VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) - Tenajon Resources Corp. (TSX VENTURE:TJS) (the "Company") today announced that assay results have been received for the remainder of Hole 2007-3 and for an additional three drill holes completed at its Ajax Molybdenum Property. Highlights include 257.6 metres averaging 0.090% molybdenum from Hole 2007-3, the most westerly hole drilled on the deposit to date, and 52.54 metres averaging 0.076% molybdenum from Hole 2007-6, the most easterly hole drilled on the deposit. Significant, near surface molybdenum values have now been intersected over a 500 metre long strike length with the zone being open at depth and along strike. In addition, an update of the Company's activities at its Moly Brook and Burn Molybdenum properties is provided.
The Ajax Molybdenum Property is located near Kitsault, northwestern British Columbia. The 2007 exploration drill program is now complete, with 12 drill holes totaling 2,639 metres being drilled. Assay results for the final five drill holes are pending. Once all assay results are received, an updated NI 43-101 compliant mineral resource estimate will be completed.
The Ajax Property hosts one of North America's largest undeveloped molybdenum deposits. At a 0.04% molybdenum cut-off the deposit hosts inferred resources of 448 million tonnes averaging 0.063% molybdenum (623.4 million pounds) and an indicated mineral resource of 38.8 million tonnes averaging 0.064% molybdenum (56.4 million pounds). The estimate was prepared by Giroux Consultants Ltd., an independent consulting firm (released March 5, 2007). The current price for molybdenum is approximately $32.75 per pound.
Prior to the commencement of the 2007 drill program Tenajon contracted Dr. Nicholas Carter to undertake a review of the Ajax Property. In Carter's study he states "The previous work on the Ajax Property suggests an area of enhanced grade may be related to an east-northeast trending fault zone near the northern limits of the current molybdenum zone."; According to Carter this concept was originally proposed by Newmont geologists in 1966 but was not acted upon. Furthermore he concluded "Most of the holes completed on the Ajax Property have been inclined holes drilled on west southwest orientations essentially parallel to zones thought to contain enhanced molybdenum grades. A review of the results to date suggests that intervals of better molybdenum grade are contained in holes drilled within 100 metres of the east northeast fault zone.";
Holes 2007-1 to 3, and 6 have tested a 500 metre long section of the deposit identified by Dr. Carter as potentially hosting higher grade molybdenum values. All four holes intersected extensive sections hosting anomalous molybdenum values adjacent to fault zones with Hole 2007-3, the most westerly hole drilled for which assay results are available intersecting the best grades. Holes 07-4 and 7 respectively tested the deposit along the north and south walls of a potential open pit. The results are summarized below.
---------------------------------------------------------------- Length From To Interval Mo MoS2 Hole (metres) (metres) (metres) (metres) (%) (%) ---------------------------------------------------------------- 2007-3 260.61 3.05 260.62 257.60 0.090 0.150 ---------------------------------------------------------------- Incl. 21.29 44.20 22.91 0.098 0.163 ---------------------------------------------------------------- And 129.78 239.27 109.49 0.126 0.210 ---------------------------------------------------------------- ---------------------------------------------------------------- 2007-4 197.21 34.33 166.73 132.4 0.026 0.043 ---------------------------------------------------------------- Incl. 104.73 166.73 62.00 0.032 0.053 ---------------------------------------------------------------- ---------------------------------------------------------------- 2007-5 79.25 Abandoned due to ground conditions ---------------------------------------------------------------- ---------------------------------------------------------------- 2007-6 244.76 0 244.76 244.76 0.049 0.081 ---------------------------------------------------------------- Incl. 26.96 74.58 47.72 0.060 0.100 ---------------------------------------------------------------- And 134.91 187.45 52.54 0.076 0.127 ---------------------------------------------------------------- ---------------------------------------------------------------- 2007-7 222.81 0 222.81 228.81 0.039 0.069 ---------------------------------------------------------------- Incl. 162.16 204.83 42.67 0.069 0.115 ---------------------------------------------------------------- And 212.14 222.81 10.67 0.069 0.115 ---------------------------------------------------------------- Moly Brook Exploration Update
At the Company's Moly Brook Molybdenum Property located on the south coast of Newfoundland, 11 holes totaling 3,250 metres in length have been completed with drilling on-going. The current drill program is designed to follow up the results of a recently completed geochemical and geophysical survey that expanded the area of potential molybdenum mineralization previously defined by Royal Oak Mines Inc. Tenajon's work outlined an up to 700 metre wide by 1,200 metre long molybdenum in soil anomaly. Coincidental with the anomaly is an up to 800 metre wide by 1,500 metre long zone of high chargeability. In the mid 1990's, Royal Oak Mines Inc. completed three holes over a 300 metre strike length within this anomaly. All three holes intersected anomalous molybdenum values with historic highlights including 44 metre and 46 metre intersections respectively averaging 0.111% and 0.081% molybdenum. The drill program is testing the zone along strike and dip from the Royal Oak Mines Inc. drill holes and other selected targets within the anomaly. It is anticipated that 13 holes will be completed in this first phase drill program.
Burn Property Exploration Update
The Company has just completed a five drill hole program totaling 1,500 metres in length at the Company's Burn Molybdenum Property located near Hazelton, British Columbia. Prior to drilling, geochemical and geophysical surveys were undertaken. Soil sampling outlined an up to 650 metre wide by 1,000 metre long molybdenum in soil anomaly. Geophysical surveying showed the soil anomaly to be in part coincidental with a resistivity high. Flanking the resistivity high are a series of chargeability high anomalies. The property was previously drilled in the early 1980s with six holes being completed of which the results are only available for only one hole, 1980-6. Hole 1980-6, located 100 metres to the west of the north end of the soil anomaly intersected an 84 metre section averaging 0.061% molybdenum. Within this intercept is a 21 metre section averaging 0.133% molybdenum. The recently completed drilling tested the extensions to this mineralization along with the main soil anomaly and geophysical targets located in the northern end of the anomaly.
The work at the Ajax Property was completed by Apex Geoscience while the work at the Burn was completed by CJL Enterprises. The work at Moly Brook is being completed by Geoscott Consultant. All three programs are completed under the supervision of Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101.
At the Ajax, Burn and Moly Brook Properties the drill core is sawn into halves with one half being sent for analysis and the other kept for future reference. All samples were prepared and analyzed at Acme Analytical Labs using a four acid digestion with analysis by Induced Couple Polarization. A stringent program of check, blank and duplicate sampling was employed throughout with duplicates standards and blanks being entered into the sample stream at regular intervals. In addition a limited amount of samples are being sent to other labs to determine the reproducibility of the results.
On Behalf of the Board of Directors
TENAJON RESOURCES CORP.
D. Bruce McLeod, President
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.
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