VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 2, 2017) - Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) is pleased to report that, subject to TSX Venture Exchange approval, it has entered into an option agreement with the Pereira Group to acquire:
- Three Projects totalling 164 km2
- Frenchman's Creek Mine 109 km2, Winter's Mine 32 km2 & Kanaimapu 23 km2
- Due diligence sampling by the Company at Frenchman's Creek returned 1,270 g/t & 859 g/t Au from two separate artisanal bedrock workings
- All Projects are associated with prolific alluvial workings indicating potential for significant primary gold source areas
- All Projects contain historic bedrock artisanal workings which provide near drill ready targets
- Good access to all Projects, which are situated within several kilometres of the paved Georgetown - Brazil Road.
- Low entry cost with no exploration commitment and total payments in first 3 years of USD$130,000 and issue of 1.5 million shares.
Over the past several months Tajiri has been assessing projects and negotiating with Guyanese land holders to acquire projects and expand the Company's portfolio of gold tenements in Guyana. Following a strategy to acquire tenements which cover persistent structures, associated with gold mineralisation, over regional scale strike lengths, which include previously undrilled artisinal bedrock workings.
Management is pleased to present the first of these acquisitions being the Frenchman's Creek, Winters Mine and Kanaimapu Projects. The three projects are all situated close to the main road connecting Guyana's capital Georgetown to Brazil and the projects are located between 150km and 260km south of Georgetown (see Figure 1).
Acquisition cost of the three Projects will be over five years paid as follows: USD$30,000 upon signing, USD$50,000 on or before the first anniversary, USD$50,000 on or before the second anniversary, USD$425,000 on or before the third anniversary, and $USD1,000,000 on or before the fourth anniversary. The Company will also issue 1.5 million shares over five years to the vendors in the amounts of 500,000 upon signing, 500,000 on or before the first anniversary, 750,000 on or before the second anniversary, and 1,000,000 on or before the fourth year. The agreement provide Tajiri the right to acquire 100% interest in all three Projects while the Vendors will retain a 2% Net Smelter Return.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/tajiri_resources_march2_figure1.pdf
A Brief outlines of the Frenchman's Creek Project is given below and details of the Winter's Mine and Kanaimapu Project will be given in a subsequent release.
Frenchman's Creek - Area 109 km2
The Project is located 260km south of Georgetown and contains the Pott Falls Mine (operational between 1935 and 1941 with a 10 ton per hour mill- production unknown) and the Parrot Pit an artisanal pit excavated intermittently between the mid 1980s and 2011.
The Project also contains extensive alluvial gold workings which indicate a potential source area of some 13 kilometres strike in the northern portion of the property which has shed gold into the surrounding predominantly south draining creeks. These creeks have been worked consistently downstream for distances of between 6 and 9 kilometres and intermittently since the early 20th Century. The most recent production records of the Vendors demonstrate that between 2007 and 2010 the property produced 42,203 ounces of gold from sluicing of alluvial material on the property.
Alluvial gold production from the area prior to 2007 has not been recorded but a banka drilling and pitting program, performed by the Geological Survey of Guyana in 1975, covering the alluvial flats of Frenchman's Creek produced a historic resource of 500,000 cubic yards at a grade of 0.5 grams Au per cubic yard. Undoubtedly this resource has now been mined by artisinal producers.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/tajiri_resources_march2_figure2.pdf
The Project area geology consist of NW - WNW trending greenstones of the mid-Proterzoic Barama-Mazaruni Group intruded by granites and porphyries. In the south of the Project the Muruwa formation a relatively undeformed sandstone unconformably overlies the greenstones. Regolith in the area is variable and consists of relict lateritic soils variably covered by transported sand.
In situ mineralisation in the area is evident at the Pott Falls Mine and the Parrot Pit (see Figure 2 & 3)
The Pott Falls Mine was active as an underground operation with an installed mill capacity of 10 tonnes per hour between 1935 and 1941. The mine exploited WNW striking, high grade, narrow 0.3-1.5m wide quartz veins which occurred at the contact between several narrow porphyry dikes intruded into mafic volcanics. Production data for the Pott Falls Mine is not available. However records of drift sampling reported by the geological survey of Guyana in 1938 gave a 70 foot strike length of a one foot wide vein at an average grade of 174 g/t Au.
Five diamond holes were drilled at Potts Falls Mine between 1946 and 1947 and the best results were approximately 4.5m @ 6.2g/t Au. Details of this drill program and hole locations are not available
From the early 1980s the Pott Falls mine was intermittently exploited by artisinal miners who excavated a shallow 200m x 75m pit at the prospect. Recent due diligence sampling of quartz vein ore removed from the pit at an artisanal crusher site returned 1,270 g/t and a composite sample of the crusher tailings returned 4.27 g/t Au.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/tajiri_resources_march2_figure3.pdf
The only modern exploration in the area was conducted by Adex Exploration a Canadian Junior in 1994. Adex conducted grab sampling and a 50-100m x 200m spaced soil geochemical program covering approximately 25% of the Project area. Adex did not drill any of the prospects. Adex withdrew from the project in 1995 after the demise of the then property owner.
Geochemical sampling by Adex outlined soil anomalism with several peak values >1 g/t around the Pott Falls Mine, Parrot Pitt and the Blackheart Zone (see Figure 2). At the Pott Falls mine geochemical anomalism >125ppb extended intermittently along strike from the mine for 2,000m over a width of 400-800m.
At the Parrot Pit which is approximately 180m x 50m, geochemical anomalism (>125 ppb) extended 400m to the east of the pit over widths of 100-200m. Grab Sampling of quartz veins at the Parrot Pit returned values between 0.79g/t and 859 g/t Au. Parrot Pit reputedly produced 1,500 ounces of gold during the 1980s.
Geochemical anomalism at the Black Heart Zone extended over an area of 850m x 400 m at >150ppb Au. A trench was hand excavated across the anomaly but only to a depth of 1.5m and was too shallow to sample the underlying saprolite. The trench produced a continuous width of 174m averaging 225 ppb with several samples >1 g/t Au. Tajiri views this trench as only demonstrating a continuous dispersed gold in soil anomaly and not mineralisation from a presumably more discretely constrained primary mineralised zone below the trench.
The Frenchman's Creek Project represent an excellent opportunity for Tajiri. It contains several near drill ready targets and potential for regional scale gold bearing structures as evidenced by the abundant alluvial workings within the area.
Over next several months Tajiri will conduct mapping and surface sampling to allow the planning of both drilling and regional exploration programs.
On Behalf of the Board,
Dominic O'Sullivan, Executive Chairman, Tajiri Resources Corp.
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.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
All information relating to geological results, drill plans, or other facts, statements of any geotechnical nature have been prepared by Mr. Dominic O'Sullivan. Mr. O'Sullivan is a professional geologist, holding a BSc (Hons) in Geology from University of Sydney and is a member in good standing with the MAusIMM. As such he is a qualified person as the term is defined by TSX Venture Exchange, and under National Instrument NI43-101 regulation and responsible for the relating contents of this release.