TNR Gold Rejects Third Party Proposal And Provides Los Azules Update TNR.v, MUX
"Kirill Klip, Chairman of TNR commented that: "Although the price being proposed for the Company was materially higher than TNR's current trading price, in our view it fell far short of reflecting the value of the Company and, in particular, the value of the Company's claims in the current Los Azules litigation with Minera Andes Inc."
TNR Gold Update On Exploration Program At Shotgun Gold Project, Alaska / TSX Approves $3.5 Million Loan Agreement TNR.v
In addition to returning 210.5m gold grades averaging 1.29 g/t, including 27.4 m of 2.3 g/t Au, drill hole 06-43 significantly changed the Company's understanding of structural control at Shotgun Ridge and demonstrated that mineralization is still open at depth (Technical Report on the Shotgun-Winchester Project, SW Alaska, 2008).
"Drill hole 06-43 has clearly been the most encouraging hole at Shotgun Ridge. We are optimistic that the current drilling program will continue to increase this mineralized zone at depth which will be reflected in the subsequent resource estimate" comments John Harrop, VP Exploration"
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- September 6, 2012
- Print Pitch
September 06, 2012
TNR GOLD COMPLETES DRILL PROGRAM, CONFIRMS MINERALIZATION MODEL AND EXPANDS TARGET AREA AT THE SHOTGUN GOLD PROJECT IN ALASKA
Vancouver B.C.: TNR Gold Corp. (the "Company") is pleased to announce the successful completion of the 2012 exploration drilling and geophysical program on its 100% owned Shotgun Gold Project in Alaska. The 30-day exploration program included 814 metres of drilling in three holes. The geological features observed in the drill core confirm down-dip and along strike extensions of feeder zones discovered in earlier drilling campaign.
Geophysical surveys that helped to identify the feeder zones were expanded along the ridge and elsewhere within the property during the 2012 work program to guide future drilling.
Drill Program Highlights
Three drill holes totalling 814 metres were completed on the Shotgun Ridge prospect. The drilling was designed to extend the mineralized feeder zones identified in drill hole 06-43 down-dip and along strike. Diamond drill hole 06-43 intersected 210 metres grading 1.3 g/t Au (grams per tonne gold). Higher-grade intervals, within this zone defined the position of structurally controlled feeder zones. The geology, sulphide mineralization and structural features encountered in the 2012 drilling are similar to that found in 06-43. Geochemical assay results are pending.
The feeder zone associated with the higher-grade assays in hole 06-43 was intersected in all three drill holes providing the Company with greater confidence in extending this zone along strike and to depth with further drilling.
"It is encouraging that we see continuity of the intrusive breccia in all three 2012 drill holes. DDH 12-57 was drilled approximately 50 metres NW of 06-43 and both 12-58 and 12-59 were collared approximately 30 metres behind 06-43, intersecting the targeted zone as much as 100 metres down-dip. These results confirm that the structural feature believed to host some of the better mineralization at Shotgun Ridge is continuous over some distance and correlates well with the ongoing interpretations of the geophysics thus is clearly open at depth." comments John Harrop, VP Exploration
Geophysical anomalies that were interpreted as structural corridors hosting mineralization in the 2011 three-dimensional IP/resistivity survey data were found to be coincident with the interpreted mineralized feeder zones. Additional three-dimensional IP/resistivity surveys were carried out in the 2012 program to expand and further define the correlation between geophysical response and mineralization.
Geophysical Survey Highlights
Following the successful application of three-dimensional IP/resistivity surveys in 2011, SJ Geophysics Ltd. collected three additional grids during the 2012 field season. One grid was centred on a surface geochemical gold anomaly at the Winchester prospect, the southernmost target area along a 35 kilometres discontinuous mineralized trend running south from Shotgun Ridge.
Two other grids were designed to extend the 2011 survey at Shotgun Ridge. The data were collected in a manner where they could be merged with the 2011 surveys and modelled in three dimensions to produce a single comprehensive three-dimensional model of chargeability, resistivity, geology and geochemistry to be used for further target delineation. The geophysical data are being processed and results of the merged surveys are pending.
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class gold district hosting more than 40 million ounces of aggregated gold resources. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Creek gold deposit as well as other important intrusion-associated deposits.
John Harrop, PGeo, FGS, a Qualified Person for TNR Gold Corp. as defined by NI 43-101 has reviewed the technical information contained in this report.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp. (TSX:ILCTNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. Ganfeng Lithium Co. Ltd. is a leading China based multi-product lithium manufacturer and strategic partner and investor in ILC. TNR remains a large shareholder in ILC at 25.5% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the board,
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 release. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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