Tigray Resources Inc.

Tigray Resources Inc.

February 06, 2012 06:00 ET

Tigray Drills 40.5 Metres of 3.24% Copper, 1.2 g/t Gold, 25 g/t Silver and 1.19% Zinc at the Harvest Project in Ethiopia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2012) - Tigray Resources Inc. (TSX VENTURE:TIG) ("Tigray" or the "Company") is pleased to report diamond drill results for four holes at the Terakimti copper-gold prospect on the Company's 70%-owned Harvest project in northern Ethiopia.


  • Continuity of near-surface mineralization in the southern gossan area
  • Confirmation of distinctive gold-rich and supergene copper mineralization

Highlight Drill Results

  • Hole TD014 - 40.5 metres of 3.24% copper, 1.19 g/t gold, 25 g/t silver and 1.19% zinc from 53.95 metres down hole, including 23.05 metres of 5.17% copper, 1.59 g/t gold, 39 g/t silver and 2.01% zinc from 57.45 metres
  • Hole TD016 - 17.75 metres of 1.61 g/t gold, 2.98% copper and 20 g/t silver from 80.40 metres

Tigray has completed 12,100 metres of diamond drilling in 61 holes to an average depth of 200 metres. Current results include infill drilling near the previously reported highlight hole TD004, which returned 73.8 metres grading 3.8% copper, 1.3 g/t gold and 14 g/t silver (see Tigray's press release dated December 12, 2011). The 13,000-metre first phase drill program is expected to be complete by mid-February.

TD010 was previously released January 16, 2011 as a partial intercept. New results have increased the width of the mineralized zone (see table).

Table: Results for Currently Reported Diamond Drill Holes at Terakimti
Hole From
TD010 restated 40.75 70.75 30.00 0.09 1.05 20 0.00 Oxide
including 56.00 62.85 6.85 0.03 1.84 71 0.00 Oxide
TD012 40.28 44.75 4.47 0.03 4.26 77 0.02 Oxide
TD013 14.10 23.60 9.50 0.09 3.40 3 0.05 Oxide
TD014 53.95 94.45 40.50 3.24 1.19 25 1.19 Supergene/Primary Sulfide
Including 57.45 80.50 23.05 5.17 1.59 39 2.01 Supergene
TD016 80.40 98.15 17.75 2.98 1.61 20 0.03 Supergene/Primary Sulfide
Including 84.30 92.70 8.40 4.71 1.57 24 0.05 Supergene
* Mineralized true thicknesses are 60-90% of stated thicknesses.

Drill holes TD012, TD013, TD014 and TD016 were completed up and down dip of previously reported intercepts. The drilling has provided 25 to 70 metre step outs, up and down dip from known mineralization. Specifically, TD014 was drilled 40 metres north of intersections in hole TD004, and illustrates continued robust development in thickness and grade of primary and supergene mineralization in the southern gossan area.

Click here for a plan view map and long section: http://media3.marketwire.com/docs/tig206_F1-2.pdf.

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 is well financed, with $5 million in cash and no debt. The Company'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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