Tirex Resources (TXX.V) - assays from latest drill holes supports our best-case
valuation
COMMENT ON RECENT EVENT
Reason for comment
Tirex received assays from a second and third
drill hole on its Mirdita project deposit in northern Albania. The
holes are testing mineralization at the Koshaj deposit, one of several
known occurrences on the large project.
The second drill hole produced mineralisation
over a true width of approximately 30 metres. Assays averaged 1.1
percent copper, 6.7 percent zinc and 0.1 percent lead, with 1.6 grams
of gold and 17.7 grams of silver per tonne.
The third hole intersected mineralization over
a true width of approximately 12 metres. The interval averaged 0.5
percent copper, 4.4 percent zinc, 0.6 percent lead, with 1.7 grams of
gold and 44.5 grams of silver per tonne. A fault zone that cuts across
this hole may account for the reduced width.
OUR VIEW
Tirex encountered a substantial zone in its
first hole at Koshaj. That test averaged 0.6 percent copper, 9.0
percent zinc and 0.3 percent lead over 65.0 metres, with 48.4 grams of
silver and 2.7 grams of gold per tonne.
Notably, higher-grade intervals exist near the
base of all three of the drill holes. The first test contained a
27.5-metre interval at the bottom of the mineralisation that averaged
0.8 percent copper, 12.5 percent zinc and 0.1 percent lead, with 13.0
grams of silver and 2.2 grams of gold per tonne.
The second drill hole averaged 1.2 percent
copper, 11.4 percent zinc, 0.1 percent lead, with 2.0 grams of gold and
15.2 grams of silver per tonne over an approximate true width of about
seven metres at the base of the zone. A narrower zone at the base of
the third hole averaged 2.9 percent copper, 14.5 percent zinc, 0.8
percent lead, with 4.2 grams of gold and 107.4 grams of silver per
tonne.
Tirex has completed several more holes into
Koshaj and although assays are still pending, the mineralised rock has
been encountered over significant intervals. The company is continuing
its drilling at Mirdita and is currently operating two rigs. We
continue to view these results as supportive of our optimistic valuation
of Tirex and its Mirdita project.
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