LAVAL, CANADA--(Marketwire - Oct. 9, 2012) - TYPHOON EXPLORATION INC. (TSX VENTURE:TYP) is pleased to announce the first results of the geological reconnaissance work on its Nordair Property, located in James bay, in the heart of Plan Nord Territory. The property is 100%-owned by Typhoon Exploration Inc.
The property is located at the center of Eastmain's greenstone belt, is of archean age and has an east-west orientation. It straddles a major regional contact between mafic volcanic rocks to the south and felsic volcanic rock to the north, all from the Auclair Formation of the Lower Eastmain Group.
Felsic pyroclastic rocks rich in quartz-feldspar are underlying the northern and central parts of the property. These rocks are locally pyritic and in some places, largely hydrothermally altered. Chert horizons rich in pyrite were observed at the surface during the recent geological reconnaissance.
In the southern part of the property, mafic volcanic rocks are usually medium to coarse grained, gray-green, massive, with amphibole-biotite-chlorite crystals. These units are often of gabbroic aspect. Few sulphide iron formations were observed in the southern part of the property and were detected using a Beep Mat instrument. Veins and veinlets of quartz-calcite with traces to 1% of disseminated pyrite were observed in the amphibolitized and / or gabbroic volcanic units. A selected sample showed an anomalous gold grade of 0.06 g/t Au.
The property is immediately in the west extension of the "Lidge Claim" and "Lucille" showings, held by Eastmain Resources Inc. These showings revealed several gold and copper valuesΓÇïΓÇï, including a drilling intersection which revealed values of 11.42 g/t Au and 0.13% Cu over 1.3 meters, at the interface between the basalts and tuffs. In addition, the Nordair Property is located less than 100 km southwest from Goldcorp's Eleonore Project which has estimated probable reserves of 12.48 Mtonnes @ 7.56 g/t Au as well as measured and indicated resources of 1.36 Mtonnes @ 10.95 g/t Au. (Ref.: http://www.goldcorp.com/Investor-Resources/Reserves-and-Resources)
ABOUT TYPHOON EXPLORATION INC.
Typhoon Exploration Inc. holds only 22,591,235 shares outstanding.
The Fayolle Property offers the company the potential to gather important gold resources.
The 27 million dollar agreement between Typhoon Exploration Inc. and Aurizon Mines Ltd. is starting off its third year and is going according to schedule.
A preliminary economic study of the Fayolle Deposit is currently underway. The study will conclude shortly, with results announced by press release at that time.
THE COMPANY OWNS THE FOLLOWING PROJECTS:
- Fayolle Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region (See agreement with Aurizon Mines Ltd. in press release dated May 18, 2010)
- Faille 1 Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region
- Monexco Project, 100%-owned by Typhoon Exploration Inc. / Chibougamau region, in the heart of Plan Nord territory
- Nordair Project, 100%-owned by Typhoon Exploration Inc. / James Bay region, in the heart of Plan Nord territory
- Aiguebelle-Goldfields Project, 51%-owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited / Rouyn-Noranda region
- Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Diamond Frank Exploration Inc. / Rouyn-Noranda region
Typhoon takes advantage of Quebec's excellent mineral potential for the development of new world class gold deposits.
For more information, visit SEDAR's website at www.sedar.com or the company's website at www.typhoonexploration.com
Mr. Daniel Gaudreault, P. Eng., Geol. (OIQ), from Geologica Groupe-Conseil Inc., is the Qualified Person as defined by National Instrument 43-101, to supervise the preparation of this press release.
The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither 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.