LAVAL, CANADA--(Marketwired - Feb. 4, 2014) - TYPHOON EXPLORATION INC. ("Typhoon") (TSX VENTURE:TYP) resumes targets for the new drilling campaign on the Fayolle Property, located 35 km north-east of the city of Rouyn-Noranda, with a budget of approximately of $500,000.
Following recent fieldworks, the nature of the mineralized host rocks was better understood. The intrusive rock units and related alterations follow late orogenic faults which are oriented NW-SE and filled with polygenic sedimentary breccia possibly related to the Temiskaming Group sedimentations.
Inside these structures, the superimposition of different brecciation and carbonatization events, combined with intrusions proximity generated gold anomalous zones with values varying between 0.05 and 1.0 g/t Au. By contrast, controls and events that have generated multi-grams intersections clusters remain to be clarified.
Therefore, a drill program of approximately 4,500 meters distributed over 13 diamond drill holes (DDH) will be completed to verify:
- The Fayolle deposit down-dip extension with 5 DDHs (see Figure 1);
- The McDonald Showing down plunge extension with 5 DDHs (see Figure 2);
- The Cinco Showing quartz-albite-pyrite alteration zone developed in sediments with 3 DDHs (see Figure 3).
ABOUT TYPHOON EXPLORATION INC.
- Typhoon Exploration Inc. only has 29,656,791 shares outstanding.
- The Fayolle Property offers the potential to host important gold resources.
- Typhoon Exploration Inc. is in an excellent financial position and carries no debts.
- Typhoon Exploration Inc. conducts its exploration activities over the vast territory of Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generation.
For more information, visit the company's website at www.typhoonexploration.com or SEDAR's website at www.sedar.com.
- A Mineral Resource Estimate was completed in 2012 for the Fayolle Deposit and its resources transferred from the
inferred category to the indicated category. (see press release dated September 6th, 2012)
- A Preliminary Metallurgical Study of the gold recovery rate was completed in 2012 on the Fayolle Deposit and indicated
an average gold recovery rate of more than 96%. (see press release dated October 30th, 2012)
- A Positive Preliminary Economic Assessment Study (PEA) was completed on the Fayolle Deposit in 2013.
(see press release dated April 9th, 2013)
THE COMPANY OWNS THE FOLLOWING PROJECTS:
- Fayolle Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region (See agreement with Hecla Quebec Inc. 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
- Nordair Project, 100%-owned by Typhoon Exploration Inc. / James Bay region
- 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 Axe Exploration Inc. / Rouyn-Noranda region
Exploration works on the Fayolle Project are conducted following cohabitation principles and meaningful engagement of the company toward local stakeholders.
Typhoon has initiated the continuous consultation and collaboration with citizens and public representatives early in the exploration process, facilitated by the opening of an office and coreshack in the Mont-Brun district. A close relationship has been built with the nearby Aiguebelle National Park and the City Hall (Regional Land Use Planning Department), located north of the Fayolle Project. The company considers that it is a priority to develop a close relationship with the Park and the City Hall based on mutual trust and supported by a continuous exchange of information with its administration. At the current exploration stage there are several collaborations underway with the Park, including a wildlife survey. Watershed quality monitoring will also be performed collaboratively as the project moves forward.
Typhoon is considered to be attuned, and in one concerns of opening, we are engaged to sustain the dialogue with the goal to optimize exploration and development works on our properties according to the needs of our living environment.
Mr. Daniel Gaudreault, ing., (OIQ), of A. Géologica 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.
Figures are available at the following address: http://media3.marketwire.com/docs/925609pa.pdf