Tigray Extends VMS Mineralization at Harvest
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/12/12 -- Tigray Resources Inc. (TSX VENTURE: TIG) ("Tigray" or the "Company") is pleased to report diamond drill results for six new holes at the Terakimti and Mayshehagne volcanogenic massive sulfide (VMS) copper-gold discoveries on the Company's Harvest project in northern Ethiopia.
Highlights
-- Three new holes at Terakimti have extended the Northern Lode an
additional 40 metres northeast. The Northern and Central lodes both
remain open at depth.
-- Three new holes at Mayshehagne have extended mineralization an
additional 40 metres along strike and an additional 100 metres down
plunge. Mayshehagne also remains open at depth.
Highlight Drill Results
-- Hole TD060 - 8.3 metres of 1.32% copper, 0.45 grams per tonne gold, 19
grams per tonne silver and 2.41% zinc from 99.15 metres
-- Hole HD010 - 3.7 metres of 1.79% copper, 2.07 grams per tonne gold, 13
grams per tonne silver and 3.01% zinc from 89.55 metres
At Terakimti the holes were drilled to test the northeastern extent of the mineralized system and have extended the Northern Lode an additional 40 metres northeast. The Terakimti prospect has been drill tested along a 600 metre strike length. Additional mineralization delineation is planned to the northeast, where the mineralized zones identified plunge to depth.
At Mayshehagne the holes were drilled along strike and down plunge of the discovery hole (hole HD001), which intersected 20.7 metres grading 4.97% copper, 1.1 grams per tonne gold, 31 grams per tonne silver and 8.24% zinc (refer to the Company's news release dated March 12, 2012). Mayshehagne is 3.3 kilometres south of the Terakimti VMS discovery on a separate VMS trend and has now been drilled on four sections over 160 metres of strike to test a strong late-time electromagnetic conductor and down dip extension of surface gossan mineralization (refer to the Company's news release dated January 25, 2012). Mayshehagne remains open down plunge and down dip to the northeast, and alteration and the volume of disseminated and stringer-style sulfide is increasing to the northeast.
Highlight results from Terakimti
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Mineral-
Hole From To Interval Copper Gold Silver Zinc ization
(1) (m) (m) (m) (%) (g/t) (g/t) (%) Type
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TD060 Primary
99.15 107.45 8.30 1.32 0.45 19 2.41 Sulfide
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including 104.90 107.45 2.55 3.25 1.05 47 4.6
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Highlight results from Mayshehagne
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Mineral-
Hole From To Interval Copper Gold Silver Zinc ization
(1) (m) (m) (m) (%) (g/t) (g/t) (%) Type
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HD010 Primary
89.55 93.25 3.7 1.79 2.07 13 3.01 Sulfide
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99 99.8 0.8 1.96 0.48 21 5.94
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(1) Mineralized true thicknesses are 60-90% of stated thicknesses.
Additional planned exploration at the Harvest project will include the continued down dip and down plunge extension assessment and testing at Terakimti and Mayshehagne, and follow-up testing of targets developed from ground exploration. Of particular emphasis will be the testing of targets developed from the recently completed VTEM survey over the property.
Click here: http://media3.marketwire.com/docs/tigray0712.pdf for maps, long sections, and a complete updated list of drill hole intercepts.
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 R200-1000package). 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.
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
