Tirex to Restart Drilling at Mirdita
posted on Apr 30, 2009 02:39PM
"we don't simply own a great project... we own a great district"
|April 30, 2009|
Tirex to Restart Drilling at Mirdita
- High priority Letitna is the first drill target
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2009) - Tirex Resources Ltd. (TSX VENTURE:TXX) ("Tirex") is pleased to announce that drilling will commence in the Letitna area of the company's Mirdita VMS District within the next 10 days.
Letitna was the last area of the property drilled during Tirex's 2008 exploration program. Plans were to restart drilling at Letitna in Summer 2009 but an early snow melt and dry weather has enabled Tirex to re-commence drilling in this high-priority area immediately.
Tirex drilled one hole at Letitna in 2008. This hole intersected a wide 61.5m (202 foot) zone of mineralization with strong copper, zinc, gold and silver grades. Highlights from this 61.5m intersection included 2.5m grading 2.86% copper, 3.09% zinc and 2.0 g/t gold, 1.9m grading 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 intersection, which was interpreted to be close to true width, the hole encountered the top of a second and previously unknown zone of mineralization. While in that second zone, the drill rods broke off and the hole ended in mineralization.
The next holes at Letitna are designed to vector in on the heart of the upper zone of mineralization and also, for the first time, test the newly identified lower zone.
The very wide 61.5m (202 ft) mineralized horizon intersected in Tirex's first hole in the area along with the presence of at least two stacked zones of VMS mineralization may be indicative that Letitna is an area with a strong and long-lived mineralizing system with the potential for producing deposits of significant size.
Corporately, on March 31st, 2009, Tirex announced the closing of both recently announced financings comprising a $1,627,000 advance from the European Bank for Reconstruction and Development and a $750,000 private placement by Energold Drilling Corporation. Tirex has also granted 540,000 incentive stock options to officers, directors, and consultants of the company, exercisable at $0.60 per share for a period of five years from the date of the grant, subject to TSX Venture Exchange approval.
About Tirex Resources Ltd.
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. Over the past year drilling has begun to define three separate copper-zinc-silver-gold deposits (Koshaj, Gurthi South No. 2 and Letitna). All three will be subject to further definition and expansion drilling in 2009. This 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.
George Gorzynski, P.Eng., Tirex Director and a Qualified Person under the meaning of Canadian National Instrument 43- 101, 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