Torch River Resources Ltd.

Torch River Resources Ltd.

November 28, 2007 09:32 ET

Torch River Announces 2007 Rhenium Results

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) - Torch River Resources Ltd. ("Torch") (TSX VENTURE:TCR)(FRANKFURT:WNF) is pleased to announce rhenium geochemical analysis of 47 core samples from selected intervals of 2,645.95 meters of core drilling. Diamond drill holes RB-07-139 to 148 were drilled in 2007 and were directed at a molybdenite bearing mineral zone on the North-West edge of the Red Bird molybdenum-copper porphyry deposit. The Red Bird Mo-Cu porphyry is known to contain trace amounts of rhenium (Re) associated with molybdenite mineralization and to a lesser extent chalcopyrite, and rare bornite. Rhenium is a rare and valuable metal that is used for catalysts, electronic devices, thermocouples, temperature controls, heating elements, and coatings. Rhenium is recovered as a byproduct from molybdenite concentrates and can substantially add value to Mo-Cu porphyry ore as was the case with Island Copper mine (North Vancouver Island, Holberg Inlet). Rhenium was first produced by Utah Mines in 1972 as a byproduct from the mining operation at Island Copper a Cu-Mo porphyry deposit (345 million tonnes of ore with reported head grades of 0.41% Cu, 0.017% Mo, 0.19 g/t Au, and 1.4 g/t Ag). Utah Mines reported rhenium content in its molybdenite concentrate. The current market bid price for rhenium is $9100 U.S. per troy ounce or $292 U.S. per gram for the pure metal.

As previously reported on February 14, 2007 rhenium content of 137 select split drill core samples from diamond drill holes RB-06-132 to 138 (2006 core drilling carried out by Torch River Resources on the Red Bird porphyry Mo-Cu deposit) returned an average geochemical analysis value of 106 ppb Re or 0.106 grams/tonne Re. The first drill hole (RB-06-132) was analyzed in detail (sample width @ 2 m. or 6.56 ft. for each of the 58 samples analyzed) for rhenium corresponding to the section which returned the best zone of molybdenite mineralization giving the following results:

DDH No. From To Interval Name Mo Re
RB-06- 270 m. 386 m. 116 m. 0.128 grams/
132 (885.8 ft.) (1,266.4 ft.) (380.6 ft.) Main 0.137% tonne or 128 ppb

As reported in a press release in 2006 resampling was done on drilling previously carried out by Craigmont Mining Ltd, this covered holes numbered 75,79,80,82,86,90,97 and 124. Rhenium corresponded with high levels of molybdenum with grades ranging from 304 to over 2500 ppb rhenium.

Rhenium content of 47 select split drill core samples from diamond drill holes RB-07-139 to 142 and 146 to 148 (2007 core drilling carried out by Torch River Resources on the Red Bird porphyry Mo-Cu deposit) returned an average geochemical analysis value of 125 ppb Re or 0.125 grams/tonne Re. The two highest interval results were as follows:

DDH No. From To Interval Zone Name Mo Re
RB-07-139 392 m 394 m 2 m Main-NW 0.389% 0.397 grams/tonne
RB-07-146 58 m 60 m 2 m Main-NW 0.308% 0.295 grams/tonne

The results from our 2006 and 2007 programs are extremely consistent and we are very encouraged by the potential for economic values of rhenium in the Red Bird deposit.

Torch has submitted the drill data from its 2007 program on Red Bird to Giroux Consultants Ltd. The previous NI 43-101 report including Torch's work through 2006 reported a resource of 113.8 million tonnes containing 151.3 million pounds of molybdenum. The recent price of molybdenum is $33.125 U.S. per pound giving a gross value over $5 billion to the Red Bird resource.

Torch also announces that it is in negotiations to obtain a further mineral property in British Columbia. Torch believes this new property will prove to be an exciting addition to compliment the Red Bird and Grouse Mountain properties.

The above exploration information has been reviewed by Andris Kikauka, P. Geo., a Qualified Person under NI 43-101.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

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Contact Information

  • Torch River Resources Ltd.
    Dr. William E. Pfaffenberger
    (403) 444-6888
    ProActive Communications Co.
    Local Vancouver: (604) 541-1995
    Or Toll Free 1-800-540-1995