14 Jan Tigris Resources Limited – Shareholder Update – January 2013
Happy and Prosperous New Year to you from all of us here at Tigris.
2013 will be a pivotal year for the Company. Restructuring of the Besler JV means Tigris now owns 100% of the exciting new Kolonkaya gold discovery, the Bingol porphyry system and other promising licenses, a number of regional exploration initiatives are under consideration, we are exploring available options for the Company to list and thanks to your continuing support, we have just raised a further CAD$580k.
For the short term however our focus will be on drilling the high-grade sheeted vein system at Kolonkaya, where last years drill program returned 10m at 6.4g/t gold (see Figures). We will be conducting geophysics first (Electromagnetic and Induced Polarisation techniques), to better define massive and disseminated sulphide related targets down the veins at depth and to outline any potential breccia-hosted bodies. We will also close in our current ground magnetic and radiometric grid across the area to provide more detail on structure and host lithology. Detailed 3D modelling will then be followed by RC drill-testing in the early summer.
Figure 1: Overview of the Kolonkaya Gold Discovery
Figure 2: Sheeted vein system at Kolonkaya returning impressive rock chip and drilling results
The Kolonkaya discovery is one of a diverse family of gold deposits known as Intrusion-Related Gold Systems (IRGS), which includes several World Class gold mines better known from Alaska and the FSU such as Fort Knox, Pogo and the giant Muruntau. To our knowledge Kolonkaya is the first known IRGS occurrence in Turkey. From Tigris’ perspective this opens up a significant and exciting strategic opportunity. These deposits occur in particular geologic settings and have characteristic geochemical and geophysical signatures. Whilst the Winter persists and snow covers most of southeast Turkey we have been conducting a thorough review of our southeast Turkey regional data set, which includes the fly-over targets, to identify bodies and belts that might be prospective for further IRGS style gold discoveries. Our intention is to prioritise these target areas and field review them this Summer.
We thank you for your continuing support and look forward to keeping you updated with progress as the year unfolds.
Yours, Tim Coughlin, Chairman, Tigris Resource Company Ltd.
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.