CORRECTION FROM SOURCE: Tigray Intersects 28.2 Metres at 8.50 Grams per Tonne Gold at Mato Bula, Adyabo Project, Northern Eth...
April 07 2014 - 8:41PM
Marketwired Canada
The following news release replaces the one disseminated at 6:00 AM ET, April
7th, 2014. Correction to drill zone interpretation. Interpretation of Upper Lode
in WMD012 was incorrect. This mineralized zone is interpreted to be the Main
Lode, which is now reflected in the amended and restated news release below.
Tigray Resources Inc. (TSX VENTURE:TIG) ("Tigray" or the "Company") is pleased
to announce diamond drill results from Phase 2 drilling at the Mato Bula
discovery at Adyabo (refer to Tigray's news release dated July 16, 2013 for
Phase 1 drill results). Six additional holes (WMD007 to 012) have been
completed, totalling 1,117 metres. Drilling on 80 metre sections targeted
extensions to mineralization defined during the Phase 1 diamond drilling
campaign (WMD002 to 006). This drilling has extended mineralization to depth
over 150 vertical metres below surface, and to 80 metres extensions at both the
northern and southern extents of existing drill intersections. Eleven diamond
drill holes have now tested the system over a 640 metre strike.
Highlights include;
-- Section 19880N - WMD007 drilled 100 vertical metres down dip of
mineralization intersected in WMD006 (12.28 metres grading 12.25 grams
per tonne gold and 0.30% copper - refer to Tigray's news release dated
July 16, 2013 ) at Silica Hill, and intersected 28.20 metres at 8.50
grams per tonne gold and 0.24 percent copper including 17.55 metres at
13.18 grams per tonne gold and 0.27 percent copper, from 179.75 metres
drill depth.
-- Section 19960N - WMD009 drilled 80 metres grid north of WMD006 and 007,
and intersected 14.87 metres at 4.49 grams per tonne gold and 0.04
percent copper including 7.90 metres at 7.95 grams per tonne gold and
0.05 percent copper, from 164.20 metres drill depth.
-- Section 19400N - WMD012 drilled the depth extension to previous
mineralization at Mato Bula South (WMD004), and intersected 12.98 metres
at 4.40 grams per tonne gold and 0.87 percent copper from 105.62 metres
drill depth.
-- Section 19320N - WMD011 drilled 80 metres south of previous drilling at
Mato Bula South (WMD004), and intersected 13.98 metres at 2.28 grams per
tonne gold and 0.74 percent copper including 5.43 metres at 4.88 grams
per tonne gold and 0.82 percent copper, from 126.25 metres drill depth.
At Silica Hill, Upper Lode mineralization and alteration is now defined to 150
metres vertical depth below surface, remains open at depth, and has been defined
on two sections 80 metres apart. The tenor (gram-metres) of Upper Lode
mineralization and intensity and volume of alteration increases to depth on both
sections. Step out drilling, initially along strike to both the north and south
at Silica Hill, is required to test the near surface potential of this
discovery.
At Mato Bula South, Phase 2 drilling has extended the mineralization at depth
and 80 metres south of previous drilling.
Both Silica Hill and Mato Bula South are part of the Mato Bula Trend, a
mineralized corridor now defined over 8 kilometres in strike length. Gold-copper
mineralization is interpreted to be part of a porphyry style Cu-Au system
containing porphyry-style mineralization, high-grade Au-Cu quartz veins and
possible replacement styles of mineralization.
Other significant targets previously identified along strike include:
-- Mato Bula North approximately 1 kilometre northeast of Mato Bula where a
one hole test into the interpreted carapace of a porphyry intrusion
intersected 17.35 metres grading 1.65% copper and 0.40 grams per tonne
gold from 53.80 metres drill depth (WMD001 - hole abandoned before full
test of drill target) (refer to Tigray's news release dated July 16,
2013); and
-- Da Tambuk approximately 4 kilometres northeast of Mato Bula where a four
hole test yielded best results of 12.00 metres at 17.34 grams per tonne
gold and 0.32 percent copper from 52.75 metres drill depth (refer to
Tigray's news release dated March 11, 2014.
Andrew Lee Smith, President and CEO of Tigray stated, "Our continued success in
identifying new discoveries and robust drill intersections is a testament to the
potential for significant discovery that this region of Ethiopia possesses."
Mato Bula Phase 2 Diamond Drill Intercepts
-------=====================================================================
Gold
grams/
Interval tonne Copper Local
Hole ID From (m) To (m) (m)(1) (2,3) % Zone Azimuth Dip
----------------------------------------------------------------------------
WMD007 Upper/
179.75 207.95 28.20 8.50 0.24 Main 274 -46
----------------------------------------
including 189.25 206.80 17.55 13.18 0.27
----------------------------------------
and
including 195.80 206.80 11.00 19.55 0.35
----------------------------------------------------------------------------
WMD008 Upper/
77.20 105.00 27.80 1.81 0.07 Main 279 -50
----------------------------------------
including 94.60 98.60 4.00 5.75 0.04
----------------------------------------------------------------------------
WMD009 Upper/
164.20 179.07 14.87 4.49 0.04 Main 273 -48
----------------------------------------
including 166.40 174.30 7.90 7.95 0.05
----------------------------------------------------------------------------
WMD010 No Significant Intervals 272 -46
----------------------------------------------------------------------------
WMD011 97.40 101.45 4.05 1.24 0.51 Main 274 -45
-----------------------------------------------
126.25 140.23 13.98 2.28 0.74 Upper
----------------------------------------
including 131.45 136.88 5.43 4.88 0.82
----------------------------------------------------------------------------
WMD012 105.62 118.60 12.98 4.40 0.87 Main 272 -45
----------------------------------------
including 105.62 108.72 3.10 17.08 3.05
-----------------------------------------------
141.40 142.40 1.00 14.60 0.08
============================================================================
(1) True thicknesses are interpreted as 65-90% of stated intervals.
(2) Intervals use a 0.3 g/t cutoff value.
(3) No top cut has been used on assay values.
Click here to view a Map of the Mato Bula Drill Hole Locations
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 and trench 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 (PRP70-1KG package). Analyses are conducted at Acme Laboratories in
Vancouver, Canada, utilizing Aqua Regia digestion and ICP-ES for base metal and
silver analyses. Gold analyses are conducted via Fire Assay Fusion with AA
finish, and gravimetric analyses are completed for over-limit samples. Blanks
and certified reference standards are inserted into the sample stream to monitor
laboratory performance. For core, duplicate samples are inserted into the sample
stream to both monitor laboratory performance and also characterize potential
mineralization.
Qualified Person
Mr. Heidema has reviewed and approved the scientific and technical information
contained in this news release.
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 155 square
kilometres in the Tigray region of Ethiopia, 600 kilometres north-northwest of
the capital city of Addis Ababa. The company has an option to earn an 80%
interest in the Adyabo property covering 418 square kilometres immediately west
of the Harvest project. Tigray's shares trade on the TSX Venture Exchange under
the symbol TIG.
Tigray and East Africa Metals Inc. ("East Africa") (TSX VENTURE:EAM) have
jointly announced that they have entered into a definitive agreement pursuant to
which East Africa has agreed to acquire all of the issued and outstanding common
shares of Tigray (other than the Tigray shares East Africa currently owns). The
transaction will be implemented by way of a statutory Plan of Arrangement under
the Canada Business Corporations Act (refer to Tigray's news release dated
February 24, 2014).
More information on Tigray Resources Inc. can be viewed at the company's website
at www.tigray.ca.
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, including the initial mineral resource for
the Harvest Project; 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, silver, copper and
zinc; the demand for gold, silver, copper and zinc; 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nick Watters, Business Development
604-488-9582
investors@tigray.ca
www.tigray.ca
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