07 Sep Tigris Newsletter September 2012
First Drill-Results From Kolonkaya Discovery Return 10m At 6.4g/T Gold And Interim Financing Raises Proceeds Of Cad $828k
We are pleased to announce that initial results from scout diamond drilling at the Kolonkaya discovery have returned 10m at 6.4g/t gold (drill hole DDKM002, 56-66m, 0.2g/t cut-off, not true width). Six scout drill holes have been drilled so far this year at Kolonkaya with complete results having been returned for just three holes so-far. Gold mineralization is hosted in what appears to be a blind (not exposed on surface) coarsely pyritic fault-zone which is also anomalous in copper (2m at 1.2%, 59-61m). Of the results we have received so-far it appears that higher grade gold is hosted in pyritic fault-zones whereas lower-grade gold (drill hole DDKM001, up to 1.2g/t, 15-16m) is hosted in quartz-pyrite ± tourmaline veinlets and vein stock-work zones.
It is obviously still early days and it will take some further surface mapping and the integration of ground geophysics to put these results in true context but this is -at-least- a good start for a brand new discovery. What is particularly interesting is the “blind” nature of the mineralised fault-zone we intersected in DDKM002. It first became apparent that Kolonkaya held more than met the eye after drill roads and pads were pushed in and revealed broad concealed zones of vein-stockwork and alteration over plan-widths of up to 40m. Rock-chip channel sampling has returned relatively low-gold grades (0.2 to 0.3g/t gold) across these zones but nevertheless they do appear to link together hitherto isolated higher-grade rock-chip results and make something of a 2km footprint to gold mineralisation at Kolonkaya (see Figure below). The style of gold mineralization at Kolonkaya is in-itself quite encouraging as in particular, isolated gold-mineralized quartz-tourmaline veins can hint at a much larger mineralised intrusion or vein/breccia body lurking at depth.
The drill rig is now working its way through oxide-skarn-style alteration at Yalinkaya. Drill holes are targeting a gossanous fault-breccia zone which has been intersected over 50m down-hole widths (see photo below). This material carries erratic gold grades of up to 5.9g/t gold on surface but importantly is a very clear indication that there is a potentially mineralised intrusive body at-depth. Results from drilling at Yalinkaya are not available as-yet.
Elsewhere in southeast Turkey we are making the most of the good weather and completing a ground magnetics and soil geochemical program over an extensive porphyry copper-gold target and continuing reconnaissance exploration throughout the region.
On the financing front our recent capital raising is now complete with an additional CAD$828k being added to the treasury meaning the Company now has cash reserves of just over CAD$1M. This is sufficient enough to fund activities for the remainder of 2012 and through the winter into 2013.
About Tigris Resources Limited
Tigris is an exploration and development company focused on the search for gold and copper deposits in the highly prospective Tethyan Metallogenic Belt in southeast Turkey.
Tigris’s ‘Comprehensive Development Strategy’ is designed to enable the exploitation of a range of opportunities with the aim of developing a focussed ground acquisition programme. Running concurrently, the components of the strategy integrate Tigris’s ability to acquire ground via tender, greenfield target generation and joint venture partnerships.
Tigris’s board and management team have a proven record in building companies, discovering, acquiring and developing resource in emerging environments, especially along the Tethyan Metallogenic Belt.