June 18, 2010
Tirex Exploration Update
- 2 holes of recently initiated drill program complete
- Assays received on Drill Hole MR10-58
- Hole MR10-59 intersects mineralization in new area of
property, assays pending
Vancouver, BC - Tirex Resources Ltd. (TSX-V:TXX) - Tirex Resources is pleased to
provide an update on the company's drill program at the Mirdita VMS District located in Albania.
Drill holes MR10-58 and
MR10-59, located 1.7km apart, both intersected mineralization in new
areas of the property. MR10-58, drilled in the Lisi
Pass East target area, intersected 21m of highly silicified breccias
with local disseminated sphalerite. The hole
penetrated a thick m�lange unit (313m) that prevented most previous
drilling from testing the favourable volcanic sequence. Assays received
from this hole, include 2.1m of 0.4 g/t gold.
Drill hole MR10-59 was a
pure exploration hole drilled in the Bari Pass South area of the
property. The hole was drilled to a depth of 623m. This was the first
hole in an area of significant interest to Tirex,
located beyond previous drilling. The area has been identified by Tirex as highly prospective through extensive
fieldwork. In 2008 and 2009, geological mapping and geochemical rock
sampling revealed an abundance of altered and chemically distinctive felsic volcanic rocks, gossans and iron formation that
are commonly associated with sulphide mineralization in other VMS
mining districts. Significant exploration related features include the
recognition of multiple felsic volcanic
centres, an abundance of felsic volcanic
rocks with the same chemical affinity as those associated with the high
grade-deposits in the Letitna to Koshaj corridor to the south and the overprinting
of felsic volcanic centres and flanking
volcanic rocks by moderate to intense hydrothermal alteration. This felsic-dominated terrain is up to 500 meters thick
and has a north-south strike length of approximately 2.0 kilometres. These
lithological features and the temporal
relationships between volcanism and alteration that have been
identified in the South Bari Pass area are similar to other VMS
districts that host major precious metal bearing copper-zinc deposits
elsewhere.
Drill hole MR10-59
intersected a thick felsic unit with
scattered disseminated sphalerite and pyrite.
Assays are pending. The hole has been left open with plans to probe it
with a borehole geophysical system. Additionally, the core will be
analysed for whole rock elements which in combination with the borehole
survey, will allow Tirex to plan additional
drilling to vector in on any potential nearby mineral deposits.
20,000
Metres Drilled To Date by Tirex at Mirdita
Since
the company's arrival in Albania, Tirex has
completed approximately 20,000 metres of core drilling at Mirdita in 64 holes. Tirex
drill holes at Mirdita in the areas Koshaj, South Gurthi and Letitna intersected wide zones of robust and
precious metal rich VMS mineralization. Tirex
has recently engaged an independent Canadian Consultant to model those
deposits and to make recommendations on future drilling required to
define these deposits according to National Instrument 43-101 reporting
standards. Additional to this advanced stage work, Tirex
has conducted significant regional exploration including more than
2,520 line kilometres of airborne EM and magnetic geophysics, more than
150 km of Induced Polarization geophysics and more than 60km of ground
Electromagnetic surveys. More than 600 rock and core samples have been
subjected to regional rock geochemistry and whole rock element
analyses, and more than 18 months of detailed geological and structural
mapping has been completed. Armed with data from this extensive
exploration, Tirex is now conducting a
two-fold program of advancing known deposits such as Koshaj, South Gurthi and Letitna towards NI43-101 compliant deposit
definition and potential production while concurrently conducting pure
exploration with discovery potential.
Tirex currently has EUR 2 million (approximately $2,600,000) undrawn
under the terms of its facility with the European Bank for
Reconstruction and Development ("EBRD"). The
company must raise cumulative matching equity prior to making the draw
and has cumulatively raised approximately $1,900,000 towards this next
draw in previous financings. Therefore, the company must raise
approximately $700,000 in additional equity and then will be qualified
to draw down the next $2,600,000 funding tranche from the EBRD (see Tirex News Release, October 8th
, 2008 for full details on this facility).
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 including a
location map for the reported drill holes 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 that are
based on the beliefs of Tirex management, as
well as assumptions made by and information currently available to Tirex management. Such statements reflect the
current risks, uncertainties and assumptions related to certain factors
including, without limitations, 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. 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 may vary
materially from those described herein.
"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."
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