VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - Tigray Resources Inc. (TSX VENTURE:TIG) ("Tigray" or the "Company") is pleased to provide an update on exploration activities at its Harvest project in northern Ethiopia, including results from eight additional drill holes.
Exploration activity at Harvest during the seasonal wet period (July to September) has included soil sampling, mapping, rock chip sampling, trenching, and geophysical survey interpretation to advance multiple prospects on the Harvest project to a drill-ready state.
Regional exploration for VMS-style copper-gold-silver-zinc mineralization and orogenic gold mineralization has been ongoing concurrent with diamond drilling, and new gold-silver soil and rock chip results are available for two key prospect areas across the project area:
- VTEM09 prospect (defined during recent airborne VTEM survey);
- Ruwa Ruwa northeast trend - three new zones identified along the Ruwa Ruwa gold trend (Adi Goshu, Lihamat and Hungry Hill.
The VTEM09 target is located on the Terakimti concession approximately five kilometres east-northeast of Terakimti, and was defined during the April 2012 airborne VTEM survey as a strong bedrock conductor on five flight lines over a 200-metre strike length. Reconnaissance mapping defined several gossan and sulfide-rich outcrops coincident with the peak VTEM anomaly, trending northeast with malachite-rich zones and gossanous and sulfide float in a mafic and chlorite sericite schist. The gossans are rich in hematite, jarosite and malachite, with zones of malachite, bornite, galena, and sphalerite mineralisation in the vicinity. A 40 by 40 metre soil sampling program has highlighted a strong copper, lead and zinc anomaly (lesser arsenic and molybdenum) over a 200 metre strike length, with additional lead and copper anomalies approximately 350 metres to the southwest of the main gossan (gold and silver results are pending). Rock chip samples with high-grade copper, lead and silver mineralization (based on Niton handheld XRF results) have been sent to the laboratory for priority assay. Two 80 metre long trenches have recently been completed for continuous channel sampling, highlighting several six metre wide gossanous zones, and thick zones of low-order multi-element base-metal mineralization. All laboratory assay results are pending. Two additional trenches will be completed in the near future, and this target assessed for drilling during the next drill campaign.
The Ruwa Ruwa soil gold anomaly was identified in August 2011, and is located approximately 1.5 kilometres northwest of the Terakimti VMS target. The area of interest displays a strike length of 3.2 kilometres, open both northeast and southwest. Subsequent to the initial phase of exploration, the soil grid has been extended to the northeast and southwest and now covers 5.3 kilometres. Several new zones of bedrock gold mineralization have been identified with extensive artisanal workings to the north of the grid. Gold soil anomalies and bedrock workings have now been highlighted over 8.8 kilometres of strike length, with the most significant new targets emerging in the northeastern end of the trend. These include Adi Goshu, Lihamat and Hungry Hill NW. Follow-up groundwork on these zones has defined the following targets:
Adi Goshu artisanal bedrock gold workings were discovered in early 2012 approximately 4.8 kilometres northeast of Terakimti, and exploration has included soil sampling (475 samples, spaced at 40 by 40 metres), rock chip sampling, mapping and trenching. The artisanal workings include several shafts over 10 metres deep and multiple pits and shallow stopes over a 90 metre strike length. The workings are located within the centre of a semi continuous 700 metres long gold soil anomaly grading over 100 parts per billion gold, and striking approximately 040°.
Rock chip results for 63 grab and channel samples in the vicinity of the workings, including three trenches (TT1, TT2 and TT3) include values of 9.1 grams per tonne gold and 7.4 grams per tonne gold from grab samples. Continuous trench sampling intersected 4 metres at 2.27 grams per tonne gold and 5m @ 2.92 grams per tonne gold (in two different trenches, both open at the end of the trenches). The lack of a silver, copper, lead or zinc anomalism confirms the prospect as an orogenic gold target.
Lihamat is three kilometres northeast of the Terakimti VMS occurrence. Extensive artisanal bedrock workings are present at Lihamat, over a strike length of 225 metres, and multiple lines of workings are present over a maximum of 50 metre width. Numerous pits and shafts range up to 10 metres deep. Visible gold is artisanally mined from numerous 5-40 centimetre wide quartz veins in a coarse grained quartz sericite-kaolin altered quartz-porphyry intrusion. The grade for rock chip samples taken of the mined quartz veins ranges from 0.13 grams per tonne gold to 219.5 grams per tonne gold, with five of six samples assaying above 1.0 grams per tonne gold. Other peak results include 41.9 grams per tonne gold (float sample of sulfidic altered rock) collected 100 metres east of the artisanal workings, 2.38 grams per tonne gold from a rock sample from a spoil heap, and 1.08 grams per tonne gold from a float sample of banded iron formation with pyrite. Results for 40 by 40 metre spaced soil sampling conducted over the prospect are pending.
Hungry Hill was located in 2011 as a 250 by 200 metre area of elluvial gold workings and more recently, artisanal bedrock workings have targeted gold mineralization. Hungry Hill is 1.85 kilometres north-northwest of Terakimti. Fourteen rock chip samples collected at Hungry Hill have yielded an average grade of 1.09 grams per tonne gold, with nine samples over 0.3 grams per tonne gold. Assays range from less than 0.1 grams per tonne gold, to peak values of 7.03 grams per tonne gold and 1.38 grams per tonne gold from sulfidic quartz veins.
Soil sampling was extended to the northeast and a new anomaly has been defined 700 metres east-northeast of Hungry Hill. The anomaly strikes over 420 metres at over 100 parts per billion gold, with six values assaying over 0.5 grams per tonne gold.
Five regional reconnaissance diamond drill holes were completed to test the Adi Angoda volcanagenic massive sulfide (VMS) target on the Nefasit concession, approximately 19 kilometres to the east of Terakimti. The target is defined by anomalous multi-element soil geochemistry, outcropping gossan, and weak electromagnetic and gravity anomalies over a strike length of 1.5 kilometres. Drilling over a 500 metre strike length intersected VMS style mineralization and/or gold mineralization in three of the five holes, with intercepts including:
- 2.8 metres at 3.51 % copper, 2.73 grams per tonne gold, 55 grams per tonne silver and 2.23% zinc from 43.5 metres in hole ND001;
- 4.5 metres at 1.24 grams per tonne gold and 11 grams per tonne silver from 29.55 metres in hole ND004 (interpreted supergene); and
- 2.55 metres at 1.0 grams per tonne gold from 119.55 to 122.1 metres in hole ND005.
At Mayshehagne, hole HD008 was drilled to the southwest and in the footwall of the main VMS shoot. Like drill holes HD001 and HD004, narrow and lower grade VMS mineralization was intersected in the footwall zone in hole HD008, with an intercept of 0.75 metres at 1.2% copper, 0.31grams per tonne gold, 4 grams per tonne gold and 1.22% zinc from 34.3 metres.
Results for additional drill holes at Terakimti include TD0063 and TD064, both with no significant intercepts. Hole TD063 drilled in an interpreted gap between the Central and Northern Lodes, and TD064 drilled below the main plunging Central Lens target (see long section).
A total of 96 holes totalling 18,300 metres have now been completed on the Terakimti, Adi Angoda and Mayshehagne prospects at Harvest. With the establishment of mineralized VMS systems to depth at Terakimti and Mayshehagne, additional drilling is proposed to explore depth extension to these prospects and test newly defined VMS targets developed from the recently completed VTEM survey.
For maps, long sections, and a complete updated list of drill hole intercepts, please visit the following link: http://media3.marketwire.com/docs/tig1016g.pdf.
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. Preliminary base metal soil and rock analyses are carried out by handheld Niton XRF methods. Soil samples were collected using -60 mesh screening, with reference standards included every 30 samples, and replicates included every 10 samples. Soil prep and analyses were conducted at Ultratrace in Perth, Australia, with Aqua Regia digest, and ICPMS finish for gold. 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 R200-1000package). 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.
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 270 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 up to an 80% interest in the Adyabo property covering 595 square kilometres immediately 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.