Tirex Resources Ltd.

Tirex Resources Ltd.

January 10, 2011 08:00 ET

Tirex Provides Exploration Update

- Multiple High Grade Intersections in Gold Enriched Copper and Zinc Zones

- NI43-101 Mineral Resource Estimates in Progress

- All Zones Open for Expansion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) - Tirex Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to provide a summary of the exploration results to the end of 2010 from its Mirdita VMS District in Albania. To date Tirex has outlined four significant zones of gold enriched copper and zinc mineralization on the property at Gurthi South No. 2, Gurthi South No. 1, Letitna and Koshaj. In late 2010 Tirex contracted SRK Consulting (UK) Ltd. to complete initial NI43-101 compliant Mineral Resource estimates for these four deposits based on Tirex results to date. All these zones remain open for expansion. Plans for 2011 comprise completion of the Mineral Resource estimates, a Preliminary Economic Assessment study, and continuing exploration work with a dominant focus on drilling. The drilling will continue to both define and expand known zones of mineralization and test geological and geophysical targets with new discovery potential.


The Gurthi South area is located in the central portion of the Mirdita property. It is an area of multiple zones of mineralization that have not been fully explored in the past. Drilling has begun outlining a significant zone of mineralization at Gurthi South No. 2. In late 2010 Tirex intersected the thickest and highest grade intercept to date at Gurthi South No. 2 which assayed 3.66% Cu, 1.13% Zn, 8.3 g/t Ag and 1.2 g/t Au across 19.3m (63.3 ft) including an exceptionally high grade section which assayed 7.38% Cu, 1.77% Zn, 13.3 g/t Ag and 1.6 g/t Au across 6.7m (22 ft). Other highlights from Gurthi South No. 2 are summarized in the following table:

HOLE (m) (m) (m) (%) (%) (g/t) (g/t)
MR08-15 127.93 130.65 2.7 2.25 0.43 5.0 0.7
MR08-16 125.4 139.2 13.9 3.47 0.62 7.5 1.3
  Including 126.3 129.9 3.7 10.61 0.16 6.5 2.9
  Including 126.3 127.4 1.1 13.58 0.21 11.5 7.4
MR08-18 110.45 127.00 16.6 0.55 2.10 3.7 1.9
  Including 117.20 121.90 4.7 0.29 4.19 5.2 3.5
  Including 120.15 121.90 1.8 0.53 3.97 3.3 5.9
MR08-21 166.25 172.3 6.1 3.11 3.97 24.1 0.9
  Including 168.85 171.55 2.7 6.65 2.26 24.1 1.0
  Including 168.85 170.45 1.6 8.46 1.79 23.2 1.1
MR08-25 120.0 127.1 7.1 5.90 0.73 37.5 3.4
  Including 122.0 126.7 4.7 7.04 0.72 40.8 3.9
  Including 126.1 126.7 0.6 12.77 0.20 24.6 4.9
MR08-31 104.45 107.45 3.0 1.18 0.20 2.6 1.7
MR08-65 101.50 120.75 19.3 3.66 1.13 8.3 1.3
  Including 103 104.1 1.1 4.57 0.18 3.0 2.8
    And 106 108 2.0 4.78 0.37 4.5 1.0
    And 110.6 117.3 6.7 7.38 1.77 13.3 1.7
  Including 110.6 113.6 3.0 9.56 2.17 18.0 2.5
  Including 112.6 113.6 1.0 12.30 1.75 23.0 2.2

These intervals are close to true width. Five additional holes have been drilled at South Gurthi No. 2 since hole MR10-65 was completed. All five holes intersected the mineralized horizon; assay results are pending. The zone is open to the north, open to the south and open to the southwest. Tirex will use the pending assays, drilling to date and borehole electromagnetic geophysics to guide further drilling targeting the continued expansion of the zone. To date the zone has been traced over 150m along strike, appears to have an estimated width of 50m and significant thicknesses as described in the table.


The Gurthi South No. 1 zone is located 450m north of Gurthi South No. 2. In 2010 Tirex intersected the thickest and highest grade intercept to date at Gurthi South No. 1 which assayed 5.23% Copper, 1.84% Zinc, 57g/t Silver, and 4.6g/t Gold across 7.7m (25.3 ft) including 6.92% Cu, 2.53% Zn, 84.6 g/t Ag and 6.8 g/t Au across 4.0m (13.1 ft). These intervals are close to true width. 

Summary of 2010 drill assay results from Gurthi South No. 1:

(m) (m) (m) (%) (%) (g/t) (g/t)
DRILL HOLE MR10-60            
249.5 257.2 7.7 5.23 1.84 57.0 4.6
250.5 254.5 4.0 6.92 2.53 84.6 6.8
251.5 253.5 2.0 7.50 3.78 124.6 8.2
DRILL HOLE MR10-61            
266.2 268.4 2.2 1.26 0.03 0.3 0.1
DRILL HOLE MR10-62            
246.5 251.0 4.5 0.62 0.05 0.2 0.0

Drill holes MR10-61 and MR10-62 were drilled 100m south and 150m south respectively of drill hole of MR10-60 and west of previous Tirex drilling. The zone remains open for expansion to the west and north. Further drilling to expand this zone is planned for 2011.


Letitna is located 1km east of Gurthi South. Although no drilling was carried out on Letitna in 2010, extensive earlier drilling by Tirex intersected many high assays over wide thicknesses (see Tirex News Release dated January 11, 2010 for details). Mineral resource studies for this zone are now in progress. The zone remains open for expansion.


The Koshaj Zone is located 2.5km north of Gurthi South. In 2008, Tirex drilled a grid of nine holes on the Koshaj Deposit over a strike length of 75m and intersected a number of thick, high grade intersections. (see Tirex News Release dated January 11, 2010 for details). Mineral resource studies for this zone are now in progress. The zone remains open for expansion.


During 2010 Tirex drill tested several new geological and geophysical targets in the Munelle North and Bari Pass South areas. These drill holes intersected very wide alteration zones with low but locally anomalous metal values. The last hole (MR10-64) drilled in this area in 2010 intersected a 300m thick alteration zone with local mineralization (including 3.0m grading 0.57% Cu). To date, the use of ground IP and airborne EM geophysics has been effective at identifying the large alteration zones at Mirdita. Tirex is now using borehole EM to probe drill holes that intersect alteration zones in prospective areas to vector in on massive sulphides. Tirex recently initiated the use of borehole EM and plans to use this tool extensively in 2011.


In late 2010, Tirex announced the engagement of SRK Consulting (UK) Ltd. to complete NI43-101 compliant Mineral Resource estimates for the Gurthi South No. 2, Gurthi South No. 1, Letitna and Koshaj zones based on Tirex definition drilling to date. Completion of the report is anticipated in late February 2011.

Based on the Mineral Resource work, Tirex plans to conduct a Preliminary Economic Assessment ("PEA") for the Gurthi South No. 2, Gurthi South No. 1, Letitna and Koshaj zones. The PEA will start immediately upon the completion of mineral resource calculations for the deposits and will consider possible production scenarios for these deposits. There are 17 known historical deposits on Tirex's property (9 of which were formerly in production). Gurthi South No. 2, Gurthi South No. 1, Letitna and Koshaj are the first four deposits that have been drill tested by Tirex. Further expansion drilling of these deposits and initial drilling of other historical deposits at Mirdita is planned in 2011. Most of the historic deposit areas have never been tested with modern exploration.


Many of the 17 known historical deposits on Tirex's large Mirdita property were previously in production or were being readied for production when the country's state mining regime collapsed. As such, there are significant underground workings in multiple deposits. Tirex staff has identified and compiled historical maps for many of the underground workings on the property and started to open some of these workings for assessment purposes. Two adits to the mineralized zone at Koshaj have been opened. Much of these two adits are in good condition with interconnection between levels providing good air flow. Bari Pass North has substantial underground mine workings, with a main portal that can be opened. Gurthi South No. 1 and Gurthi South No. 2 also have mine adits that are reported to have accessed the mineralized bodies. Tirex plans to open, where practical, workings in historical areas where expansion and definition drilling is conducted within the advanced stage component of the program.


The Mirdita property was a historically prolific mining district with significant copper production through the 1950s-1990s, when the Albanian state run mining industry collapsed. Copper was the sole focus of state operations with gold rarely assayed for, silver never assayed for and zinc mineralization neglected. As such, extensive drilling was done over several decades. When state-run operations ended, all drill cores were destroyed although much of the historical data was saved in archives. While the core from historical drilling no longer exists, Tirex has recently located drill core assay pulps from drill holes in multiple deposit areas. Tirex is in the process of assessing the usability of these pulps to rebuild the historical data to modern standards. Most of the areas from which the pulps originated have never been tested for gold and silver. Tirex will run full assays on the pulps and will also evaluate how the pulps can guide future drilling and potentially be incorporated into mineral resource calculations.


In addition to the drilling, Tirex has been carrying out extensive field work including geological mapping with modern VMS exploration concepts, geophysical (induced polarization and borehole electromagnetics) surveying and geochemistry by an expert team of Canadian and Albanian technical personnel to define and prepare targets for drilling. The work is carried on out of a modern 40 man camp located near the Koshaj Zone. Computer data compilation of historic technical information is also continuing. Additional technical information including reports, maps and photographs can be found on the Company website at www.TirexResources.com.


Plans for work in 2011 begin with completion of initial NI43-101 compliant Mineral Resources estimates followed by a Preliminary Economic Assessment study on the Letitna, Gurthi South No. 2, Gurthi South No. 1 and Koshaj Zones. Drilling is planned to continue expansion of these zones as well as some of the other known zones of mineralization and longer term blue sky exploration for new zones. Geological mapping, ground and borehole geophysics, geochemistry and computer compilation of historic data is used to generate exploration targets. Tirex is exploring for large VMS deposits and also sees potential to develop multiple deposits of various sizes feeding a central mill producing copper, gold, zinc and silver from the Mirdita District.

Tirex is a company purpose-built to explore and develop the large Mirdita Property in Albania. The nature of the VMS mineralization in this District provides Tirex investors with exposure to a high grade basket of metals: Copper, Zinc, Gold and Silver. The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The property covers the core of the historically productive Mirdita copper district. It represents an opportunity to explore Copper, Zinc, Gold and Silver zones that were previously partially mined, explored or evaluated at lower metal prices, and provides an opportunity to apply modern exploration techniques toward the discovery of new VMS deposits and extensions of known zones. In addition to the 17 historical deposits identified by previous state-run exploration, Tirex has identified numerous high priority exploration targets resulting from airborne and ground geophysics, geological mapping and other field work. The Mirdita Project is managed by an experienced team of Canadian and Albanian geologists and geophysicists.

Funding support for the upcoming program includes a recent financing from the European Bank for Reconstruction and Development ("EBRD"), a major financial backer of the company (see Tirex News Release dated January 5, 2011).

John Nicholson, P.Geo., Mirdita Project Manager and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.

Further details on the company and the Mirdita Project including location maps for the reported drill holes can be found on the Tirex website at www.TirexResources.com.


Bryan J.R. Slusarchuk, CEO and Director

Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex that are based on the beliefs of Tirex management, as well as assumptions made by and information currently available to Tirex management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.

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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