This could explane last two days action: second drill hole at El Salto hit Cu-Mo mineralisation as well and visual metals in the core must created buying pressure even before grade results. So now we have mineralised porphyry system with 400-500 depth and 500m space between first two holes. Grade question will be crucial: is it economic?
TNR’S ARGENTINE EXPLORATION PROGRAM UPDATE
TNR Gold Corp. (“TNR”) is pleased to announce 2008 exploration plans for Argentina, which reconfirms TNR’s strategic focus on gold and copper exploration in Argentina.
2008 exploration plans include a minimum of 11,000 metres of drilling on three of our properties including the El Salto, El Tapau and Eureka. Additionally, our La Ortiguita property is presently being drilled by our joint venture partner La Mancha Resources Inc., and the Los Azules property, of which we have a 25% back-in clause and a strategic land position in the area, is presently being drilled by Minera Andes Inc.
Gary Schellenberg, CEO of TNR comments “ Argentina is a strong focus area of exploration for the company as we have been involved in the country since the early 1990’s, which has allowed us to successfully obtain an enviable land position and build a quality in-country exploration staff.” Mr. Schellenberg concludes “ the low cost of exploration, a friendly mining environment and a favourable geological setting are major reasons for our foray into Argentina.”
EL SALTO PROPERTY
The current drilling program is focusing on several well defined, chargeability anomalies delineated by a recent 3D IP survey on the property and coincidental geochemical anomalies. The first drill hole (ES-07-01) was drilled to a depth of 391.4 metres along northeasten margin of the porphyry intrusion. The drill hole intersected variably mineralized (pyrite, chalcopyrite +/- molybdenite) breccias, porphyry dikes and altered/deformed metasedimentary country rocks across its entire length. The assay results are pending for the hole. The second drill hole (ES-07-02), which has targeted chargeability high coincident with molybdenum and copper anomalies near southwestern margin of the porphyry intrusion, is currently at 460 metres depth and is planned to be drilled to a depth of 550 to 600 metres. This hole is also variably mineralized with pyrite, chalcopyrite +/- molybdenite from top to its current depth. The remaining holes will be drilled at the minimum of 500 metres deep with the goal to test remaining high chargeability anomalies and the continuation of the porphyry system to the south.
The El Salto property, consisting of 3,300 hectares in the San Juan Province, is located within the “Yellow Belt” district of San Juan which hosts the two well-known copper deposits, the El Pachon Deposit (724 MT @0.65% Cu) in Argentina, and the Los Pelambres Mine (1487 MT @0.66% Cu) near the Chile-Argentine border (Falconbridge/Xstrata and Antofagasta web sites).
EL TAPAU PROPERTY
An exploration program is presently underway on the El Tapau property, located 130 kilometres west of the city of San Juan, in the province of San Juan.
The goal of this program is to define precise targets for a planned minimum 5,000 metres drilling program in 2008. It will include geological sampling, mapping and surveying throughout the area. It will focus on an area of 600 metres by 400 metres that yielded gold values ranging from a trace to 19g/tonne averaging 2.2 g/tonne from 157 sample sites collected from previous exploration. An IP survey was recently completed to further define a strong large chargeability high, approximately 1.5 km by 2.0 km (east-west) in extent, underlying this area and open to the northwest. Results of this survey will be announced as they become available.
The El Tapau Project, consisting of 3,400 hectares and is believed to host both intrusive-related copper-gold and epithermal gold system in the Frontal cordillera of the eastern Andes. Numerous historical underground copper mines are located on the claim, and quartz stockwork zones are common throughout the project area. El Tapau is strategically located in proximity to the Company's El Salto property, which will allow for work programs to be carried out simultaneously on both projects. El Tapau and El Salto properties are accessible year-round by paved and dirt roads.
EUREKA PROPERTY
The 10,192.34 hectare Eureka property, a copper-gold prospect, is located in the Jujuy Province of northwestern Argentina near the border with Bolivia. An exploration crew will be mobilized in the next two weeks to put a logistics in place and identify new drill targets for the 2008 season, which will include a minimum 3,000 metres drilling program.
The exploration program will include geochemical prospecting, trenching, mapping and a 3D IP survey conducted over the historic Eureka mine to determine if the known area of flat lying copper rich beds can be geophysically traced and detected further at depth. The program will also include sampling of the Eureka mine which was recently opened and cleaned out by the Company. Only 70 metres of the 450 metres deep, prospective Eureka formation have been explored to date. If a correlation is present then the survey will be conducted over the initial 8 square km target area previously identified by Minera Peñoles, and then further extended to cover the entire property.
LA ORTIGUITA PROPERTY
La Mancha Resources Inc. (“LMA”) has announced a 2008 exploration budget of $1.3 million on our La Ortiguita property. The program, which commenced in November 2007 to conclude in March 2008, includes a 4,000 metres RC and DDH drilling program aimed at confirming the presence of favaourable metallallogenic features and finding intersections with anomoulous gold and silver values. A synthesis of the results will be produced by mid 2008.This information has been derived from a news release issued by LMA, the project operator, on February 5, 2008.
Exploration conducted to date has targeted a porphyry copper-gold/epithermal gold system and has found an arcuate band of silicification approximately 300 to 400 metres wide and extending over 1.5km of length, associated with an approximately 50 metres wide shear zone.
The La Ortiguita property is located on the El Indio trend in proximity to Veldadero and Pascua, Lama Gold deposits in the province of San Juan.
LOS AZULES PROPERTY
Minera Andes Inc. (“MAI”) has announced that a 2007-2008 field season is underway that includes a 10,000 metres (24 holes) of drilling program and completing a scoping study to define a resource.
MAI, the operator on the Los Azules property, has also executed a definitive option agreement with Xstrata Copper covering the Los Azules porphyry copper project in San Juan province, Argentina. This information has been derived from a news releases issued by MAI, the project operator, on November 14, 2007 and January 28, 2008.
TNR’s option with Xstrata consists of approximately 20,000 acres located adjacent to the northern border of MAI’s Los Azules property. TNR granted Xtrata Copper an option over 100% of the property, subject to a 25% back-in right in favour of TNR. In 2005 Xstrata optioned its 100% interest to MAI in exchange for making all the cash payments required and incurring $3,000,000 in exploration expenditures by May 15, 2008.
Drill results from MAI’s 2006 campaign at Los Azules confirmed significant high-grade copper on the property. An 11-hole drill program returned intervals up to 1.62% copper over 221 metres and 1% copper over 173 metres in separate holes, both of which are on the Xstrata optioned property.
TNR has a 25% back in clause on the property if a feasibility study is completed within 3 years of the exercise of the option, subject to payback of two times the expenditures on the property. If TNR backs in for 5% or less then its interest will convert to a 1% net smelter royalty. TNR maintains a strategic land position in the area.
UPCOMING PLANNED EVENTS:
1. Prospectors & Developers Association of Canada ( PDAC 2008 )
March 2-5, 2008 Toronto, Ontario
2. Cambridge House Show
April 12 -13, 2008 Calgary, Alberta
3. Global Capital Conference
October 1-2, 2008 London, England
This news release has been prepared under the supervision of Ike Osmani, P.Geo, TNR’s qualified person on this news release.
