Copper, Zinc, Gold & Silver - Albania
"we don't simply own a great project... we own a great district"
Tirex Resources Ltd. Vancouver, BC., TSX .V : TXX, Tirex is a company purpose-built to explore and develop the large 344 square kilometer Mirdita Property in Albania.
In early 2007, Tirex Resources flew the first ever airborne electromagnetic survey in the country and is using that, along with historical data and ongoing geological and geophysical work on the property, to search for potentially world class VMS base metal deposits.
We are focusing our efforts towards developing the potential of the Mirdita Project into a major Volcanogenic Massive Sulfide (VMS) District with multiple large deposits of copper, zinc, GOLD and silver mineralization.
The following is a summary of significant events and transactions that occurred during the quarter ended October 31, 2008:
- Tirex announced that it has arranged a €6 Million Convertible Loan financing with the European Bank for Reconstruction and Development ("EBRD").
- Tirex announced the first drill assays from the Gurthi South No. 2 Zone on the Mirdita Project in Albania. The drill hole intersected a wide high grade 13.85 metre (45.4 ft) section grading 3.5% Copper and 1.3g/t Gold including 3.65 metres grading 10.6% Copper and 2.9g/t Gold and including 1.10m grading 13.6% Copper and 7.4g/t Gold. The intersections are interpreted to be close to true width (see Tirex news release dated October 23, 2008 for details).
- Tirex announced the discovery of a large new area of highly prospective territory within the Mirdita Property. The new area was hidden from previous exploration programs by a limestone cap that covers the area. Tirex discovered this new area through the use of modern deep penetrating geophysics, geochemistry and mapping with modern geological concepts. This discovery more than doubles the prospective Volcanogenic Massive Sulphide ("VMS") exploration target area to four Noranda-type VMS exploration trends over an area 11km long by 6 km wide within this key part of the property (see Tirex news release dated August 20, 2008 for details).
- Tirex announced the start of drilling in the Old Man Mountain Anomaly area on various geophysical and geological drill targets. Three holes have been completed to date. Assays are pending (see Tirex news release dated September 10, 2008 for details).
- Subsequent to quarter end, Tirex announced the second set of drill assays from the Gurthi South No. 2 Zone on the Mirdita Project. That drill hole, located 50m southwest of the first, intersected a wide high grade 7.10 metre (23.3 ft) section grading 5.9% Copper, 3.4g/t Gold and 37.5g/t Silver including 4.70 metres grading 7.0% Copper, 3.9g/t Gold and 40.8g/t Silver.
Exploration Summary The Company has three drills on the property, one large drill for deep holes and two smaller highly portable and environmentally friendly drills for shorter holes. Drilling has begun to define several high grade deposits in the northern part of the property as well as testing newly developed exploration targets.
The Company has three drills on the property, one large drill for deep holes and two smaller highly portable and environmentally friendly drills for shorter holes.
Drilling has begun to define several high grade deposits in the northern part of the property as well as testing newly developed exploration targets.
The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The property covers the core of the historically productive Mirdita VMS base metal district. It represents an opportunity to explore Copper, Zinc, Gold and Silver zones that were previously partially mined, explored or evaluated at lower metal prices, and provides an opportunity to apply modern exploration techniques toward the discovery of new VMS deposits and extensions of known zones. 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.
The Mirdita exploration project is managed by an experienced team of Canadian geologists and other professionals, and several senior Albanian geologists, geophysicists and surveyors.
VISION: To aggressively build TIREX into a major copper, zinc, gold and silver development company.
"Historical data suggests that the Tirex property has the potential to host a large VMS base metal district." (NI43-101 Technical Summary Report, Mirdita Project, Albania, 2007)
Volcanogenic Massive Sulphide (VMS) deposits account for some of the most famous mineral deposits in the world and represent true “company-maker” potential.
Districts such as Noranda, Kuroko and Flin Flon, rich deposits like Eskay Creek and Buchans and giant deposits such as Kidd Creek and Manitouwadge are just some of the well known VMS deposits that have created incredible amounts of wealth and prosperity.
VMS deposits are the product of metal-rich hydrothermal solutions discharges onto or near the sea floor and form bodies of copper, zinc, gold and/or silver-rich mineralization.