TNR Gold Corp.
TSX VENTURE : TNR
March 12, 2008 17:07 ET
TNR Files NI 43-101 Report on its Shotgun Project on SEDAR/Eureka Project Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2008) - TNR Gold Corp. ("TNR") (TSX VENTURE:TNR) has filed a Canadian National Instrument 43-101-compliant report on SEDAR on its Shotgun project, a gold prospect, located in the state of Alaska in the USA.
This report was written by John Harrop, P.Geo, and summarizes recent work and historic data available on the project and makes recommendations for further exploration.
The detailed technical report is available on SEDAR (www.sedar.com) and TNR encourages the public to review this report.
Since 2003, TNR has followed a strategy on the Shotgun Project aimed at identifying new mineralized zones in addition to Shotgun Ridge. All known prospects in the area were systematically examined and focus was drawn to the most promising targets. The successful discovery of a mineralized zone at Winchester is due to the execution of this strategy. In total, 1,653 metres of drilling in 17 holes has been completed at the Winchester zone. Seven of these holes form a section through Winchester Ridge and results include 23.6 metres grading 1.90 g/t Au (drill width).
Drilling during 2006 at Shotgun Ridge intercepted 210.5 metres grading 1.29 g/t Au. Results from this drill hole were key in enabling TNR staff to identify two steeply dipping feeder zones and structurally reinterpret the Shotgun Ridge zone. Based on this new interpretation the zone appears to be open at depth where previous work had suggested otherwise.
A $3.1M programme has been recommended which includes drilling at both Winchester and Shotgun Ridge in addition to further surface work on the Shot and King prospects.
The Shotgun project is located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in Southwestern Alaska, an area emerging as a world-class gold district hosting more than 40 million ounces of aggregated gold resources. The Shotgun project includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world (See www.novagold.net). The Company believes that there are several key similarities between prospects in the Shotgun area and that of the Donlin Creek gold deposit as well as other intrusion-associated deposits.
TNR has earned a 50% interest from NovaGold Resources Inc. in the Shotgun project.
Previous work at Shotgun Ridge by NovaGold Resources Inc. has estimated a historical resource of 980,000 ounces grading 0.93 gram per tonne (g/t) at a cut-off of 0.5 g/t (National Instrument 43-101 non-compliant resources). The geology and style of mineralization at Shotgun is very similar to the Dome area of the Donlin deposit.
EUREKA PROJECT UPDATE:
On March 31, 2007, TNR entered into an option agreement with Dr. Fabio Montanari ("Montanari"), the option vendor, to acquire a 75% interest in the property. On March 7 2008, Soltera Mining Corp. ("Soltera") announced that Montanari assigned the underlining option agreement on the property to Soltera. TNR consented to the assignment of the agreement and still maintains its option to acquire a 75% interest in the property, now from Soltera. TNR has agreed to expend a total of US$3,000,000 in exploration and option payments before April 20, 2010, with a minimum expenditure of US$500,000 per year.
Exploration work currently being done on the property includes detailed geological mapping, trenching, geochemical sampling and a 3D IP survey. The property contains over 5 km of historic underground workings which are currently being cleaned out, sampled and analyzed for copper, gold and other elements. A 3,000 metre drill program is planned to commence in early May and be completed by late June 2008.
The 10,192.34 hectare Eureka project is located in the northwest corner of Jujuy Province in northern Argentina, near the border with Bolivia. The property is accessible from the provincial capital of San Salvador de Jujuy, approximately 4 hours to the south, and easy access within the property by a series of gravel roads. For further information on the Eureka project please visit our website at www.tnrgold.com.
ABOUT TNR GOLD CORP.
TNR is a base and precious metals exploration company focused on aggressively identifying new prospective projects as well as fostering work on its large portfolio of 16 properties in Argentina and Alaska. The company's focus over the next 12 months is the exploration and development of its Eureka, El Salto and El Tapau properties in Argentina and Shotgun project in Alaska.
This news release has been prepared under the supervision of John Harrop, P.Geo, TNR's qualified person on this news release.
On behalf of the board,
Gary Schellenberg, President
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
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