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Tournigan Adds Uranium Mineralization at Kuriskova and Novoveska
Huta
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Tournigan Energy Ltd. (TVC:TSX-V; TGP:Frankfurt) announced today the
results of eight
Diamond drill holes at its Kuriskova deposit and one
step-out
Diamond drill hole at its Novoveska Huta uranium deposit, both
located in eastern Slovakia. Highlights of this news release include
the following:
- Infill drilling at Kuriskova confirmed the presence of high grade
uranium mineralization.
- Significant drill hole intersections include:
LH-K-8A: 2.3 metres at 0.809 % eU3O8 (including 1.3m @1.121 % eU3O8)
LH-K-9A: 1.4 metres at 0.776 % eU3O8 (including 0.7m @ 1.447 % eU3O8)
LH-K-9C: 1.7 metres at 0.549 % eU3O8 (including 0.7 m @ 1.065 % eU3O8)
- Mineralization was added at depth at Kuriskova
- Mineralization at Novoveska Huta was extended 100 metres further east by
drill hole LH-NH-12:
LH-NH-12: 24 metres at 0.106 % eU3O8 (including 17.6 m @ 0.131 % eU3O8)
- Drilling continues at Kuriskova and Novoveska Huta
- Tournigan adds to exploration team
Kuriskova
The eight infill drill holes at Kuriskova include seven holes drilled
within the higher grade areas of the main zone at depths of between 383
metres and 503 metres and one deep hole, drilled to a depth of 741
metres, which adds uranium mineralization at depth at Kuriskova. The
holes announced today were drilled after the previously disclosed
resource estimate released July 16, 2008. Results from the downhole
radiometric logging are as follows:
Kuriskova Uranium Deposit, Slovakia
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Hole Intersection From To Length %eU3O8
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KG-J-29B I 713.7 721.4 7.7 0.115
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LH-K-5A I 463.5 468.8 5.3 0.102
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including 468.2 468.7 0.5 0.362
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II 473 477 4 0.094
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III 481.3 482.2 0.9 0.256
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including 481.7 482.2 0.5 0.403
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LH-K-6A I 448.4 453.3 4.9 0.253
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including 450.2 451.3 1.1 0.601
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including 452.8 453.2 0.4 0.728
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II 457 457.5 0.5 0.155
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LH-K-8A I 351.8 355 3.2 0.063
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II 357.6 358.6 1 0.087
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III 361.6 363.9 2.3 0.809
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including 362.4 363.7 1.3 1.121
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LH-K-8B I 363.9 365.7 1.8 0.494
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LH-K-9A I 435.4 436.8 1.4 0.776
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including 435.9 436.6 0.7 1.447
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II 439.3 439.9 0.6 0.511
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LH-K-9B I 342.5 343.7 1.2 0.199
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II 344.9 345.8 0.9 0.225
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LH-K-9C I 376.5 378.2 1.7 0.549
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including 376.6 377.3 0.7 1.065
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"The results from our recent infill drilling demonstrate the continuity
and robust nature of the Kuriskova mineralization," said Dorian L.
(Dusty) Nicol, Tournigan's President and CEO. "We plan to continue our
drilling program during the rest of the year with the objective of
upgrading a significantly larger portion of the Kuriskova resource to
the indicated category as well as adding uranium resources at depth."
A longitudinal projection showing drill locations with results can be
viewed from this link:
http://www.tournigan.com/i/pdf/20080910KuriskovaResourceLP.pdf.
A NI 43-101 estimate, announced July 16, 2008 and prepared by SRK
Consulting (U.S.) Inc., upgraded a portion of the Kuriskova deposit to
the indicated category at higher grade than previously estimated. The
estimate includes an indicated resource of 6.6 million pounds of U3O8
contained in 685,000 tonnes grading 0.435% U3O8 and an inferred resource
of 30.1 million pounds of U3O8 contained in 4.56 million tonnes grading
0.299% U3O8, using a cut-off of 0.05%.
Novoveska Huta
At the Novoveska Huta deposit, Tournigan today released the results of
one step-out hole, LH-NH-12, drilled to a depth of 785 metres. The
hole was drilled 166 metres east of previously disclosed hole LH-NH-11.
Results from the downhole radiometric logging of hole LH-NH-12 are as
follows:
Novoveska Huta Uranium Deposit, Slovakia
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Hole Intersection From To Length % eU3O8
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I* 690.2 696.4 6.2 0.157
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LH-NH-12 II* 755.8 779.8 24 0.106
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including 755.8 773.4 17.6 0.131
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A plan map showing drill locations at Novoveska Huta can be viewed from
this link: http://www.tournigan.com/i/maps/TVC-NVH-Plan_20080910.gif
"This step-out hole shows that mineralization at Novoveska Huta extends
along strike to the east", Nicol said. "We're following up with
additional step-out holes to test the extension even further east. Our
goal is to complete a 43-101 and CIM compliant resource by the end of
the year that confirms and potentially improves on the historical
resource; we expect the new resource to be not only larger but also
higher grade than the historical resource estimate."
The uranium grades referred to above are reported as equivalent uranium
(eU3O8) as determined by downhole radiometric logging equipment. The
logging was performed by Koral, s.r.o. of Slovakia. Quality control and
quality assurance is being provided by Ravi Sharma, Tournigan's Manager
Resources and Reserves.
A historical (not NI 43-101 compliant) P & Z3* resource estimate
prepared by former operator Uranpres in 2005 reported 19,970,000 pounds
of uranium contained in 12 million tonnes at an average grade of 0.075%
U3O8 (cutoff grade 0.015% U308) at Novoveska Huta.
Ravi Sharma, MAusIMM, Tournigan's Manager, Resources and Reserves, and
a Qualified Person as defined by NI 43-101, has reviewed and approved
the technical disclosure contained in this news release.
New Appointments
Tournigan Energy also announced today the appointments of Mr. Rich
Eliason as Chief Geologist and Mr. Ravi Sharma as its full-time
Manager, Resources and Reserves. Mr. Sharma had previously filled this
role for Tournigan as a consultant.
Mr. Eliason has 25 years of experience in exploration and mining
geology. He has spent the past 15 years working in the exploration and
production departments at the Jerritt Canyon Mine in Nevada and at the
Ketza River Mine in the Yukon Territory. He was a significant
contributor to the discovery of over one million ounces of gold in the
Jerritt Canyon District where he was Chief Mine Geologist. Mr. Eliason
held the position of Exploration Manager, Yukon until his recent
employment with Tournigan Energy Ltd. He is a qualified person for NI
43-101 reporting purposes and is a fellow of the Society of Economic
Geologists.
Mr. Sharma has over 19 years experience as a mining and exploration
geologist. Prior to joining Tournigan he worked as Chief Mine Geologist
for Barrick Gold Corporation's Bulyanhulu Mine in Tanzania where he was
responsible for mine geology and near mine exploration. He held the
position of Chief Mine Geologist for Vedanta Resources, Zod Gold Mines
in Armenia. Mr. Sharma is a member of AusIMM and a qualified person for
NI 43-101 reporting purposes.
"The appointments of Rich and Ravi to these positions reflect
Tournigan's renewed commitment to exploration," said Tournigan
President and CEO, Dorian L. (Dusty) Nicol. "They are both proven
orefinders and their contributions will be invaluable to Tournigan's
ongoing programs to grow its existing deposits and discover new ones.
I am delighted to welcome both of them on board."
About Tournigan Energy Ltd.
Tournigan is a uranium and gold exploration and development company
that has built a portfolio of highly prospective assets in Europe and
North America. The company has focused its development and obtained
licences in Slovakia, a member of the European Union since 2004.
Slovakia is economically and politically stable, has excellent
infrastructure and an educated population. Tournigan is committed to
safe and sustainable exploration and mine development in Slovakia and
its other operational jurisdictions.
On behalf of the Board of Directors of
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
* The Company has reviewed the above historical resource estimates and
views them relevant. The Company believes that the historical resource
estimates are reliable based on the historic exploitation of Slovak
deposits in general and metallurgical test records acquired with the
Company's deposits in particular. The above Slovak Resource Category is
a combination of P and Z-3, which is roughly analogous to the Canadian
Institute of Mining, Metallurgy and Petroleum's definition for Inferred
Resources. The Company has not, however, done the work necessary to
verify the classification of the resources and the resources are not
classified according to CIM's Standards on Mineral Resources and
Reserves Definitions. Investors are cautioned not to rely upon these
estimates. Uranium metal (U) grades were converted to uranium oxide
(U3O8) grades using a factor of 1.17924.
Forward-looking statements: Certain of the statements made herein,
including any information as to the Corporation's future financial or
operating performance, may be forward-looking and subject to important
risk factors and uncertainties, many of which are beyond the
Corporation's ability to control or predict. Accordingly, readers
should not place undue reliance on forward-looking statements. The
Corporation undertakes no obligation to update publicly or release any
revisions to forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events.
Cautionary Note to U.S. Investors -- The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. We use certain terms
in this news release, such as "measured", "indicated", and "inferred"
"resources", which the SEC guidelines strictly prohibit U.S. registered
companies from including in their filings with the SEC. U.S. investors
are urged to consider closely the disclosure in our Form 40-F which may
be secured from us, or from the SEC's website at
http://www.sec.gov/edgar.shtml
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For further information please contact:
Knox Henderson, Tournigan Investor Relations, at (604) 637-3563, or
visit www.tournigan.com.
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Copyright (c) 2008 TOURNIGAN ENERGY LTD. (TSXV-TVC) All rights
reserved. For more information visit our website at
http://www.tournigan.com/ or send mailto:info@tournigan.com
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