Tirex Resources (TXX:TSXv) - aggressive drill programme continues. Results support our optimistic valuation.
Comment by Objective Capital, July 16th, 2008
Tirex continues its aggressive drill programme on its Mirdita project in northern Albania. The company has assays from five new holes into the Koshaj deposit, with encouraging assays from three. As well, the company has commenced drilling on a second deposit, Gurthi Central.
Drill hole MR08-04 yielded 0.23 percent copper, 3.18 percent zinc and 0.09 percent lead over an estimated width of 35.9 metres. The interval also contained 1.0 grams of gold and 13.9 grams of silver per tonne. Included within the zone was a 21-metre interval with 0.32 percent copper, 4.64 percent zinc and 0.02 percent lead, with 1.0 gram of gold and 5.1 grams of silver per tonne.
Drill hole MR08-06 yielded 0.60 percent copper, 3.43 percent zinc and 0.22 percent lead over an 18.9-metre width, with 1.1 grams of gold and 20.2 grams of silver per tonne. This hole included a 5.6-metre interval with 1.7 percent copper, 672 percent zinc and 0.02 percent lead, with 1.1 grams of gold and 7.2 grams of silver per tonne.
Hole MR08-07 produced a 22.2-metre width grading 0.29 percent copper, 1.70 percent zinc and 0.10 percent lead, with 0.6 gram of gold and 10.1 grams of silver per tonne.
Tirex drilled holes MR08-08 and MR08-09 were fifty metres north of the section containing the first five holes. These tests intersected wide zones of pyrite-silica alteration, with low base metal values.
The company has concluded the first phase of drilling at Koshaj. It will not model the results obtained to set targets for a second phase of drilling.
Tirex has commenced drilling of Gurthi Central, which contains two deposits both open to expansion. The company targeted a volcanogenic massive sulphide zone about 100 metres down-dip from an old mine on the No. 1 deposit for its first hole. The company is now systematically testing the full extent of both the No.1 and No. 2 deposits.
Objective's view:
We believe the latest assays add further encouragement to the potential of the Koshaj deposit, both for base and precious metals. As well, the company's commencement of drilling at Gurthi Central could demonstrate the potential of several other deposits on the Mirdita property to support further exploration and development. We continue to view the results of Tirex's programme as supportive of our optimistic valuation for the company as set out in our initiation note of November, 2008.
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