Tirex Resources Ltd. ("Tirex") (TSX VENTURE: TXX) is pleased to
provide a summary of the exploration results to the end of 2010
from its Mirdita VMS District in Albania. To date Tirex has
outlined four significant zones of gold enriched copper and zinc
mineralization on the property at Gurthi South No. 2, Gurthi South
No. 1, Letitna and Koshaj. In late 2010 Tirex contracted SRK
Consulting (UK) Ltd. to complete initial NI43-101 compliant Mineral
Resource estimates for these four deposits based on Tirex results
to date. All these zones remain open for expansion. Plans for 2011
comprise completion of the Mineral Resource estimates, a
Preliminary Economic Assessment study, and continuing exploration
work with a dominant focus on drilling. The drilling will continue
to both define and expand known zones of mineralization and test
geological and geophysical targets with new discovery potential.
GURTHI SOUTH No. 2
The Gurthi South area is located in the central portion of the
Mirdita property. It is an area of multiple zones of mineralization
that have not been fully explored in the past. Drilling has begun
outlining a significant zone of mineralization at Gurthi South No.
2. In late 2010 Tirex intersected the thickest and highest grade
intercept to date at Gurthi South No. 2 which assayed 3.66% Cu,
1.13% Zn, 8.3 g/t Ag and 1.2 g/t Au across 19.3m (63.3 ft)
including an exceptionally high grade section which assayed 7.38%
Cu, 1.77% Zn, 13.3 g/t Ag and 1.6 g/t Au across 6.7m (22 ft). Other
highlights from Gurthi South No. 2 are summarized in the following
table:
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GURTHI SOUTH No. 2 2008-10 DRILLING HIGHLIGHTS
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DRILL FROM TO INTERSECTION COPPER ZINC SILVER GOLD
HOLE (m) (m) (m) (%) (%) (g/t) (g/t)
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MR08-15 127.93 130.65 2.7 2.25 0.43 5.0 0.7
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MR08-16 125.4 139.2 13.9 3.47 0.62 7.5 1.3
Including 126.3 129.9 3.7 10.61 0.16 6.5 2.9
Including 126.3 127.4 1.1 13.58 0.21 11.5 7.4
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MR08-18 110.45 127.00 16.6 0.55 2.10 3.7 1.9
Including 117.20 121.90 4.7 0.29 4.19 5.2 3.5
Including 120.15 121.90 1.8 0.53 3.97 3.3 5.9
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MR08-21 166.25 172.3 6.1 3.11 3.97 24.1 0.9
Including 168.85 171.55 2.7 6.65 2.26 24.1 1.0
Including 168.85 170.45 1.6 8.46 1.79 23.2 1.1
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MR08-25 120.0 127.1 7.1 5.90 0.73 37.5 3.4
Including 122.0 126.7 4.7 7.04 0.72 40.8 3.9
Including 126.1 126.7 0.6 12.77 0.20 24.6 4.9
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MR08-31 104.45 107.45 3.0 1.18 0.20 2.6 1.7
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MR08-65 101.50 120.75 19.3 3.66 1.13 8.3 1.3
Including 103 104.1 1.1 4.57 0.18 3.0 2.8
And 106 108 2.0 4.78 0.37 4.5 1.0
And 110.6 117.3 6.7 7.38 1.77 13.3 1.7
Including 110.6 113.6 3.0 9.56 2.17 18.0 2.5
Including 112.6 113.6 1.0 12.30 1.75 23.0 2.2
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These intervals are close to true width. Five additional holes
have been drilled at South Gurthi No. 2 since hole MR10-65 was
completed. All five holes intersected the mineralized horizon;
assay results are pending. The zone is open to the north, open to
the south and open to the southwest. Tirex will use the pending
assays, drilling to date and borehole electromagnetic geophysics to
guide further drilling targeting the continued expansion of the
zone. To date the zone has been traced over 150m along strike,
appears to have an estimated width of 50m and significant
thicknesses as described in the table.
GURTHI SOUTH No. 1
The Gurthi South No. 1 zone is located 450m north of Gurthi
South No. 2. In 2010 Tirex intersected the thickest and highest
grade intercept to date at Gurthi South No. 1 which assayed 5.23%
Copper, 1.84% Zinc, 57g/t Silver, and 4.6g/t Gold across 7.7m (25.3
ft) including 6.92% Cu, 2.53% Zn, 84.6 g/t Ag and 6.8 g/t Au across
4.0m (13.1 ft). These intervals are close to true width.
Summary of 2010 drill assay results from Gurthi South No. 1:
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GURTHI SOUTH No. 1 ZONE DRILL RESULTS
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FROM TO INTERSECTION COPPER ZINC SILVER GOLD
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(m) (m) (m) (%) (%) (g/t) (g/t)
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DRILL HOLE MR10-60
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249.5 257.2 7.7 5.23 1.84 57.0 4.6
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including
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250.5 254.5 4.0 6.92 2.53 84.6 6.8
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including
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251.5 253.5 2.0 7.50 3.78 124.6 8.2
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DRILL HOLE MR10-61
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266.2 268.4 2.2 1.26 0.03 0.3 0.1
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DRILL HOLE MR10-62
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246.5 251.0 4.5 0.62 0.05 0.2 0.0
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Drill holes MR10-61 and MR10-62 were drilled 100m south and 150m
south respectively of drill hole of MR10-60 and west of previous
Tirex drilling. The zone remains open for expansion to the west and
north. Further drilling to expand this zone is planned for
2011.
LETITNA ZONE
Letitna is located 1km east of Gurthi South. Although no
drilling was carried out on Letitna in 2010, extensive earlier
drilling by Tirex intersected many high assays over wide
thicknesses (see Tirex News Release dated January 11, 2010 for
details). Mineral resource studies for this zone are now in
progress. The zone remains open for expansion.
KOSHAJ ZONE
The Koshaj Zone is located 2.5km north of Gurthi South. In 2008,
Tirex drilled a grid of nine holes on the Koshaj Deposit over a
strike length of 75m and intersected a number of thick, high grade
intersections. (see Tirex News Release dated January 11, 2010 for
details). Mineral resource studies for this zone are now in
progress. The zone remains open for expansion.
RECONNAISSANCE WORK
During 2010 Tirex drill tested several new geological and
geophysical targets in the Munelle North and Bari Pass South areas.
These drill holes intersected very wide alteration zones with low
but locally anomalous metal values. The last hole (MR10-64) drilled
in this area in 2010 intersected a 300m thick alteration zone with
local mineralization (including 3.0m grading 0.57% Cu). To date,
the use of ground IP and airborne EM geophysics has been effective
at identifying the large alteration zones at Mirdita. Tirex is now
using borehole EM to probe drill holes that intersect alteration
zones in prospective areas to vector in on massive sulphides. Tirex
recently initiated the use of borehole EM and plans to use this
tool extensively in 2011.
MINERAL RESOURCE WORK
In late 2010, Tirex announced the engagement of SRK Consulting
(UK) Ltd. to complete NI43-101 compliant Mineral Resource estimates
for the Gurthi South No. 2, Gurthi South No. 1, Letitna and Koshaj
zones based on Tirex definition drilling to date. Completion of the
report is anticipated in late February 2011.
Based on the Mineral Resource work, Tirex plans to conduct a
Preliminary Economic Assessment ("PEA") for the Gurthi South No. 2,
Gurthi South No. 1, Letitna and Koshaj zones. The PEA will start
immediately upon the completion of mineral resource calculations
for the deposits and will consider possible production scenarios
for these deposits. There are 17 known historical deposits on
Tirex's property (9 of which were formerly in production). Gurthi
South No. 2, Gurthi South No. 1, Letitna and Koshaj are the first
four deposits that have been drill tested by Tirex. Further
expansion drilling of these deposits and initial drilling of other
historical deposits at Mirdita is planned in 2011. Most of the
historic deposit areas have never been tested with modern
exploration.
UNDERGROUND WORKINGS
Many of the 17 known historical deposits on Tirex's large
Mirdita property were previously in production or were being
readied for production when the country's state mining regime
collapsed. As such, there are significant underground workings in
multiple deposits. Tirex staff has identified and compiled
historical maps for many of the underground workings on the
property and started to open some of these workings for assessment
purposes. Two adits to the mineralized zone at Koshaj have been
opened. Much of these two adits are in good condition with
interconnection between levels providing good air flow. Bari Pass
North has substantial underground mine workings, with a main portal
that can be opened. Gurthi South No. 1 and Gurthi South No. 2 also
have mine adits that are reported to have accessed the mineralized
bodies. Tirex plans to open, where practical, workings in
historical areas where expansion and definition drilling is
conducted within the advanced stage component of the program.
HISTORICAL DATA
The Mirdita property was a historically prolific mining district
with significant copper production through the 1950s-1990s, when
the Albanian state run mining industry collapsed. Copper was the
sole focus of state operations with gold rarely assayed for, silver
never assayed for and zinc mineralization neglected. As such,
extensive drilling was done over several decades. When state-run
operations ended, all drill cores were destroyed although much of
the historical data was saved in archives. While the core from
historical drilling no longer exists, Tirex has recently located
drill core assay pulps from drill holes in multiple deposit areas.
Tirex is in the process of assessing the usability of these pulps
to rebuild the historical data to modern standards. Most of the
areas from which the pulps originated have never been tested for
gold and silver. Tirex will run full assays on the pulps and will
also evaluate how the pulps can guide future drilling and
potentially be incorporated into mineral resource calculations.
FIELD EXPLORATION
In addition to the drilling, Tirex has been carrying out
extensive field work including geological mapping with modern VMS
exploration concepts, geophysical (induced polarization and
borehole electromagnetics) surveying and geochemistry by an expert
team of Canadian and Albanian technical personnel to define and
prepare targets for drilling. The work is carried on out of a
modern 40 man camp located near the Koshaj Zone. Computer data
compilation of historic technical information is also continuing.
Additional technical information including reports, maps and
photographs can be found on the Company website at
www.TirexResources.com.
FUTURE PLANS
Plans for work in 2011 begin with completion of initial NI43-101
compliant Mineral Resources estimates followed by a Preliminary
Economic Assessment study on the Letitna, Gurthi South No. 2,
Gurthi South No. 1 and Koshaj Zones. Drilling is planned to
continue expansion of these zones as well as some of the other
known zones of mineralization and longer term blue sky exploration
for new zones. Geological mapping, ground and borehole geophysics,
geochemistry and computer compilation of historic data is used to
generate exploration targets. Tirex is exploring for large VMS
deposits and also sees potential to develop multiple deposits of
various sizes feeding a central mill producing copper, gold, zinc
and silver from the Mirdita District.
Tirex is a company purpose-built to explore and develop the
large 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. The
property covers the core of the historically productive Mirdita
copper 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 airborne and ground geophysics,
geological mapping and other field work. The Mirdita Project is
managed by an experienced team of Canadian and Albanian geologists
and geophysicists.
Funding support for the upcoming program includes a recent
financing from the European Bank for Reconstruction and Development
("EBRD"), a major financial backer of the company (see Tirex News
Release dated January 5, 2011).
John Nicholson, P.Geo., Mirdita Project Manager 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 including
location maps for the reported drill holes can be found on the
Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
Forward-Looking Statements. This Tirex News Release may contain
certain "forward-looking" statements and information relating to
Tirex that are based on the beliefs of Tirex management, as well as
assumptions made by and information currently available to Tirex
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, exploration and development risks, expenditure
and financing requirements, title matters, operating hazards, metal
prices, political and economic factors, competitive factors,
general economic conditions, relationships with vendors and
strategic partners, governmental regulation and supervision,
seasonality, technological change, industry practices, and one-time
events. Should any one or more of these risks or uncertainties
materialize or change, or should any underlying assumptions prove
incorrect, actual results and forward-looking statements may vary
materially from those described herein.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Tirex Resources Ltd. Bryan J.R. Slusarchuk CEO and
Director 604-687-7160 604-687-7165 (FAX) info@TirexResources.com
www.TirexResources.com
Tirex Resources Ltd. (TSXV:TXX)
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