TGP) has completed an updated resource estimate for the
company's Kuriskova uranium deposit in Slovakia which more than doubles the
amount of uranium contained in the indicated resource and significantly
increases the grade of the indicated resource. SRK Consulting (U.S.), Inc.
has reviewed and audited the updated resource estimate.
Highlights:
-- Tournigan's 2008 infill drilling moved 8,084,000 pounds of U308 from
the inferred resource category to the better defined and more confident
indicated category
-- The grade of indicated resource increased by 28% from 0.435% U308 to
0.558% U308
-- The infill drilling demonstrated the presence of an exceptionally high-
grade zone of uranium mineralization, which remains open along both strike
and dip
-- The estimate includes 3,261,000 pounds of molybdenum as a potential by-
product (see table below)
The tight geological constraints that were used to model the indicated
high-grade resource provide a high level of confidence in this zone while
leading to a modest reduction in the number of pounds of uranium remaining
in the inferred category. Exploration in or near this zone could replace
or increase these pounds at a higher grade. There is also potential for
further exploration drilling to increase the overall size of the deposit
and for additional infill drilling to upgrade a significant additional
portion of the current inferred resource to the indicated category.
"We are very excited by the results of our recent infill drilling program
which led to such a dramatic increase in both size and grade of the
indicated uranium resource," said Dorian L. (Dusty) Nicol, Tournigan's
president and CEO. "This bodes well for the possibility of further
increasing the size and quality of the deposit. This recent program was
restricted to infill drilling in order to upgrade the quality of the
resource as we advance Kuriskova toward feasibility.
"We emphasize that there remains great exploration upside both immediately
adjacent to the Kuriskova resource and in the surrounding ground controlled
by Tournigan. Our current estimated grade of 0.558% U308 compares extremely
favorably with most other uranium projects currently under development with
grades in the order of 0.1% to 0.2% U308. This estimate also demonstrates
the presence of a significant amount of molybdenum which could represent a
by-product credit. The resource estimate includes only molybdenum
contained within the uranium resource."
The following tables summarize the current resource estimate:
Current Resource:
-***-
KURISKOVA RESOURCE ESTIMATE FEBRUARY 2009 (SRK) * CUT-OFF 0.05%U *
-------------------------------------------------------------------------
TONNES U3O8 LBS TONNES MO LBS
U% (000) %U3O8 (000) MO% (000) (000)
-------------------------------------------------------------------------
Total Indicated 0.473 1,191 0.558 14,654
(Main zone )
-------------------------------------------------------------------------
Total Inferred 0.182 3,780 0.215 17,901 0.030 4,897 3,261
(Main and HW zones)
-------------------------------------------------------------------------
-****-
* Mo resource numbers represent Mo associated with Uranium resource blocks
above a 0.05%U cutoff
Previous Resource:
-***-
KURISKOVA RESOURCE ESTIMATE JULY 2008 (SRK) * CUT-OFF 0.05%U
------------------------------------------------------------
TONNES U3O8 LBS
CLASSIFICATION U% (000) U3O8% (000)
------------------------------------------------------------
Indicated 0.369 685 0.435 6,570
------------------------------------------------------------
Inferred 0.254 4,568 0.299 30,131
------------------------------------------------------------
-****-
A complete table of the new resource estimate prepared by Tournigan and
reviewed, audited and approved by SRK, can be found in Appendix A or by
visiting Tournigan's web site from this link:
http://www.tournigan.com/i/pdf/KuriskovaResourceFeb09AppendixA.pdf.
A longitudinal projection showing drill hole locations and interval grades
is available from Appendix B or can be viewed from this link:
http://www.tournigan.com/i/pdf/KuriskovaVLP.pdf.
The updated estimate incorporates the results of 23 diamond drill holes
totaling 9,267 metres that were drilled since the last resource estimate
previously disclosed in a news release dated July 16, 2008. The estimate
was prepared by Ravi Sharma, Tournigan's manager of resources and reserves,
under the supervision of SRK, who are preparing an NI 43-101 Technical
Report to be filed on SEDAR within 45 days of the date of this news
release. Allan V. Moran, principal geologist and Frank Daviess, principal
resource geologist, who reviewed, audited and approved the current resource
estimate, are both with SRK and are independent Qualified Persons as
defined by NI 43-101.
Interpretation and outlining of mineralization was conducted
section-by-section by incorporating geological, structural and assay
information for each geological domain and by snapping points for hanging
wall and footwall contact while performing section interpretation.
Triangulations of outlines between sections were done to create 3D
wireframe solids for each geological domain using Datamine Studio 3
software. Interpolation of grade to populate the block model within domain
wireframes was carried out using inverse distance cubed methods and a
dynamic anisotropy search option. The 3D wireframe solids of the previous
resource estimate dated July 16, 2008 were updated with infill holes for
the Main Zone and were reviewed by SRK. Interpolation and NI 43-101
compliant resource classification parameters were developed by SRK.
Tournigan is beginning a preliminary assessment (scoping study), including
metallurgical testing, on the Kuriskova deposit expected to be completed
before the end of the second quarter of 2009. Pre-feasibility and
feasibility studies are expected to follow the preliminary assessment.
Ravi Sharma, MAusIMM, Tournigan's manager of resources and reserves, and a
Qualified Person as defined by NI 43-101, has reviewed and approved the
technical disclosure contained in this news release. SRK has reviewed and
approved the technical content of this news release.
About Tournigan Energy Ltd.
Tournigan Energy is a uranium and gold exploration and development company
that has built a portfolio of highly prospective assets in Europe. The
company has focused its development and obtained licenses in Slovakia, a
member of the European Union since 2004. Slovakia is economically and
politically stable, has excellent infrastructure, an educated population
and, as of January 1, 2009, has adopted the Euro currency. Tournigan Energy
is committed to safe and sustainable exploration and mine development in
Slovakia and its other operational jurisdictions.
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
Forward-looking statements: Certain of the statements made herein,
including any information as to the Company's future financial or operating
performance, may be forward-looking and subject to important risk factors
and uncertainties, many of which are beyond the Corporation's ability to
control or predict. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to update
publicly or release any revisions to forward-looking statements to reflect
events or circumstances after the date of this document or to reflect the
occurrence of unanticipated events.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.