16 Sep Tigris Newsletter September 2014
Tigris is pleased to announce that it has executed a letter of intent with a view to listing its shares by means of a capital pool company transaction with Kirkcaldy Capital Corp, a Canadian TSXv-listed company.
Full details of the proposed transaction and concurrent capital raising can be found by following this link to Kirkcaldy’s press release:
Management believe this proposed transaction is some achievement and a measure of substantial support in very trying times. The listing and the concurrent capital raising will provide Tigris with the financial support it needs to prudently develop its current project portfolio and take advantage of the opportunities tough markets and pivotal times such as these can often present.
At Gömeç, ground magnetics and radiometrics, geological mapping and further soil, channel and drainage sampling has been completed in preparation for drilling. Soil geochemical sampling continues to be a useful and compelling tool having recently identified a new 280m long east-west oriented fault-controlled zone of over 0.5g/t and often over 1g/t gold, in the Kubaşlar prospect area (see Figure 1). Such high gold grades in soil cover can indicate much higher grades in the underlying rocks. Soil sampling extensions elsewhere in the Gömeç project area have identified new anomalies to the northeast of Samantaşi and have identified further untested potential to the north of Kubaşlar and Samantaşi and between both prospect areas (see Figure 1).
Figure 1 shows current soil geochemical data draped on a radiometrics image which simultaneously plots potassium in red, uranium in blue and thorium in green. These naturally radioactive elements are useful in mapping various minerals that can in-turn be used to identify rock-types, structures (such as faults) and importantly the chemical alteration of host rocks by hot fluids associated with the emplacement of gold mineralization. This technique has proved very useful at Gömeç where relatively potassium-rich minerals such as biotite, sericite and illite appear, from inspection of drill core and field samples, to be spatially related with the gold mineralization. It is also obvious from field mapping that the pink-red zones evident in Figure 1, cross stratigraphic contacts and occur close to mapped fault zones so that they cannot be a primary geologic feature (related to the content of potassium bearing minerals originally formed or deposited in the rocks). Soil geochemical anomalies associated with gold mineralized epithermal veins (northwest trending features) and vein stock-work systems seem to correlate well with the pink-red potassium anomalies and imply further potential to the north, the east and in-between both project areas. Furthermore, at the southwestern extent of the survey area, beyond the limits of current soil geochemical sampling, there is a seemingly north-south oriented zone of potassium anomalism that correlates with some high BLEG drainage samples. Soil geochemical sampling will be extended across newly identified alteration zones at Gömeç.
An initial 2,500m reverse circulation drill program has been planned to test key targets at Samantaşi and Kubaşlar. Drilling can continue all year round at Gömeç and is planned, depending on permits and rig availability, for the last quarter of this year.
At Pertek an approximately 1000m reverse circulation drill program is planned to commence next month on key geophysical targets to test for further high-grade blind gold sulphide mineralization at Kolonkaya and “skarn-style” copper and gold mineralization at the Tozkoporan license area.
Ground magnetics, radiometrics, alteration mapping and further channel sampling is underway at the Uĝur Tepe porphyry copper gold project. The focus of the exploration program is to better constrain gold dominant mineralization in, around and above the porphyry system. Recent saw-cut channel samples have returned 11.7m @ 1.9g/t, 5.4m @ 1.2g/t, 4.0m @ 1.3g/t gold and 3.0m @ 5.2g/t gold from vein-stockwork and possibly stratabound (parallel to strata) mineralized systems more than 600m away from known porphyry centres.
All exploration information and data from Uĝur Tepe will be integrated, interpreted and modelled over the winter in preparation for drill testing during the summer of 2015.
Arşimet JV (East Anatolian Plateau exploration)
Grass roots exploration is continuing in the prospective and under prospected regions of Tunçeli and Bingöl in Turkeys central east. A single reconnaissance team is focussed on field-reviewing large, probably high-level, hydrothermal alteration systems on the East Anatolian Plateau with a view to claiming or acquiring potentially concealed large porphyry and epithermal copper and gold deposits. Two license claims have so far been submitted and numerous tender license opportunities (licenses becoming available for acquisition by government tender) have been identified and ranked in readiness for upcoming tenders.
On the corporate-side, Tigris remains focussed on effectively managing its treasury, on keeping G & A costs to a minimum and on adding-value through efficient well-managed exploration in cooperation with its local partners. In these markets and in this potentially new era for the mineral industry, simple large projects with significant high-grade components are key and are the Company’s clear objective.
As part of the listing process, in line with changing trends and as a reflection of our new extended reach beyond just southeast Turkey, Tigris will be rebranding. We will provide more information on the proposed listing and the new brand as it becomes available.
We thank you for your continued support.
Dr Tim Coughlin