Tigray Resources Inc.

Tigray Resources Inc.

February 27, 2012 06:00 ET

Tigray Drills 28.95 Metres of 2.99% Copper, 0.83 g/t Gold, 23 g/t Silver and 3.56% Zinc in the Primary Zone; 8.8 Metres of 9.19 g/t Gold and 78 g/t Silver in the Oxide Zone at Harvest Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2012) - Tigray Resources Inc. (TSX VENTURE:TIG) ("Tigray" or the "Company") is pleased to report diamond drill results for 22 holes at the Terakimti copper-gold prospect on the Company's 70%-owned Harvest project in northern Ethiopia. Results include multiple styles of mineralization from the oxide, supergene and primary zones. Drilling has tested the Terakimti mineralization to a maximum depth of 260 metres below surface and indicates that mineralization remains open both down dip in the central to northern areas and also down plunge.


  • Well-developed gold grade in multiple intercepts in the near-surface oxide zone
  • Intercepts of high-grade copper, gold and zinc across the target area in several horizons in both the supergene and primary zones
  • Multiple occurrences where significant copper, gold, silver and zinc grades are measured within the same intercept
  • Extension of the drilling program is under way as mineralization continues to be open down dip and down plunge

Highlight Drill Results

  • Hole TD018 - 30.75 metres of 2.55% copper, 0.99 g/t gold, 9 g/t silver and 1.52% zinc from 124.05 metres, including 15.91 metres of 4.07% copper, 1.35 g/t gold, 13 g/t silver and 2.83% zinc
  • Hole TD022 - 28.95 metres of 2.99% copper, 0.83 g/t gold, 23 g/t silver and 3.56% zinc from 87.35 metres, including 14.65 metres of 4.05% copper, 1.05 g/t gold, 28 g/t silver and 3.52% zinc
  • Hole TD029 - 8.8 metres of 9.19 g/t gold and 78 g/t silver from 36.45 metres
  • Hole TD039 - 19.75 metres of 2.39 % copper, 1.81 g/t gold, 13 g/t silver, 1.99% zinc from 86.15 metres

The majority of drill holes to date at Terakimti have intersected significant zones of base metal and precious metal mineralization to depths 260 metres below surface. Gravity, IP and EM anomalies provide indications of potential down dip and down plunge continuity of VMS mineralization, and include additional targets in the immediate Terakimti area. Results have verified that supergene processes have enriched parts of the system, with surface gossans in the oxide zone enriched in gold.

The first phase diamond drill program is complete at Terakimti, with approximately 12,600 metres of drilling completed in 62 drill holes, and 823 metres in five drill holes completed at Mayshehagne. On completion of phase one, drilling will continue for targets at Terakimti and Mayshehagne due to the interpreted good geological continuity of stacked volcanogenic massive sulfide (VMS) mineralized horizons and the highly encouraging results received to date. Extensional drilling will target the down dip and down plunge position of several lodes in the area.

Table 1 - Terakimti Highlight Drill Results

Hole From (m) To (m) Interval (m)* Copper % Gold g/t Silver g/t Zinc % Mineralization Type
TD018 85.9 89.9 4 0.04 0.06 0 2.42 Supergene
93.9 96 2.1 3.58 1.22 20 2.04 Primary
124.05 154.8 30.75 2.55 0.99 9 1.52 Supergene/Primary Sulfide
including 124.05 130.75 6.7 1.09 0.45 3 0.12 Supergene
and including 135.63 154.8 19.17 3.68 1.4 13 2.37 Primary
Including 138.89 154.8 15.91 4.07 1.35 13 2.83 Primary
TD022 87.35 116.3 28.95 2.99 0.83 23 3.56 Supergene/Primary Sulfide
including 87.35 94.65 7.3 3.55 1.05 31 6.43 Supergene/Primary Sulfide
and including 100.8 115.45 14.65 4.05 1.05 28 3.52 Supergene/Primary Sulfide
199.5 209.5 10 0.22 0.73 9 2.23 Primary
including 204 209.5 5.5 0.29 0.74 10 3.11 Primary
TD029 36.45 45.25 8.8 0.01 9.19 78 0 Oxide
Including 38.3 41.9 3.6 0.01 21.88 168 0 Oxide
55.75 62.8 7.05 1.32 0 0 0.38 Supergene
TD030 7.2 17.7 10.5 0.08 6.3 16 0.05 Oxide
TD037 53.15 69.85 16.7 1.23 2.37 36 8.07 Primary
Including 59.8 66.7 6.9 1.08 3.86 57 15.39 Primary
TD039 86.15 105.9 19.75 2.39 1.81 13 1.99 Supergene/Primary Sulfide
114.7 115.4 0.7 1.57 3.61 9 0.6 Primary

* Mineralized true thicknesses are 60 to 90% of stated thicknesses.

Click here for a plan view map and long section: http://media3.marketwire.com/docs/tig227.pdf. A complete list of drill hole intercepts can be found on the Company's website at www.tigray.ca.

Quality Control

The planning, execution and monitoring of Tigray's quality control programs at the Harvest project are under the supervision of Jeff Heidema, P.Geo., Tigray's Vice President Exploration. Mr. Heidema is a Qualified Person as defined by National Instrument 43-101.

Diamond drill core samples have undergone preliminary preparation at the Acme Laboratories facility in Ankara, Turkey, and are crushed to 80% passing 10 mesh, and pulverized to 85% passing 200 mesh (Acme R200-1000package). Analyses are conducted at Acme Laboratories in Vancouver, Canada, utilizing Aqua Regia digestion and ICP-ES. Precious metal analyses are conducted via Fire Assay Fusion with AA finish, and gravimetric analyses for over-limit samples. Blanks and certified reference standards are inserted into the sample stream to monitor laboratory performance.

About Tigray

Tigray is a Canadian mineral exploration company focused on advancing early-stage mineral projects in Ethiopia. Tigray's key property is the 70%-owned Harvest polymetallic VMS exploration project, which covers 362 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa. The Company recently entered into an agreement to acquire the Harvest North properties, which cover 795 square kilometres immediately adjacent north and west of the Harvest project. Tigray's shares trade on the TSX Venture Exchange under the symbol TIG.

On behalf of the Board of Directors:

Andrew Lee Smith, P.Geo., President, CEO and Director

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in the Company's listing application dated August 18, 2011.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.

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.

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