VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Tigray Resources Inc. (TSX VENTURE: TIG) ("Tigray" or the "Company") provides an update on exploration activities at its Harvest and Adyabo projects in northern Ethiopia.
Updated surface targets include VTEM09 at Harvest and Mato Bula and Da Tambuk at Adyabo. Da Tambuk is an emerging gold target four kilometres northeast of Mato Bula. The proposed program includes 1,750 metres of drilling in nine diamond drill holes, with diamond drilling commencing in the near future. A diamond drill rig has been contracted and is currently being mobilized to site for testing advanced targets at both Harvest and Adyabo, including VTEM09 and Mato Bula.
Assays from continuous channel sampling of 40-metre spaced trenches across the VTEM09 airborne electromagnetic (EM) anomaly on the Harvest project have yielded the following gold bearing intercepts, from northeast to southwest:
-- Trench 02(1) - 10 metres at 3.85 grams per tonne gold, 26 grams per tonne silver, 0.84% copper and 0.67% lead, including 5 metres at 7.27 grams per tonne gold, 45 grams per tonne silver, 0.65% copper and 1.14% lead. This intercept is within a broad copper-rich zone averaging 74.85 metres at 0.43% copper.-- Trench 03(1) - 2 metres at 9.58 grams per tonne gold, 161 grams per tonne silver, 0.21% copper and 0.78% lead
(1) True thickness estimated to be 70-80% of stated thickness.
The VTEM09 airborne EM anomaly is located on the Terakimti concession approximately five kilometres east-northeast of Terakimti, and comprises a strong bedrock conductor over 200 metres in strike length hosting several malachite-rich gossan outcrops (refer to Tigray's news release dated October 16, 2012). Four trenches (up to 1.5 metres deep and 103 metres long) were completed over 160 metres of strike length in late 2012. Additional trench results await re-assay confirmation. Several sections of diamond drill holes have been planned to test the VTEM anomaly and gold-bearing gossans.
Previous grab and channel sampling in the artisanal bedrock workings at Mato Bula on the Adyabo project have defined a gold target approximately 350 metres long within the overall target zone of 2.1 kilometre strike length (refer to Tigray's news release dated October 16, 2012), with the main bedrock working focused on an interpreted high-grade gold zone called the Central Lode. A total of 12 exploration trenches 1.0 to 1.5 metres deep were completed in August-September 2012 for a total of 654 metres to test along strike and stratigraphically above and below the Central Lode of the main workings in areas of poor outcrop. Three gold-bearing lode horizons have now been identified over 90 metres in width, including the Central Lode (main gold workings are focused on this), the Upper Lode, which is 20 to 33 metres west of the Central Lode, and the Lower Lode, which is 50 metres east of the main workings.
Results include, from southwest to northeast:
-- Trench 03(2) - 10 metres at 1.68 grams per tonne gold from the Upper Lode and 8 metres at 1.23 grams per tonne gold from the Central Lode (110 metres west-southwest of the main gold workings);-- Trench 06(2) - 20 metres at 0.66 grams per tonne gold from the Upper Lode and 11 metres at 1.19 grams per tonne gold from the Central Lode (west-southwest end of main gold workings);-- Trench 02(2) - 10 metres at 1.94 grams per tonne gold (Upper Lode) 27 metres west of the main stope in the Central Lode;-- Trench 01(2) - 1 metre at 2.81 grams per tonne gold (edge of Central Lode open into stopes to east);-- Trench 07(2) - 51 metres east of Central Lode - 11 metres at 3.31 grams per tonne gold in the Lower Lode, and-- Trench 12(2) - 7 metres at 0.7 grams per tonne gold in Lower Lode.
(2) True thickness estimated to be 80-90% of stated thickness.
Significant copper was intersected at Mato Bula North, where trench 08 intersected nine metres at 0.87% copper including two metres at 1.83% copper, remaining open to the west.
A new gold soil anomaly has been located on the Adyabo prospect, approximately four kilometres north-northeast along strike of Mato Bula. The anomaly comprises a one kilometre long by approximately 100 metre wide high-order (greater than 100 parts per billion gold) soil gold signature, with a peak soil value of greater than 5,000 parts per billion gold (five grams per tonne gold) and eight samples grading greater than 0.5 grams per tonne gold in soil. Numerous zones of silicic alteration and sulfide mineralization are associated with the target. Associated anomalous elements in soil sampling include silver (peak value of 3.45 parts per million silver), several greater than 0.25 grams per tonne silver values, and lower-order lead and molybdenum anomalies.
Rock chip results from 15 grab samples over 1.4 kilometres in strike length over Da Tambuk include peak results of 2.61 grams per tonne gold and 0.63 grams per tonne gold, with weakly elevated lead (peak of 0.21% lead) and copper (peak of 650 parts per million copper). Da Tambuk will be trenched for continuous rock chip sampling and mapped in detail.
Results from final four diamond drill holes at Terakimti at Harvest have been received for drilling completed to test northern and infill depth extensions. No significant mineralization was encountered. A table listing all of the drill intersections from the Phase 1 program, including the four recently received results can be viewed on the Company's website at www.tigray.ca.
A total of 100 holes totalling 19,800 metres were completed on the Terakimti, Adi Angoda and Mayshehagne prospects on the Harvest project. Additional drilling is proposed in 2013 to explore the depth extensions to these prospects, and test newly-defined VMS targets developed from the VTEM survey. Downhole EM will be completed at Terakimti and Mayshehagne to aid in further deep drill targeting.
Click here for maps, long sections, and a complete updated list of drill hole intercepts: http://media3.marketwire.com/docs/TigDoc124.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 and trench rock 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 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 623 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.
Tigray Resources Inc.
Director Investor Relations