Tirex Resources Project Update
10 Mayo 2011 - 7:00AM
Marketwired
Tirex Resources Ltd. (TSX VENTURE: TXX) -
-- assay results from South Gurthi No. 2 expand copper and gold rich
deposit area
-- bulk sampling of multiple deposit areas for Mineralogical and
Metallurgical testing underway
-- technical team assessing underground workings at deposits targeted for
initial production
Tirex Resources is pleased to provide an update on progress at
its Mirdita VMS project located in Albania. Tirex plans to commence
near term copper and gold production at Mirdita in addition to
continuing intense district-scale exploration targeting
discovery.
Deposit Assessment
Under a recently signed MOU, Tirex and a private Turkish company
are forming a joint operating company for production purposes. The
Turkish company will provide the funding and mine operating team to
the operations and Tirex will contribute 6 of the company's 17
known historical deposit areas in the Mirdita District (see Tirex
News Release 2011-03-23 for production related details). Members of
the Tirex technical team have recently been underground at various
deposits within the Mirdita District, evaluating the quality of
adits, portals and underground workings for production planning
purposes. The team is sampling these deposit areas to assess the
viability of zinc production in addition to the initial gold and
copper production profile that is now targeted.
Current onsite assessment work is taking place at Fushe Arres,
Tuc, and Qaf Bari. While Tirex has not drilled these areas, the
deposits are of significant interest due to past historical work
and the existence of underground mine workings. According to early
1970's resource estimates by the Albanian Geological Survey
("AGS"), the deposits at Fushe Arres totals 1,115,600 tons of 1.04%
Cu, within which is a 267,000 tons zone near surface of 2.77% Cu,
Qaf Bari totals 445,700 tons of 2.07% Cu and Tuc totals 2,072,000
tons of 1.537% Cu. It is the belief of the Tirex technical team
that all of these deposit areas have room for significant
expansion. Tirex plans to test various deposit expansion
opportunities by targeting favourable horizons by drilling from
underground drill locations. While the extent of gold, silver and
zinc mineralization (present in all of the historic areas drilled
by Tirex to date) is unknown at Fushe Arres, Qaf Bari and Tuc,
these areas are highly prospective for precious metal
enrichment.
The historical AGS calculations classify the deposit resources
as a combination of C1 & C2 categories based on the Russian
resource reporting system and roughly equivalent to the NI 43-101
inferred and indicated categories. However, these historical
resources are not compliant with National Instrument 43-101 and
should not be relied upon. Tirex is not treating the historical
estimates as current mineral resources or reserves but considers
them important as a guide for future work in the District. In
addition to Fushe Arres, Tuc and Qaf Bari, Tirex will also evaluate
near term production potential at Koshaj, South Gurthi No. 1 and
No. 2 and Letitna.
South Gurthi No. 2 Deposit Area
Tirex Resources is pleased to report that drill results from
South Gurthi No. 2 in the Mirdita District have expanded the
deposit which remains open to the south and to the southwest.
Assays have been received from a total of six holes. The holes were
drilled ranging in depth from 176 to 215 metre. Thirteen holes had
previously been drilled by Tirex Resources, with multiple long
intercepts of high grade copper, gold and silver reported. Three of
the six holes were vertical while the other three holes were angled
at -77 to -82 degrees to the east. Results are listed below and a
drill hole location map can be found at www.tirexresources.com.
Assays
Hole No. Interval (m) Intersection (m) Cu (%) Zn (%) Ag (g/t) Au (g/t)
----------------------------------------------------------------------------
MR10-66 no significant results
MR10-67 103.28-132.50 2.22 3.58 1.81 12.74 1.34
Including 130.28-130.93 0.65 11.55 6.18 42.20 4.33
MR10-68 no significant results
MR10-69 102.28-106.28 4.00 2.12 0.03 1.00 0.92
MR10-70 119.07-119.75 0.63 1.57 0.86 14.90 0.96
Metallurgical Work
Metallurgical samples continue to be collected from Tirex
deposits located within the Mirdita Mining District. The samples
will form the basis for ongoing Mineralogical and Metallurgical
work as Tirex continues to advance towards near term
production.
Exploration
In addition to the current focus on fast tracking Tirex into
copper and gold production in a non-dilutive and cost effective
manner, Tirex has been refining exploration targets in preparation
for exploration drilling. A focus of exploration in 2011 will be
the Qaf Bari South area. Geological mapping and rock sampling has
identified potential lithological and lithogeochemical targets for
precious metal-rich volcanogenic massive sulphide mineralization.
As well, ground IP geophysics has identified a significant
chargeability anomaly to the north of the producing Munelle Mine
deposit. Three holes drilled during the 2010 drilling campaign were
angled at varying orientations and dips on 3 sections over a strike
length of approximately 1.35 kilometers. Results of the 2010
drilling confirm the presence of base metal and precious metal
mineralization within wide envelopes of strong hydrothermal
alteration in the Qaf Bari South Area (see Tirex News Release dated
2011-01-10). These 2010 drill holes will be followed up with
additional drill testing and the use of borehole electromagnetic
geophysics to further vector in on target areas.
John Nicholson, P.Geo., Mirdita Project Manager and a Qualified
Person under the meaning of Canadian National Instrument 43-101, is
responsible for the technical content of this news release.
Further details on the company and the Mirdita Project can be
found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
Forward-Looking Statements: This Tirex News Release may contain
certain "forward-looking" statements and information relating to
Tirex. Such statements include but are not limited to statements
about the MOU, the production arrangement and the intention to
conclude a definitive agreement. Often forward-looking statements
or information include words such as "plans", expects", "intends",
"anticipates", "estimates" "forecasts", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or will be taken occur or be
achieved. Although forward-looking statements and information
contained in this release are based on the beliefs of Tirex
management, which we consider to be reasonable, as well as
assumptions made by and information currently available to Tirex
management, there is no assurance that the forward-looking
statement or information will prove to be accurate. The assumptions
made include assumptions about Tirex's ability to move forward with
the MOU and the production arrangement and conclude a definitive
agreement. The forward-looking statements and information contained
in this release are subject to current risks, uncertainties and
assumptions related to certain factors including, without
limitations, the risks related to negotiating and concluding a
definitive agreement and obtaining all necessary approvals,
exploration and development risks, expenditure and financing
requirements, title matters, operating hazards, metal prices,
political and economic factors, competitive factors, general
economic conditions, relationships with vendors and strategic
partners, governmental regulation and supervision, seasonality,
technological change, industry practices, and one-time events as
well as risks, uncertainties and other factors discussed in our
quarterly and annual management's discussion and analysis. Should
any one or more of these risks or uncertainties materialize or
change, or should any underlying assumptions prove incorrect,
actual results and forward-looking statements and information may
vary materially from those described herein. Accordingly, readers
should not place undue reliance on forward-looking statements and
information contained in this release. We undertake no obligation
to update forward-looking statements or information except as
required by law.
"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: Tirex Resources Ltd. Bryan J.R. Slusarchuk CEO and
Director 604-687-7160 or Toll Free: 1-877-687-7160 604-687-7165
(FAX) info@TirexResources.com www.TirexResources.com
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