Tenke Mining Corp.
TSX : TNK

Tenke Mining Corp.

August 24, 2005 13:03 ET

Tenke Mining Corp.: Josemaria Copper/Gold Project Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 24, 2005) - Tenke Mining Corp. (the "Company") (TSX:TNK) is pleased to announce the final results of the second season of drilling at the Josemaria copper/gold/molybdenum porphyry system in northwest San Juan Province, Argentina. As a result of the drilling success, Nilsson Mine Services Ltd. has been retained to perform a resource estimate compliant with National Instrument 43-101.

Josemaria mineralization is porphyry copper-related, with significant gold genetically correlated with as many as three main porphyry facies. The system grades from propylitic to phyllic alteration into central zones with a core of potassic alteration. Increased magnetite and bornite-chalcopyrite content with depth has been identified along several cross sections of drilling. The majority of holes have ended in mineralization.

To date, a total of 11,291 meters of reverse circulation ("RC") drilling in 31 holes to depths of 444 metres have been completed at Josemaria, with three of these holes being on the adjoining TNR/Batidero target. On Josemaria, a total of 2,406 metres in 5 holes of diamond drilling with depths to 520 metres were accomplished in the 2005 season. As a result of the combined RC and diamond drilling, the main Josemaria mineralized zone has been extended to approximately 700 metres north-south by 650 metres east-west. A higher grade zone of approximately 450 metres (north-south) by 250 metres (east-west) exists comprising of a sulfide core (bornite-chalcopyrite) which in places has a two to three fold increase in copper grades compared to overall hole averages, along with higher gold grades associated with intense quartz veining. Mineralization at Josemaria is still open at depth and to the west. A Chilean copper porphyry specialist, Sr. Manual Reyes, was retained to advise on next season's drilling program. In addition to stepping out to the west, he has strongly advised to drill the Josemaria core area much deeper to explore the high grade bornite- chalcopyrite zone potential suggested by several of our deeper holes.

Holes JMRC 01 to 22 (RC holes) have been reported earlier, along with JM DH-01 (diamond drill hole). Of the remaining holes for the season, JMRC 23 through 26 and JMRC 28 through 30 defined the southern extent of mineralization. Hole JRMC 27 expanded the mineralized zone significantly to the northwest and returned 364 metres of 0.47% copper and 0.34 grams per tonne gold starting at 56 metres of depth. Of particular note are results over the last 36 metres of this hole which contained 0.90% copper and 0.40 grams per tonne gold, supporting the deep high grade copper zone potential.

Hole JMRC 31 was intended explore a previously untested large magnetic anomaly to the south west on the TNR Batidero property but unfortunately this hole was terminated at 25 m depth due to an early winter storm. This hole will be continued as a priority in the coming season. A complete summary of the RC drill results can be found in the attached table along with a hole location map. Diamond drill results are as follows:



DIAMOND DRILL HOLES - JOSEMARIA PROJECT - 2004-2005 SEASON
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Loca- Loca-
tion tion Azi- INTER- Au Cu
X Y muth Angle DEPTH VAL FROM TO (g/t) (%)
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JM
DH-01 2446196 6855112 90 -70 519.75 519.75 0 519.8 0.476 0.380%
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INCLU-
DING 159 63 222 0.696 0.527%
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INCLU-
DING 43 63 106 0.805 0.650%
----------------------------------------------------------------------
----------------------------------------------------------------------

----------------------------------------------------------------------
----------------------------------------------------------------------
JM
DH-02 2446113 6855394 90 -60 501.2 203 60 263 0.437 0.52%
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AND 143.2 358 501.2 0.271 0.33%
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----------------------------------------------------------------------
----------------------------------------------------------------------
JM
DH-03 2446095 6855048 90 -60 513.35 513.35 0 513.4 0.395 0.382%
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INCLU-
DING 360 0 360 0.437 0.400%
----------------------------------------------------------------------
INCLU-
DING 333 27 360 0.43 0.432%
----------------------------------------------------------------------
INCLU-
DING 151 96 247 0.541 0.459%
----------------------------------------------------------------------
INCLU-
DING 266.35 247 513.4 0.269 0.369%
----------------------------------------------------------------------
----------------------------------------------------------------------

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JM
DH-04 2446416 6855247 270 -60 513.35 240 0 240 0.465 0.611%
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INCLU-
DING 196 44 240 0.482 0.725%
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AND 67 240 307 0.295 0.412%
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AND 206.35 307 513.4 0.255 0.263%
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----------------------------------------------------------------------
JM
DH-05 2446400 6855150 270 -60 358.1 358.1 0 358.1 0.423 0.423%
----------------------------------------------------------------------
INCLU-
DING 204 0 204 0.46 0.452%
----------------------------------------------------------------------
----------------------------------------------------------------------


The Company is encouraged with the advances made on this promising project during the 2004/2005 season. A priority for the next exploration season, which starts in October, 2005, will be to test the deep extension of the main Josemaria sulfide zone along with expanding the drilling to the west.

Also, within the vicinity of Josemaria and the adjoining TNR Batidero property, a regional NW-SE trend comprising at least two more magnetic high anomalies exist of the same extent or larger than the magnetic anomaly at Josemaria. In the season ahead, additional exploration will be performed on these important anomalies including completion of Hole 31 which was suspended at the end of last season (see attached map for location of mag anomalies).

To view the attached maps please click on the following links: www2.ccnmatthews.com/database/fax/2000/tnk-map1.pdf and www2.ccnmatthews.com/database/fax/2000/tnk-map2.pdf

To view the attached table please click on the following link: www2.ccnmatthews.com/database/fax/2000/tnk-table.pdf

ON BEHALF OF THE BOARD

Paul Conibear, President

Tenke's exploration programs in Argentina are carried out under the direction and management of J. Patricio Jones, PhD. and Ricardo Martinez, MSc. (Geology). Dr. Jones holds a Master of Science degree in geology from Witwatersrand University and a Doctorate from La Plata University. Information and results from the exploration programs carried out on Tenke's properties are reviewed by Mr. Paul K. Conibear, P.Eng., President of Tenke Mining Corp., who is an appropriately qualified person as defined by National Instrument 43-101. Samples are sent to ALS Chemex labs in Mendoza Argentina and Santiago, Chile, for analysis using conventional ICP methods with multi-acid digestion. A 50 gram fire assay with AA (atomic absorption) finish is run on all samples for gold. A series of blanks are routinely introduced with each batch of samples. Quality controls include preparation and analysis statistics performed to industry standards.


Contact Information

  • Tenke Mining Corp.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    www.tenke.com