Tenajon Resources Corp.

Tenajon Resources Corp.

April 03, 2007 08:00 ET

Tenajon Announces 2007 Ajax Molybdenum Drill Plans

Near Surface Higher Grade Zones to be Targeted

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 3, 2007) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") is pleased to announce the first phase drill program has been formulated for its 100% owned Ajax Molybdenum Deposit. The program, consisting of 3,500 metres of diamond drilling, is expected to commence in June. The purpose of the program is to further define near surface high-grade mineralized zones within a potential starter pit.

Ajax, one of North America's largest undeveloped molybdenum deposits, is located 14 km north of Alice Arm in northwestern British Columbia. Infrastructure in the area is very good with both tidewater access and hydro electric power situated at Kitsault 16km to the south. At a 0.040% Mo cut-off, the Ajax Deposit hosts an inferred mineral resource of 448.8 million tonnes grading 0.063% Mo (623.4 million pounds) and an indicated mineral resource of 38.8 million tonnes grading 0.064% Mo (56.4 million pounds). This resource estimate was prepared by Giroux Consultants Ltd., an independent consulting firm (released March 5, 2007). The current price for molybdenum is approximately US$30.25/lb.

A recent study by geological consultant Dr. N.C. Carter, P. Eng., was used to assist planning for the first phase of the 2007 drill program. Dr. Carter, one of Canada's foremost experts on porphyry molybdenum deposits, has extensive experience with BC molybdenum deposits, including; Endako, Alice Arm, Lime Creek (Kitsault), Roundy Creek, Bell Moly, Trout Lake (MAX) and Tidewater. With regards to Ajax Dr. Carter states, "As currently defined, molybdenum grades of 0.05% and greater are contained within a circular zone measuring 650 x 600 metres in diameter, extending from surface at an elevation of about 1050 metres to depths of more than 1000 metres as indicated by the 2006 drilling." He also states, "Previous work on the Ajax Property suggests that areas of enhanced grade may be related to an east-northeast trending fault zone near the northern limits of the currently defined molybdenum zone." This concept, according to Carter, was originally proposed by Newmont geologists in 1966. Furthermore, he concludes, "Most of the holes completed on the Ajax Property have been inclined holes drilled on west-southwest azimuths or essentially parallel to zones thought to contain enhanced molybdenum grades. A review of the drilling results to date suggests that intervals of better molybdenum grades are contained in holes drilled within 100 metres of the east-northeast fault zone." Some results from drilling proximal to this structure include:

Hole From To Int (Feet) MoS2 Mo(i)
65-02 35.4 127.4 92.0 0.181 0.109
66-19 0 42.7 42.7 0.184 0.110
05-03 0 68.6 68.6 0.143 0.086
05-02 0 287.8 287.7 0.143 0.086
66-30 4.3 73.2 68.9 0.154 0.092
(i) Mo grades are 60% of MoS2 grades

He concludes that, "This structure has not been adequately tested," and has recommended six holes test this "potential zone of enhanced Mo grades." In addition, infill drilling is to be completed between some of the holes listed above with the goal of further converting resources from the inferred to the measured and indicated category.

The proposed drilling occurs within a conceptual starter pit area within the boundaries of the deposit which if the drilling program is successful would incorporate approximately 37 million tonnes of the deposit at a 2.33:1 stripping ratio.

Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101, will supervise the Ajax exploration program.

On Behalf of the Board of Directors


D. Bruce McLeod, President

This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Tenajon Resources Corp.
    D. Bruce McLeod
    (604) 687-7545 or Toll Free: 1-888-338-2200
    (604) 689-5041 (FAX)
    Email: info@northair.com
    Website: www.tenajon.com