Tigray Drills 6.1 Metres of 27.2 Grams Per Tonne Gold and 13.9 Metres of 1.9% Copper, 18 Grams Per Tonne Silver and 3.6% Zinc at Terakimti Prospect, Ethiopia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/12 -- Tigray Resources Inc. (TSX VENTURE: TIG) ("Tigray" or the "Company") is pleased to report diamond drill results for eight new holes in the Northern and Central Lenses at the Terakimti volcanogenic massive sulfide (VMS) copper-gold discovery on the Company's Harvest project in northern Ethiopia. A helicopter VTEM survey (1,500 line kilometres of airborne electromagnetic, magnetic and radiometric survey) was also completed recently, successfully testing 15 kilometres along strike of Terakimti and Mayshehagne, the two VMS prospects drilled so far. The data from the geophysical survey is currently being processed and preliminary targets are being investigated.
Highlights
-- High-grade gold mineralization intersected near surface
-- Continued development of gold grade in primary mineralization along
strike of the mineralized horizon
-- Drilling of the Central Lens highlights continuity with VMS
mineralization intersected in five holes on section over a height of 150
metres. The target remains open down plunge
-- 1,500 line kilometres of helicopter VTEM survey successfully completed
Important New Drill Intercepts
-- Hole TD034 - 29.00 metres of 3.40 grams per tonne gold and 11 grams per
tonne silver from surface, including 8.80 metres of 8.77 grams per tonne
gold and 34 grams per tonne silver from 20.20 metres
-- Hole TD053 - 6.12 metres of 27.17 grams per tonne gold and 13 grams per
tonne silver from 10.88 metres
-- Hole TD056 - 13.90 metres of 1.87% copper, 0.97 grams per tonne gold, 18
grams per tonne silver and 3.55% zinc from 90.45 metres, including 7.48
metres of 2.87% copper, 1.19 grams per tonne gold, 24 grams per tonne
silver and 2.98% zinc from 90.45 metres
-- Hole TD057 - 5.05 metres of 2.97% copper, 2.77 grams per tonne gold, 20
grams per tonne silver and 2.36% zinc from 148.80 metres
The seven drill holes highlighted in this release were focused on the Central Lens and the oxide portion of the Northern Lens (see long section). This drilling has filled a 160 metre gap in the drilling in the centre of the Terakimti VMS discovery and has added to the continuity and volume of the known extent of the Central Lens.
Table 1 - Terakimti Drill Results
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Minerali-
From To Interval Copper Gold Silver Zinc zation
Hole (m) (m) (m) (i) (%) (g/t) (g/t) (%) type
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TD034 0.00 29.00 29.00 0.14 3.40 11 0.08 Oxide
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including 20.20 29.00 8.80 0.29 8.77 34 0.12 Oxide
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TD053 10.88 17.00 6.12 0.19 27.17 13 0.08 Oxide
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TD054 0.00 4.95 4.95 0.11 1.94 0 0.04 Oxide
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27.65 33.05 5.40 2.26 1.72 20 1.46 Supergene
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TD055 98.50 104.65 6.15 1.37 0.29 5 0.30 Primary
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TD056 77.65 80.45 2.8 2.6 1.26 19 3.46 Primary
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90.45 104.35 13.9 1.87 0.97 18 3.55 Primary
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including 90.45 97.93 7.48 2.87 1.19 24 2.98 Primary
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TD057 140.90 143.70 2.8 2.12 3.00 33 0.72 Primary
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148.80 153.85 5.05 2.97 2.77 20 2.36 Primary
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TD058 134.70 136.10 1.40 0.01 1.01 30 9.27 Primary
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144.80 147.45 2.65 0.45 4.33 58 10.00 Primary
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158.95 161.35 2.40 0.06 2.50 33 3.13 Primary
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173.95 188.70 14.75 0.44 0.94 17 0.84 Primary
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including 178.10 181.65 3.55 0.93 2.22 42 2.12 Primary
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(i) Mineralized true thicknesses are 70 to 90% of stated thicknesses
Click here: http://media3.marketwire.com/docs/TIG525_F1-2.pdf for a plan view map and long section. 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 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 the Harvest North properties, which cover 622 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
