanic rocks with basalt in the hanging wall. Exhalative siliceous banded iron formation occurs at the periphery of the mineralized zone, with jasperoidal alteration of basalts common in the immediate hanging wall. Numerous quartz-eye porphyry dykes intrude the centre of the mineralized system and may be responsible for partial upgrading of mineralization through recrystallization. All mineralized lenses and associated alteration have a moderate east-northeast plunge and remain open down plunge.
The system currently consists of four stacked lenses containing copper-gold-silver and variable zinc:
1. The Southern Lens is up to 50 metres wide, 360 metres long, and 170
metres high and it is open down plunge. This mineralization has a
massive pyrite base up to 5 metres thick, and appears to be a mound
shaped lens with stringers in the footwall. It is supergene upgraded as
it is exposed at the southern end of the Terakimti system. The highlight
intercept in primary sulfide from the Southern Lens is 73.85 metres
grading 3.77% copper, 1.31 grams per tonne gold, 14grams per tonne
silver, and 0.72% zinc from 57.45 metres in hole TD004 (refer to the
Company's press release dated December 12, 2011). Weathering of the lens
has provided gold enriched oxide mineralization, including 8.8 metres
grading 9.19 grams per tonne gold and 78 grams per tonne silver in hole
TD029 (refer to the Company's press release dated February 27, 2012);
2. The Central Lens sits above the Southern Lens and is up to 14 metres
wide, 400 metres long, 150 metres high and it is open down plunge and
down dip. This mineralized lens is well banded to massive, tabular and
predictable, and has several narrower (but high-grade) lenses sitting
above it. The highlight hole in primary sulfide from the Central Lens is
hole TD011, which intersected 15.2 metres grading 2.61% copper, 1.84
grams per tonne gold, 43 grams per tonne silver, and 6.77% zinc from
181.75 metres (refer to the Company's press release dated January 16,
2012);
3. Mineralization in the Northern Lens is similar to the Central Lens, but
it is separated from the Central Lens by a porphyry dyke. The Northern
Lens is up to 20 metres wide, 320 metres long, 120 metres high and is
open down plunge. This lens is also well banded and contains high-grade
gold gossan in the oxide zone. The highlight hole in supergene to
primary sulfide from the Northern Lens is 20.85 metres grading 5.67 %
copper, 1.48grams per tonne gold, 17.59 grams per tonne silver and 0.77%
zinc from 38.75 metres in hole TD008 (refer to the Company's press
release dated January 16, 2012); and
4. The Lower Zinc Lens is a recent discovery which has been intersected in
several drill holes. Hole TD040 intersected 3.5 metres grading 23% zinc
and 1.5% copper from 239.2 metres (refer to the Company's press release
date February 27, 2012). This mineralization has not yet been followed
up and it may provide a lead-in to additional mineralization.
Numerous targets in the area remain to be tested, including a gravity-resistivity target on the northern strike extension of the system, the down-plunge extensions of all lenses, and the northern copper-lead anomaly located 500 metres north of the Terakimti VMS discovery.
Click here for a plan view map and long sections: http://media3.marketwire.com/docs/tig402_F1-2.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 AAS 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 discovery through advancing 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 west of the Harvest project. The Company'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