Typhoon Exploration Announces New Assay Results From Drillings on the Fayolle Deposit
25.01.2012 | Marketwire
LAVAL, QUEBEC -- (Marketwire - Jan. 25, 2012) - Typhoon Exploration Inc. - (TSX VENTURE:TYP) is pleased to announce a new series of results from 13 drill holes under a drilling program currently underway on its 100%-owned Fayolle Deposit, in which Aurizon Mines Ltd. may acquire a 65% interest, subject to a 2% royalty, by conducting $25 million dollars' worth of exploration work and a $2 million dollar private placement, for a total of $27 million dollars. The drilling campaign was planned by the Typhoon-Aurizon team.The definition drilling program underway aims at better defining the geometry and grade of the Fayolle Deposit, as well as identifying the immediate extensions of the mineralized shell. Amongst the results previously announced, FA-11-55 had returned grades of 14.9 g/t Au over 30.0 m, including 60,9 g/t Au over 6.0 m (see news releases dated July 13, 2011, August 9, 2011, August 31, 2011 and January 11, 2012).
To date, 30,641 metres have been drilled under the definition drilling program, for a total of 87 drill holes, including 18 for which assay results are still pending. The spacing grid varies between 25 meters in the heart of the showing to 100 meters as for the drilling for the extensions.
Among the 13 new holes announced, a total of 8 holes returned several mineralized intervals with a metal factor above 10 (grams/tonne X metres).
TABLE OF BEST RESULTS (FAYOLLE DEPOSIT)
Holes Depth From To Length Grade
FA-11-57 309 58.0 65.0 7.0 3.4
FA-11-58 345 No significant values
FA-11-59 333 No significant values
FA-11-60 321 62.0 71.0 9.0 1.9
including 62.0 63.0 1.0 6.8
FA-11-61 300 79.0 91.0 12.0 1.6
including 84.0 85.0 1.0 8.2
FA-11-62 330 19.0 29.0 10.0 1.8
FA-11-63 315 81.0 92.0 11.0 2.4
FA-11-64 354 No significant values
FA-11-65 360 No significant values
FA-11-66 330 89.0 110.0 21.0 0.6
FA-11-67 327 197.0 201.0 4.0 2.1
including 197.0 198.0 1.0 6.2
FA-11-68 435 No significant values
FA-11-69 300 190.0 194.0 4.0 2.1
206.0 207.0 1.0 7.8
GEOLOGICAL INTERPRETATION
Drill holes FA-11-57, FA-11-58, FA-11-60, FA-11-61, FA-11-62, FA-11-63 and FA-11-69 were carried out in the southern part of the Fayolle Deposit in order to intercept the extension of high-grade breccia lenses observed in the heart of the Fayolle Deposit. All of the drill holes mentioned above were intersected by komatiite containing zones of significant carbonate-fuchsite alteration, with intense zones of breccia development accompanied by porphyritic monzodiorite intermediate intrusions. The best results obtained (see table of results above) confirm a highly anomalous shell ranging from 25 to 50 m thick in the southern extension of the Fayolle Deposit. The intersected mineralized shell also contains high-grade deposits with up to 8.6 g/t Au over 1 m, comprised in an intersection of 3.44 g/t Au over 7 m.
FA-11-66 was performed at approximately 100 m north of the Fayolle Deposit and was intended to intercept the possible northward extension of the high-grade lenses. Note that no drilling had yet been carried out in this sector and Typhoon is currently working on assessing the gold-bearing potential of this new extension. In fact, this survey intersected several hematized, silicified and chloritized plurimetric dykes of monzodiorite composition. As in the southern sector, a major mineralized shell with significant gold anomalies has been observed in the northern sector. In fact, this shell shows values of 0.6 g/t Au over 21 m of thickness. The grades intersected confirm the strong potential of this new zone.
QUALITY CONTROL
All drill cores were oriented using CorientR tool in order to measure their geological structures. Testing was performed with a FLEXIT device. Cores were sawn in half, with one part being kept as a control and the other part being analyzed. Analyses were performed by standard fire assay with atomic absorption finish. Certified reference materials, field duplicates and blanks are inserted into the sample sequence for quality control purposes. Primary assaying is performed by ALS Chemex Laboratory in Val-d'Or. The rejects for all samples returning >10g/t Au are re-assayed by gravity finish.
ABOUT TYPHOON
Typhoon Exploration Inc. is pleased to announce that on January 1st, 2012, Computershare Inc. was appointed to act as its transfer agent.
On the Fayolle Project, the operating budget for the first half of 2012 will be of approximately $1.2 million dollars for a drilling campaign of approximately 7,000 metres. The Aurizon-Typhoon team will soon be planning the exploration work for the second half of 2012.
Since July 2010, Aurizon Mines Ltd. has invested approximately $7.2 million dollars in the drilling program and $1 million dollars in private placement, in accordance with its partnership agreement with Typhoon Exploration Inc. (See news release dated May 18, 2010).
QUALIFIED PERSON
Mr. Robert Gagnon, P. Geo. (OGQ) of Typhoon Exploration Inc., is the Qualified Person as defined by National Instrument 43-101, to supervise the preparation of this press release.
The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".
Forward-Looking Statements
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Neither 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.
Symbol: TYP.V (Venture Exchange)
Financial Profile: 19,918,157 Shares outstanding
3,9 million dollars in cash and carrying no debt
Highlights:
Fayolle Project,100%-owned by Typhoon Exploration Inc. (See agreement with Aurizon Mines Ltd. in press release dated May 18, 2010)
Faille 1 Project, 100%-owned by Typhoon Exploration Inc.
Monexco Project, 100%-owned by Typhoon Exploration Inc.
Aiguebelle-Goldfields Project, 51%- owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited
Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Diamond Frank Inc.
Winner of the 2010 Entrepreneur of the Year Award (granted by the AEMQ)
Winner of the 2010 e3 Plus Award for Responsible Exploration (granted by the AEMQ)
A map is available at the following address:
http://media3.marketwire.com/docs/Map_ENG_0125.pdf
Contact Information
Head Office
David Mc Donald
450-622-4066
Toll Free: 1-877-622-4004
450-622-4337 (FAX)
Geology
Robert Gagnon
819-637-2096
819-637-2076 (FAX)
info@typhoonexploration.com
www.typhoonexploration.com