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Tournigan Acquires Large Uranium Portfolio
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Tournigan Gold Corporation has been granted three uranium exploration licences in eastern Slovakia that host historically-defined uranium resources. Two of the licences also have a history of past production. This unique acquisition is a result of Tournigan being the most active mineral exploration company in Slovakia and having an experienced management team. Tournigan`s goal is to continue the development of its existing projects, but add additional value for shareholders by uncovering overlooked mineral assets.
A key factor in Tournigan`s decision to expand into uranium was the ability to apply for four existing uranium deposits. Tournigan is not treating any of the historical resource estimates for these four deposits as a National Instrument 43-101 defined resource verified by a Qualified Person, and investors are cautioned not to rely upon these estimates. However, historical reports believed to be relevant and reliable highlight the following:
Current market prices for uranium are US$29 per pound, with molybdenum priced at US$25 per pound. Tournigan`s deposits are named Novoveska Huta, Jahodna, Svabovce and Spissky Stiavnik, hosted on 3 licences totaling 99 square kilometres. The Kozie Chrbty district which hosts Svabovce and Spissky Stiavnik deposits, and the Novoveska Huta deposit have recorded past production from open-pit and underground operations. Novoveska Huta has also reportedly produced copper from vein-hosted deposits since the Bronze Age, with the copper mines closed in 1990. Although extensive drilling and underground development was completed by the Slovak government in each area, no exploration has taken place in the districts since 1991, due to low uranium prices. Tournigan intends to complete NI 43-101 technical reports as a first step in developing these assets.
Novoveska Huta Deposit
Located on an exploration licence of 13 square kilometres, Novoveska Huta has had considerable underground development completed on it, exceeding 5,500 metres on 5 vertical levels. There are two smaller deposits and a nearby known uranium occurrence in addition to the main Novoveska Huta deposit. The historical resource estimate is as follows:
The historical estimate was completed by Uranovy prieskum, the former Slovakian state uranium company, using a block-model method. The uranium estimate was generated from a subset of the molybdenum data, using a cutoff grade of 0.015% uranium oxide. The molybdenum resource tonnage is considered speculative at this point. The Novoveska Huta database consists of drill holes and underground development/test adits, with 9 holes drilled between 1975 and 1985 included in the above uranium estimate. Full radiometric surveying of each drillhole was followed by assays of mineralized core intervals. Exploration potential at Novoveska Huta is impressive, with the entire mineralised uranium horizon reported to cover 1,500,000 square metres, as tested by historical drilling.
Historical metallurgical work reports recoveries of 88% to 90% uranium and 93% to 94% molybdenum using pressure leaching (lixiviation) of milled Novoveska Huta ore with NaOH (lime) and Na2CO3 (soda) at a temperature of 150 degrees Celsius. Mineralization at Novoveska Huta is composed primarily of uraninite, U - Ti-oxides, and molybdenite. It occurs in the upper levels of an intermediate volcanic -volcanoclastic sequence (andesite - dacite) that is strongly altered (carbonatized and sericitized) and brecciated.
Jahodna Deposit
Jahodna is located on an exploration licence covering 32 square kilometres, approximately 40 kilometres east of Novoveska Huta. The historical resource estimate focuses on an area 500 metres along strike and 500 metres down-dip at a depth approximately 250 metres below surface. The deposit appears to be open-ended both along strike and down-dip and has good exploration potential. The historical resource estimate is as follows:
The Jahodna historical estimate was also completed by Uranovy prieskum in 1996, using a block model method and cutoff grades of 0.03% uranium oxide for the high-grade block estimate, and then a range of 0.03% to 0.015% for the low-grade block estimate. A total of 53 holes comprising 17,936 metres were drilled at Jahodna between 1985 and 1991 with full radiometric surveying of each hole followed by assays of mineralized core intervals.
Historical metallurgical studies on Jahodna samples have reportedly determined that recoveries of 88% to 90% uranium and 93% to 94% molybdenum could be achieved utilizing a pressure leaching (lixiviation) of milled ore with NaOH (lime) and Na2CO3 (soda) at a temperature of approximately 150 degrees Celsius. Uranium mineralization occurs as coatings and impregnations (uraninite and brannerite are the most common minerals) on and/or in fine-grained matrices of Permian-age volcanic breccias and volcano-clastic sediments. Mineralization occurs along the contact of overlying andesites and underlying felsic-intermediate volcanoclastics.
Kozie Chrbty District - Deposit Estimates
The Kozie Chrbty district is contained within a 45-square-kilometre exploration licence 15 kilometres north-west of Novoveska Huta and hosts two historically-estimated uranium resources, Svabovce and Spissky Stiavnik. Two deposits were mined-out between 1967 and 1972 and there are reportedly five additional documented occurrences at various stages of exploration. Tournigan believes these five known occurrences represent an excellent basis for further exploration.
Both the Svabovce and the Spissky Stiavnik historical estimates were completed by Uranovy prieskum in 1968 and 1970 using a block model method and a cutoff grade of 0.015% uranium oxide. The regional database consists of 651 surface and 248 underground drill holes along with 8,650 metres of development/test adits and prospect pits. Drill spacing in select areas was as tight as 50 by 25 metres.
Historical metallurgical work on uranium ore from both these deposits reports potential recoveries ranging between 90% and 93% using a sulphuric acid - carbon pressure leaching process. In-situ leaching was also successfully tested on a limited scale, with recoveries ranging between 72% and 83%. Uranium mineralization in the Kozie Chrbty district is situated at the top of the Upper Permian Chocska Formation in fine- to coarse-grained clastic sediments (mudstone-siltstones to sandstones).
Summary
Tournigan has added to its gold portfolio by acquiring three uranium projects hosting 4 historical deposits.
Tournigan has reviewed the above estimates and views them relevant. The historic exploitation of Slovak uranium deposits in general and metallurgical test records acquired with Tournigan`s deposits in particular suggests the reliability of the historical resource estimates. However, the Company has not done the work necessary to verify the classification of the resources and the resources are not categorized by the Canadian Institute of Mining, Metallurgical and Petroleum in their Standards on Mineral Resources and Reserves Definitions. The Slovak categories of Z-2 and Z-3 are roughly analogous to the CIM definitions Indicated and Inferred Resources, respectively.
The Company plans to maintain its momentum in developing the Curraghinalt and Kremnica Gold projects, while maximizing the value of these new uranium assets.
" Tournigan is thrilled by this new opportunity," states Damien Reynolds, CEO. " We are fortunate to have the skill-sets within the Company necessary to evaluate and acquire such outstanding assets. Tournigan will focus its efforts on further developing the considerable exploration potential on these licences while developing the most value-added corporate strategy for this portfolio."
Tournigan Gold is focused on developing two advanced gold projects in Europe - Curraghinalt in Northern Ireland and Kremnica in Slovakia. This new uranium acquisition adds a dynamic component to Tournigan`s asset mix.
Visit www.tournigan.com for more information - including a special section on uranium
TOURNIGAN GOLD CORPORATION
" Damien Reynolds"
Damien Reynolds, Chief Executive Officer
The Qualified Person for these projects, Dr. Kent Ausburn, has reviewed all technical disclosure in this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release other than purely historical information, including statements relating to the Company`s future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company`s business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
For further information please contact Damien Reynolds, CEO or Garry Stock, Executive VP at (604) 683-8320, or visit www.tournigan.com