TNR Gold Encounters 1.02 G/T Gold Over 209 Metres At Shotgun, Extends Mineralized Zone

Sep. 27, 2012 11:26 AM ET
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TNR Gold Corp. (CVE:TNR) Thursday announced assay results from the second hole of the 2012 drilling program on the Shotgun Ridge gold project in Alaska.

Of note, drill hole SR12-57 returned 1.02 grams per tonne (g/t) gold over 209 metres averaging across the full length of the targeted porphyry system. Included within this interval is 1.53 g/t gold over 61.4 metres.

These results include several higher-grade intercepts that confirm the company's model of mineralization where elevated gold values occur in repeating structural features through the Shotgun Ridge area.

"The positive results from this year's drilling have significantly elevated the projects' potential and is a major turning point in the exploration at Shotgun Ridge," Gary Schellenberg, TNR Gold's president and executive chairman said.

"A previous interpretation of the mineralization at Shotgun showed limited room for expansion. Confirmation of our new model greatly increases the size potential of Shotgun and opens up a number of new zones that will be tested next season."

John Harrop, TNR Gold's VP of Exploration added: "We are encouraged by the uniformity of gold grades across the reported intersections and that the averages are not supported by narrow, high grade intervals."

"The results build on the success of the 2011 geophysical surveys, and establish an exploration method that can locate buried targets at the Shotgun property. This is a key step in being able to apply geophysical results from 2012 to planning for the next season of exploration."

The Shotgun property which is 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 in the Shotgun area and that of the Donlin Creek gold deposit as well as other intrusion-associated deposits.

Combined with SR12-56 - which contained a 242 metre interval with 1.25 g/t gold - the gold mineralization model at Shotgun Ridge is confirmed along strike and down dip. Drill hole SR12-57 ended in mineralization at a down hole depth of 300 metres (approximately 150 metres below the topographic surface).

Diamond drill hole SR12-57 was drilled at the same orientation as SR06-43, approximately 35 metres to the southwest (SR06-43 was previously reported to contain 210 metres averaging 1.3 g/t gold).

SR12-57 was one of three drill holes drilled in 2012 to test continuation of the mineralized zones encountered in 06-43 along strike and to depth. 12-57 is the first drill hole in a fence below 06-43 and together enhances the company's understanding of the controls on gold mineralization at Shotgun Ridge.

Three zones are identified by more intense brecciation and increased gold grades within the porphyritic intrusive and correlate well between all 2012 drill holes, TNR Gold said.

These new results, combined with those previously released for SR12-56, significantly reinforce confidence in the specific orientation of the higher-grade southwest dipping mineralized zones and provide a basis for future drill targeting.

The strongest mineralization encountered in hole SR12-57 is coincident with interpreted geophysical anomalies. The hole, drilled at a 45 degree angle down the side of the ridge, ended in mineralization at a down hole depth of 300 metres which is approximately 150 metres below the topographic surface.

TNR Gold believes that the new drill results confirm the orientation of these key structures and the correlation with geophysical anomalies provide a clear targeting method for continued drill programs and future resource delineation.

Cross section and plan maps can be viewed here:

TNR Gold is a mineral exploration company actively pursuing a portfolio of gold, copper, and Rare Earth Element properties worldwide.

Its primary focus is in exploration and development of key ventures which are the Shotgun gold project in Alaska, TNR iron ore and REE projects in Soules Bay, Canada and the ongoing project generator in Argentina.

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