Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

November 17, 2010 06:00 ET

Takara Commences Phase 2 Field Program in Preparation for Core Drilling at Tassawini Gold Project

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2010) -

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Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") has commenced Phase 2 exploration activities on the Tassawini Gold Project in NW Guyana, including mini-bulk sampling from shallow drill holes and trenches as well as detailed geological mapping. The main objective of the Phase 2 program is to prepare for an extensive core drilling program in 2011 that is designed to expand the existing NI 43-101 compliant resource within the Tassawini deposit area, and to prepare other high priority drilling targets in outlying areas across the Tassawini Gold Project. See news release September 13, 2010 for details of the Phase I program carried out in late summer, 2010.

The prior operator on this project did not have the opportunity to follow up on several outlying geochemical anomalies identified across the Tassawini Gold Project during the time that it was simultaneously advancing and developing the Tassawini deposit", says Jennifer Boyle, President and CEO of Takara. "Prior to Takara acquiring the Guyana assets in April, 2010, a significant amount of exploration work was completed in terms of ground reconnaissance, geophysics, target selection, and the construction of sophisticated infrastructure, including a road networking system and a 150 person camp, leaving an opportunity for Takara to come into the project at an advanced stage and complete the remaining work required to gain confidence in target selection at minimal cost."

The Phase 2 program will utilize mechanical (Trado) drills that are easily portable and capable of drilling to depths of 8 metres in saprolite, in addition to a larger auger drill for drilling to depths of 20+ metres. Saprolite will be collected from the trado holes as well as from trenches, where necessary, to form samples for assaying, as well as minibulk samples, the latter of which will be concentrated in the field for recovery of visible gold on gold wheels. Recovered gold points will be used with detailed field mapping as an evaluation tool for extent and degree of mineralization.

Given the pending results of both the Phase 1 and Phase 2 programs conducted by Takara, the preliminary assessment report (announced June 18, 2010) has been suspended until such time as any additional geological potential can be determined from core drilling on targets newly identified by Takara. With the preliminary re-interpretation of the geological model (see news release September 13, 2010), the inclusion of a mini-bulk sampling program in this Phase 2 program, the pending assay results from the Phase 1 program, and the upcoming diamond drilling campaign anticipated for early 2011, Takara has suspended the completion of the preliminary assessment report pending the receipt of additional geological data from its own programs.

About the Tassawini Gold Project

The property is situated in the Barima-Waini District of Northwestern Guyana approximately 170 km northwest of the national capital, Georgetown. Since 2004, approximately $26 million in exploration expenditures have been incurred on the Tassawini Gold Project, an advanced stage gold exploration project that produced over 11,000 ounces between 1907 and 1914.

Dr. Tania Ilieva, P. Geol is the Vice President Exploration for Takara Resources and is Takara's Qualified Person for the Guyana gold projects, and is responsible for the verification and quality assurance of analytical results, and technical content of Takara's disclosures. Gold-related exploration and technical advice was provided by Geological Consultant, Brent McNiven, B.Sc., MBA-PM.

About Takara

Takara Resources Inc. is a Canadian based (TSX VENTURE:TKK) is a gold company focused on the exploration and development of its Guyana gold assets held within a wholly-owned subsidiary, StrataGold Guyana Inc., including two gold projects within the Guyana Shield, namely: (i) the 100% owned Tassawini Gold Project; and (ii) a 29.90% interest in the Arakaka Joint Venture.

Statement Regarding Forward Looking Statements

This news release of Takara contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Takara's actual results, performance or achievements, or developments in the industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding Takara's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which Takara has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Important factors that could cause actual results to differ materially from Takara's expectations include, but are not limited to risks related to working in foreign countries, risks that are coincident with cultural diversities, fluctuations in mineral prices, uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms, changes in planned work resulting from legal matters, weather, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Takara's properties, uncertainties involved in the estimation of resources, the possibility that required permits may not be obtained in a timely manner or at all, and the possibility of cost overruns or unanticipated expenses in the work programs. Takara undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. 

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 news release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle, B.A., LL.B.
    Chief Executive Officer
    (647) 430-0966 (work) or (416) 904-2714 (cell)