The most important part about this property is that TNR Gold acquired past producing REE mine and the question is not "IF" it has the goods, but what are the grades and how big is the potential deposit. What we like here is the recent speed of development: financing with insiders and Chinese backed Canada Zinc Metals CZX.v, Flow Through with Byron Securities and now this acquisition of grounds about eight times of total area of initial claims with past producing mine. We are talking about 43-101 on the property by mid September - the game is that historical samples will be confirmed and further drilling recommended. The key is the "region play" - Avalon's Rare Metals Thor Lake deposit is located within 25 km of the area. That place is not exactly friendly environment with developed infrastructure and this locations means back to back potential development while Avalon will advance its deposit. If you remember all recent REE fever started this spring with Avalon:
"We have another fine gentleman in our Exclusive Club of the Next Big Thing and Major Bull market. This time it is James Dines - a widely followed The Dines Letter writer. His last prediction about Uranium Bull made early buyers a lot of money and he always gets attention. Our Next Big Thing is charging fast and money is coming into the sector. Suddenly investors are waking up to the reality of Alternative Energy and Green Mobility revolution with political spice: majority of REE is produced by China and now experts are talking about quotas for Export of REE from China as a strategic commodity and base for Next Industrial revolution"
TNR Gold Corp Acquires More Land in NWT and Commissions 43-101 Report on Expanded Lithium & Rare Metals Project
Vancouver B.C.: TNR Gold Corp. ("TNR" or the "Company") is pleased to announce the signing of a letter of intent to acquire up to a 100% interest in the Maximoose 1 and 2 claims located 115 kilometres east-southeast of Yellowknife, Northwest Territories. The 4,086 acre Maximoose property surrounds TNR's 100% owned 551 acre Moose 2 property, and lies in an area known for lithium, tantalum, niobium with minor tin and beryllium mineralization associated with zoned pegmatite dykes.
Now that TNR has successfully acquired this key land package it has contracted Aurora Geosciences of Yellowknife to prepare a National Instrument 43-101 compliant report on the project. A key component to the work program to be performed will be the re-sampling of known showings and the confirmation of historic grades. Compilation of all the historic data combined with the grade confirmation will enable the Company to formulate a plan to further develop the project.The Company expects to be in receipt of the completed report by mid September 2009. This report will be required as part of the Company's planned submission to publicly list its 100% owned subsidiary, International Lithium Corp.
To earn a 75% interest, TNR has agreed to make payments totaling CDN$205,000, issue 225,000 common shares of TNR and commit to work expenditures totaling CDN$500,000 over a four-year period. The Company will have an exclusive option to acquire the remaining 25% undivided interest in the property by making a payment of CDN$1,000,000 payable in cash or in common shares, at the sole discretion of TNR, within 5 years from the date of earning the 75% interest. TNR has agreed to pay a Royalty of 2% to the vendor if the vendor's interest is diluted to 10% or less and has the right to purchase 1% (1/2) of the royalty for CDN$1,000,000 at anytime prior to commercial production.The agreement is subject to regulatory approval.
ABOUT THE MOOSE PROJECT
The 4,637 acre Moose project is located only 115 kilometres east-southeast of Yellowknife in the Northwest Territories, on the shores of Great Slave Lake, which allows relatively easy access to the property by barge in the summer and on ice roads in winter. Within 8 kilometers of the Moose project are four other significant occurrences of Lithium and/or Rare Earth Elements: Best Bet, the Moose 1, Big Hill #2 and Blatchford Lake while within 25 kilometres is Avalon Rare Metals Thor Lake deposit. The zonation of the Moose project pegmatite could allow for the mining and processing of 3 separate concentrates: a spodumene concentrate, an amblygonite concentrate, and a columbite-tantalite-cassiterite concentrate (Groves 1978). The property was a minor producer between 1947 and 1954, has seen a very limited amount of drilling with the deposit remaining open at depth and along strike. For more information about Lithium and Rare Metals -- deposits, production, markets and news please refer to TNR's "About Lithium" page at: http://www.tnrgoldcorp.com/s/AboutLithium.asp
Ike Osmani, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.ABOUT TNRTNR is a diversified metals exploration company focused on identifying and exploring existing properties in Argentina and Alaska and new prospective projects globally. Upon approval of pending licences in Ireland, TNR will have a total portfolio of 32 projects, of which 16 will be included in the proposed spin-off of International Lithium Corp.It is anticipated that TNR shareholders of record will receive one share and one full tradable warrant of International Lithium Corp. for every 4 shares of TNR held as of the yet determined record date. This will result in TNR shareholders owning shares in both TNR and International Lithium. For further details of the spin-off please refer to TNR's April 27, 2009 news release or visit http://www.internationallithium.com The recent acquisition of lithium projects in Argentina, Canada, USA and Ireland confirms the Company's commitment to project generation, market diversity and building shareholder value.
On behalf of the board,
Gary SchellenbergPresident
No comments:
Post a Comment