TintinaGold Resources Inc.
TSX VENTURE : TAU

TintinaGold Resources Inc.

November 18, 2010 08:31 ET

TintinaGold Reports Completion of Verification Drill Program on Its Sheep Creek Property, Montana, USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2010) - TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX VENTURE:TAU) is pleased to announce that it has completed its 2010 verification drill program on its Sheep Creek Copper-Cobalt property ("Sheep Creek") located in Central Montana, USA (see Figure 1). 

Highlights:

  • New drilling verifies seven high grade copper-cobalt intersections with up to 8.72% Cu over 6.35 meters and 10.84% Cu over 4.05 meters in historic resource area.

The Company has received all the high grade copper-cobalt assay results from its 2010 drilling program which verify certain historic drilling results at its Sheep Creek property in central Montana, USA (see Table 1, below).

Verification drill holes were placed approximately three meters from the collars of selected historic holes (Figure 1) within the area of a historic resource at Sheep Creek (non-compliant with 43-101 standards). Holes were completed with HQ (2.5") diameter core, except for SC10-005 which was completed with NWT (2.25") diameter core. The verification drilling successfully encountered each expected copper-cobalt mineralized interval at the expected depth and with the expected thickness and grade reported from historic drilling. Two mineralized zones were verified (see Figure 2): the 'Upper Copper Zone', a shallow tabular layer of copper-cobalt mineralization with bands of massive chalcopyrite concentrated within a fine grained massive pyritic sulfide layer in a shale and debris flow conglomerate host, lies at depths ranging from 50 meters to 150 meters and reaches 13.1 meters thick; and the 'Lower Copper Zone' also containing high concentrations of copper and cobalt in sulfide layers lying at depths from 400 meters to 460 meters, and reaching 12.5 meters in thickness.

Table 1 – Historic and Verification Drill Intersections: 

Hole From (m) To (m) Width (m) Width (ft) Cu % Co %
Upper Copper Zone            
             
SCC-17 130.79 137.50 6.70 22.00 2.76 0.19
SC10-003* 131.88 139.50 7.62 25.00 3.21 0.17
             
SCC-19 115.24 123.78 8.50 28.00 3.05 0.18
SC10-001* 118.26 125.00 6.74 22.10 3.44 0.18
             
SCC-22 115.24 117.68 2.4 8.0 1.25 0.04
SCC-23 132.62 140.55 7.90 26.00 3.62 0.54
SC10-002* 131.31 138.77 7.46 24.50 2.48 0.36
             
SCC-25 39.63 44.21 4.60 15.00 1.31 0.01
SCC-30 92.38 96.65 4.30 14.00 2.84 0.17
SCC-33 112.80 125.91 13.10 43.00 2.18 0.15
SCC-34 108.23 119.82 11.60 38.00 2.24 0.13
SC10-004* 107.90 118.41 10.51 34.50 3.03 0.15
             
SCC-36 31.40 42.38 11.00 36.00 2.30 0.10
SCC-37 208.54 209.76 1.2 4.0 2.06 0.09
SCC-38 125.00 127.29 2.3 7.5 2.06 0.06
SCC-40 71.95 78.05 6.10 20.00 2.46 0.09
SCC-41 105.79 117.68 11.90 39.00 2.05 0.07
SC-62 121.19 132.77 11.60 38.00 1.99 0.17
SC-63 80.95 84.60 3.70 12.00 1.78 0.14
SC-64 118.90 123.93 5.00 16.50 3.25 0.10
SC-71 168.29 171.95 3.70 12.00 2.03 0.03
             
Lower Copper Zone            
             
SCC-17 355.79 358.23 2.40 8.00 6.82 0.05
SC10-003* 350.02 351.69 1.67 5.60 3.24 0.05
             
SCC-21 394.66 400.76 6.10 20.00 4.78 0.04
SCC-34 413.72 417.38 3.70 12.00 9.84 0.10
SC10-004* 414.00 418.05 4.05 13.30 10.84 0.03
             
SCC-46 400.46 412.87 12.40 40.70 5.71 0.03
SC10-005* 405.80 412.15 6.35 20.80 8.72 0.11
             
SC-50 367.99 370.43 2.40 8.00 7.77 0.01
SC-51 397.71 404.88 7.20 23.50 5.79 0.01
SC-55 463.72 470.40 6.70 21.90 10.17 0.01
SC-57 482.62 484.36 1.70 5.70 12.79 0.02
SC-90 383.35 384.63 1.30 4.20 11.49 0.02
 
*-TintinaGold's drill holes from verification drilling campaign.

The historic results tabled above (Table 1) were from the 20 drill holes that showed significant mineralization (out of a total of 42 drillholes) completed by Cominco American Inc., BHP, and Utah International between 1985 and 1989 in the historic resource area (Figure 1). All drill intersections represent approximate true thicknesses in the gently dipping mineralized zones. Historic resources calculated by earlier operators are non-compliant with NI 43-101 standards and are not being relied upon for resource estimation purposes. The Company is working with Mike Lechner, an independent Qualified Person as defined by NI 43-101, and plans to establish a NI 43-101 compliant resource based on a thorough review of all historic core, which has been well preserved, and the new verification drill program completed by the Company. The new resource estimate is expected by year end. The Company plans to complete additional infill drilling to improve resource definition to establish Measured and Indicated resources and a Preliminary Economic Assessment, as well as additional exploration drilling to expand known resource areas and evaluate other copper targets on the property to build additional resources. Meanwhile, drilling continues on hole SC10-006 which targets a mineralization situated 2.5 kilometers southeast of the historically defined resource area.

Jerry Zieg, Vice President of Exploration, said "I'm very pleased that our verification drill program has been successful as it has confirmed historic drill results. During this process we've also had a very positive re-evaluation of exploration potential on our property and we're looking forward to outlining new resources at Sheep Creek this winter."

Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific nature contained in this news release. Assays for this program have been completed by ALS Chemex including duplicates, standards, and blanks for QA/QC purposes.

About Sheep Creek

The Sheep Creek deposit sits 27 km north of White Sulphur Springs along maintained gravel road and within two miles of U.S. Highway 89. The Sheep Creek property consists of approximately 5,775 acres of fee - simple lands and mining claims in central Montana. The property contains sediment - hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. The drilling undertaken by Cominco American Inc. and BHP had encountered significant zones of stratabound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Supergroup; this same stratigraphic unit hosts the Sullivan zinc-lead-silver deposit.

About TintinaGold

TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America. 

Website: www.tintinagold.com

ON BEHALF OF THE BOARD OF DIRECTORS

Raj Chowdhry, C.A., President & CEO

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Company's Sheep Creek property, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company's exploration activities on the Sheep Creek property will not be affected by actions of environmental activists or other special interest groups, and that actual results of exploration activities are consistent with management's expectations. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to TintinaGold's operation as a mineral exploration company and the Sheep Creek property that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with TintinaGold's exploration activities by environmental activists or other special interest groups, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGold does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

To view Figure 1, Historic drill pattern and verification drilling, Sheep Creek, Montana, please visit the following link: http://media3.marketwire.com/docs/tau_1118_fig_1.pdf

To view Figure 2, Cross section through historic resource area, Sheep Creek, Montana, please visit the following link: http://media3.marketwire.com/docs/tau_1118_fig_2.pdf

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 release.

Contact Information