Update on Mirdita Project
posted on Mar 31, 2009 12:23PM
"we don't simply own a great project... we own a great district"
|March 31, 2009|
Tirex Resources Update on Mirdita Project
- advanced stage definition and expansion drilling on known deposits
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Tirex Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to provide an update on its Mirdita Copper-Zinc-Gold Project in Albania.
Tirex geologists have been compiling and interpreting the large volumes of geophysical, geochemical and drilling data collected during the 2008 exploration program and have outlined and refined numerous priority targets for exploration. Field crews will now be mobilized back to the site to continue the 2009 exploration program that will assess both known deposit areas and undrilled exploration targets. The next stage of exploration work will include drilling in the Letitna, Munelle South and Shebe North areas and continued geophysical surveying. (See the Tirex website at www.TirexResources.com for location maps.)
One drill hole was completed by Tirex at Letitna at the end of the 2008 drilling season. This initial hole intersected a wide 61.5m (202 feet) mineralized zone which included 2.5m grading 2.86% copper, 3.09% zinc, and 2.0 g/t gold, 1.9m grading 0.24% copper, 4.38% zinc and 6.0 g/t gold, and 8.2m grading 3.47% zinc and 1.9 g/t gold (see Tirex News Release dated January 13, 2009). In addition to this strong intersection, a second zone was encountered at depth but the hole ended while still in mineralization. Seven drill holes planned in Phase 2 are designed to vector in on and test the heart of the upper zone and to fully test the second, deeper zone of mineralization. The substantial rock alteration in the Letitna area, the wide cut of mineralization in this first hole and the presence of stacked VMS lenses may indicate that the Letitna area hosts a strong and long-lived mineralizing system with the potential for producing deposits of substantial size.
Munelle South is a 6km long area covered by a thick melange rock unit that masks the underlying volcanic host rock to the VMS mineral deposits. Known high grade VMS deposits like Koshaj (see Tirex Management Discussion and Analysis dated September 30, 2008 for details) occur along the edges of this melange unit and a single historic drill hole intersected the mineralized horizon below the melange. Tirex plans to drill a series of holes along this covered trend including utilization of modern borehole EM geophysics to target VMS mineralization.
Shebe North is located 15km south of Letitna. Planned drilling will test a new geophysical target in the vicinity of copper and gold zones intersected by Tirex drilling in 2008 (see Tirex News Release dated November 6 2008).
Resource Definition Drilling
Over the past year drilling has begun to define three separate copper-zinc-silver-gold deposits (Koshaj, Gurthi South No. 2 and Letitna) on the Mirdita property. All three will be subject to further definition and expansion drilling in 2009 which will occur concurrently with continued drilling of high priority previously undrilled geophysical anomalies representing pure discovery potential, and extensions of some of the other historic deposits known on the property.
Eastern Slope Trend
The Eastern Slope Trend is a new 5km long VMS trend identified during the 2007 airborne geophysical survey and by preliminary ground work in 2008. Initial mapping and sampling work have identified VMS host rocks, alteration and copper values in stream sediments similar to the parallel Gurthi VMS Trend, 4km to the west and host to many of the known high grade historic mines in the district. Geophysical grid surveys are planned for the Eastern Slope Trend with drilling of defined targets to follow later in 2009. This entire area was unexplored during previous state run exploration and is an undrilled area of interest that Tirex believes has the potential to be of equal geological importance as the Gurthi VMS Trend.
Tirex is also pleased to report that it has closed both recently announced financings. This includes the $1,627,000 advanced to Tirex by the European Bank for Reconstruction and Development (EBRD) under the terms of the agreement between Tirex and the EBRD announced on October 9th, 2008. This is the second funding that Tirex has drawn from the EBRD under the agreement. In addition, Tirex has closed the private placement with Energold Drilling Corporation announced on March 19th, 2009 by issuing 1,363,637 shares to Energold. These shares have a hold period expiring on July 30th, 2009. No finder's fees were paid on these financings.
Tirex is a company purpose-built to explore and develop the large 344 square kilometer Mirdita Property in Albania. The nature of the VMS mineralization in this District provides Tirex investors with exposure to a high grade basket of metals: Copper, Zinc, Gold and Silver. The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. In addition to the 17 historical deposits identified by previous state-run exploration, Tirex has identified numerous high priority exploration targets resulting from the 2007 airborne geophysical survey, ongoing ground geophysics, geological mapping and other field work.
John Nicholson, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101 and Mirdita Project Manager, is responsible for the technical content of this news release.
Further details on the company and the Mirdita Project can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan Slusarchuk, CEO and Director