TNR Gold Corp.TSX VENTURE: TNR
Apr 08, 2011 13:25 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2011) - TNR Gold Corp. (the "Company") (TSX VENTURE:TNR) is pleased to announce La Mancha Resources Inc ("La Mancha"), the Company's joint venture partner on and Operator for the project, has decided to expand and continue the drill program on the La Ortiguita porphyry copper-gold/epithermal gold property, San Juan province, Argentina.
Key Highlights:
Initially a 1,500 metre diamond drilling program was planned on the 'Silicified Zone' however due to the majority of the completed drill holes intersecting prospective altered rock and depositional textures potentially indicating an external halo of an epithermal low sulfidation system, the current program was increased to 2,400 metres. Assay results are pending.
In addition, an IP Resistivity survey was also completed over the 'Silicified Zone' in order to complement the previous magnetic survey and provide a better understanding of the geophysical response in the area as well as assist in target delineation.
ABOUT THE LA ORTIGUITA PROPERTY
The La Ortiguita property lies on the El Indio trend, close to Barrick Gold's giant Pascua-Lama and Veladero deposits. Exploration conducted thus far has targeted a porphyry copper-gold/epithermal gold system and has identified five distinct target areas for continued exploration referred to as the Zona Norte, Rio Blanco, Pablo, Pancho and the Silicified Zone. The Silicified Zone, the focus of the current exploration program, consists of an arcuate band of silicification approximately 300 to 400 m wide, extending over 1.5 km in length and is associated with an approximately 50 m wide shear zone.
In 2010, La Mancha carried out a 3,000 metre reverse-circulation drilling campaign on the property to assess the targets identified by geophysical and geochemical surveys conducted between 2007 and 2009. The 2010 program highlighted the potential of the Silicified Zone and following a strong recommendation to further evaluate the Silicified Zone evolved into the current exploration program.
To date, La Mancha has earned a 42.66% interest in the property and has an option to acquire a 75% undivided interest in the La Ortiguita property by spending $800,000 in exploration expenditures in 2011.
ABOUT TNR GOLD CORP.
The Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to the Company's wholly owned subsidiary International Lithium Corp upon completion of a proposed plan of arrangement.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the combined companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
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.Key Highlights:
- Drill program expanded by 60% at La Ortiguita on positive identification of potential;
- Assays Pending; and
- Representative example of the Company's Joint Venture Business Model.
Initially a 1,500 metre diamond drilling program was planned on the 'Silicified Zone' however due to the majority of the completed drill holes intersecting prospective altered rock and depositional textures potentially indicating an external halo of an epithermal low sulfidation system, the current program was increased to 2,400 metres. Assay results are pending.
In addition, an IP Resistivity survey was also completed over the 'Silicified Zone' in order to complement the previous magnetic survey and provide a better understanding of the geophysical response in the area as well as assist in target delineation.
ABOUT THE LA ORTIGUITA PROPERTY
The La Ortiguita property lies on the El Indio trend, close to Barrick Gold's giant Pascua-Lama and Veladero deposits. Exploration conducted thus far has targeted a porphyry copper-gold/epithermal gold system and has identified five distinct target areas for continued exploration referred to as the Zona Norte, Rio Blanco, Pablo, Pancho and the Silicified Zone. The Silicified Zone, the focus of the current exploration program, consists of an arcuate band of silicification approximately 300 to 400 m wide, extending over 1.5 km in length and is associated with an approximately 50 m wide shear zone.
In 2010, La Mancha carried out a 3,000 metre reverse-circulation drilling campaign on the property to assess the targets identified by geophysical and geochemical surveys conducted between 2007 and 2009. The 2010 program highlighted the potential of the Silicified Zone and following a strong recommendation to further evaluate the Silicified Zone evolved into the current exploration program.
To date, La Mancha has earned a 42.66% interest in the property and has an option to acquire a 75% undivided interest in the La Ortiguita property by spending $800,000 in exploration expenditures in 2011.
ABOUT TNR GOLD CORP.
The Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to the Company's wholly owned subsidiary International Lithium Corp upon completion of a proposed plan of arrangement.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the combined companies' commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
For more information, please contact
TNR Gold Corp.
Gary Schellenberg
President
(604) 687-7551 or 1-800-667-4470
(604) 687-4670 (FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com
Notes: TNR Gold Corp is curently pursuing confidential talks with a strategic investor for the spinout of it's "International Lithium Corp" (ILC).
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