Tintina Resources: Corporate Update-June 2012
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/28/12 -- Editors note: There is one infographic associated with this press release.
Tintina Resources Inc. ("Tintina" or the "Company") (TSX VENTURE: TAU)(OTCQX: TINTF) is pleased to provide a corporate update on the Company's projects including Black Butte Copper, the Company's flagship project located in central Montana, and the Baird Project located in northwestern Alaska, U.S.A.
Click here to see the infographic version of this release or visit: http://bit.ly/OwoMn3
HIGHLIGHTS
-- Black Butte Copper Project (Montana, U.S.A.)
-- Completion of in-fill drill campaign on Johnny Lee Deposit
-- Completion of airborne geophysical survey over the district
-- Preliminary Economic Assessment ("PEA") expected to be released in
July, 2012
-- Company continues Environmental Baseline Studies
-- Company is soliciting bids to undertake a Feasibility Study
-- Baird Project (Alaska, U.S.A.)
-- A 2,500 meter drill program on the large-scale copper-zinc property
is scheduled to commence in early July, 2012
To view Figures 1-2, please visit: http://media3.marketwire.com/docs/tau628_F1-2.pdf.
The Company is pleased to report that the exploration work, as set out in the Company's planned 2012 work program, has been completed. Tintina has drilled approximately 46,332 meters (including 43,353 meters of in-fill drilling) on the Black Butte Copper project and has completed an airborne geophysical survey over approximately 120 square miles (311 sq. km). With the completion of this drill program, a number of important milestones have been achieved including: expansion and in-fill drilling of the Johnny Lee deposit; exploration for new mineralized targets; and the addition of the recently announced Inferred Resource at the Lowry Middle Zone (see press release dated March 19, 2012). As new milestones are achieved, and as work at Black Butte Copper progresses, the Company is gearing up for one of the most significant milestones to date - the release of the Preliminary Economic Assessment, which management expects to be released in July, 2012.
"Having completed the planned in-fill drill campaign on the Johnny Lee Deposit and upgrading of the 43-101 resource to include the Lowry Middle Zone, the Company is in a position to complete and release the PEA on the Black Butte Copper project by the end of July, 2012. The Company has also initiated environmental baseline studies and commenced soliciting bids for the upcoming feasibility study on the Black Butte Copper project," said Raj Chowdhry, CEO and Executive-Vice-Chairman of the Company.
The information from the airborne geophysical survey will provide the Company with a formidable toolkit for discovering new resources in the Black Butte area. Geophysical results clearly define trends consistent with significant mineralization seen in the past drill results at Black Butte Copper and provides the Company with excellent future drilling targets. Tintina Resources can now add this wealth of knowledge to the geologic setting gained from recent drilling.
The Company is also pleased to announce the commencement of the first exploration drill campaign at its Baird project in Alaska, where several kilometric-scale copper-zinc surface anomalies will be tested with 2,500 meters of drilling. The Baird property consists of an 80,600 acre property located in northwest Alaska, U.S.A. between the famous Red Dog Mine, one of the largest zinc producers in the world, and the Ambler mining district being explored by NovaCopper Inc. The Company believes the large scale copper-zinc mineralized exposures at Baird could lead to a significant new discovery. This drill program will focus on previously identified mineral targets at the Omar, Deadfall, and Frost targets. The Omar target exhibits mineralization over an area measuring 4km by 2km (2.5mi by 1.24mi) with coincident copper and zinc soil and rock chip anomalies. Historic drilling results showed significant bedrock mineralization including:
-- 22.8m @ 3.99% Cu(i)
-- 6.1 m @ 9.37% Cu(i)
-- 7.32m @ 2.95% Cu(i)
((i)- Historical results. These results are non NI 43-101 compliant. The reader is cautioned that such results are historical in nature and should not be relied upon.)
The Deadfall target consists of a 4km (2.5mi) long zinc and copper anomaly. Although no drilling has been completed on this target, channel sampling of outcrops identified significant bedrock mineralization including continuous channels samples as follows:
-- 36m @6% Zn and 21.7 g/t Ag
-- with 12m @ 10.1% Zn and 42.4 g/t Ag
Tintina Resources is in the process of setting up the camp and mobilizing a drill rig to the property to commence the 2,500 meter exploration drill program in early July, 2012.
About Black Butte Copper Project
The Black Butte Copper Project is located approximately 27 kilometers (17 miles) north of White Sulphur Springs, Montana, and lies along a well-maintained gravel road within two miles of U.S. Highway 89. The property, originally explored by Cominco American Inc. and BHP during the 1980s and early 1990s, consists of approximately 12,225 acres of fee simple lands and mining claims and contains sediment-hosted zones of Cu-Co-Ag syn-sedimentary massive sulfide mineralization. The Company has completed over 46,000 meters of drilling since initiating work in September, 2010 and has established Indicated and Inferred Resources on the property including the Johnny Lee Deposit Upper Zone, Johnny Lee Deposit Lower Zone and the Lowry Deposit Middle Zone (please see Company News Release dated January 13, 2012, and Table 2).
Table 2. Black Butte Copper Project Resources.
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UNDILUTED INDICATED RESOURCES
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Estimated Metal Grades Estimated Contained Metal
------------------------------------------------------
Cu Cu Lbs Co Lbs Au Ag
Cutoff Tonnes Cu Co Au Ag (Mill- (Mill- Ozs Ozs
(%) (000) (%) (%) (g/t) (g/t) ions) ions) (000) (000)
----------------------------------------------------------------------------
Johnny
Lee
Deposit
Upper
Zone 1.60 8,483 2.96 0.12 0.008 16.9 553 22 2.2 4,609
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TOTAL 8,483 2.96 0.12 0.008 16.9 553 22 2.2 4,609
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UNDILUTED INFERRED RESOURCES
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
------------------------------------------------------
Cu Cu Lbs Co Lbs Au Ag
Cutoff Tonnes Cu Co Au Ag (Mill- (Mill- Ozs Ozs
(%) (000) (%) (%) (g/t) (g/t) ions) ions) (000) (000)
----------------------------------------------------------------------------
Johnny
Lee
Deposit
Upper
Zone 1.60 1,257 2.64 0.10 0.008 16.4 73 3 0.3 663
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Johnny
Lee
Deposit
Lower
Zone 1.50 2,462 4.71 0.06 0.350 5.1 256 3 28.0 404
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Lowry
Deposit
Middle
Zone 1.60 5,139 2.60 0.12 0.009 14.6 294 14 1.5 2,412
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TOTAL 8,858 3.19 0.10 0.10 12.2 623 20 29.8 3,479
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Jerry Zieg, Vice President of Exploration for the Company, is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific nature contained in this news release. Assays for this program have been completed by ALS Chemex including duplicates, standards, and blanks for QA/QC purposes.
About Tintina Resources Inc.
Tintina Resources Inc. is a growth company focused on the exploration and development of base metal properties in North America. As reported in the Company's March 31, 2012 financial statements Tintina Resources is well financed with CAD $22.2 million dollars in its treasury. The Company's experienced Board of Directors and Management Team are currently focused on advancing the Black Butte Copper Project (Cu-Co-Ag) located in central Montana towards a production decision. The Company is also exploring the Baird (Cu-Zn) property in Alaska, where it plans to complete a 2,500 meter drill program in the summer of 2012.
About Mining in Montana
Montana has been a mining state for a well over 100 years. Today, more than two dozen mining operations are active making mining a cornerstone contributor to the State's Gross Domestic Product (GDP). Tintina has met with State regulators and looks forward to presenting the Black Butte Copper project as an underground mine with a small footprint located on private land. The project continues to benefit from broad local community support.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, CA, Executive Vice-Chairman & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Company's Black Butte Copper Project, the results of such exploration, including the potential for additional resources on the project, mineral resource estimates, the completion of a Preliminary Economic Assessment and an underground exploration proposal and the filing of a technical report constitutes "forward-looking statements" and "forward-looking information" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation, respectively. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company's exploration activities on the Black Butte Copper Project will not be affected by actions of environmental activists or other special interest groups, that actual results of exploration activities are consistent with management's expectations and, with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Tintina Resource's operation as a mineral exploration company and the Black Butte Copper Project property that may cause future results to differ materially from those expressed or implied in such forward-looking statements.
Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with Tintina Resource's exploration activities by environmental activists or other special interest groups, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather, that mineral resources are not as estimated and unexpected variations in mineral resources, grade or recovery rates. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Tintina Resources does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, 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 release.
Contacts:
Tintina Resources Inc.
Philippe Van Nieuwenhuyse
Investor Relations
Phone: 604-628-1162
(604) 628-1163 (FAX)
philvann@tintinaresources.com
www.tintinaresources.com
Tintina Resources Inc.
Karen Nestoruk
Executive Assistant
Phone: 604-628-1162
(604)-628-1163 (FAX)
knestoruk@tintinaresources.com
www.tintinaresources.com