29 Sep Tigris Newsletter October 2014
Update on IPO Financing and EIA Drill Permits in Place for Gomeç and Pertek
Whether this bear-market is in its long twilight or pre-dawn, tomorrow will inexorably come and Tigris is tailoring itself to be one of the first newly-public exploration companies to embody the environment of reform and take full advantage of the opportunities a mending market presents.
Financing for the IPO is underway (see previous newsletter) with a target capital-raising of CAD$2M at a price of 15c per share and a full warrant of 22.5c (36 months from IPO) on offer. Teams are busy in North America, Switzerland and the UK and so far, despite the markets, the response has been positive and encouraging. If you haven’t heard from us, the Sprott team in North America, or Loeb Aron in the UK and Europe please do let Donna know and we will be pleased to run through the presentation and terms with you (email@example.com).
EIA Drill Permits
We are pleased to announce that EIA approvals for drill permits are now in place for some 103 localities at Gömeç and 6 localities at Pertek. The majority of these localities are on private or community property with surface rights agreements also now in place.
At the Ugur Tepe porphyry copper gold project, saw-cut channel sampling has returned positive results including 11.7m at 1.9g/t, 5.4m at 1.2g/t, 4.0m at 1.3g/t and 3.0m at 5.2g/t gold. Interestingly this gold is hosted by quartz veinlets in altered volcanic and sedimentary host rocks seemingly surrounding the porphyry copper gold system (see Figure below). We are currently completing ground magnetics, radiometrics and further saw-cut channel sampling at Ugur Tepe to test the theory that the gold is emplaced along an extensive “ring-fracture” type system which formed either just before or after emplacement of the porphyry copper-gold mineralization.
On the corporate-side, Tigris continues to streamline administrative activities and reduce G and A costs. The company is actively seeking value-adding industry partners and merger opportunities.
We thank you for your continued support!
Dr Tim Coughlin