Everyone seems to have forgotten about how prospective some of TRX's properties are!
Tue Apr 18, 2006
High Copper and Silver Values Compliment Previous Trenching Results from Tanzanian Royalty's Kibara Project
Further assay results have been received from an extensive trenching program carried out during February and March on the Company's Kibara Gold Project in northern Tanzania.
The latest results enhance and compliment the gold grades reported in the Company's News Release of March 27, 2006 with the addition of high copper and silver values.
"What we find intriguing about these trenching results is the strong gold-copper-silver association and their proximity to a potentially large porphyry intrusive that may have played a role in the dissemination of high gold, copper and silver values in the area," said the Company's president, John Deane.
As reported in the earlier news release, approximately 160 metres of trenching, comprising 16 trenches, was completed during February on the eastern side of the Nyakona Hill discovery near where several grab samples in 2005 returned values up to 6.0 g/t gold and 13% copper.
Samples were taken from 16 trenches at Nyakona Hill, each of which contained quartz veining and/or gossanous (weathered) rock with malachite (copper carbonate hydroxide) staining. The veins range from a few centimetres to 30 centimetres in thickness and form a zone that is approximately 10 metres wide. They are hosted within a southwest trending volcanic sequence of rocks (tuff) that have a shallow dip to the southeast. Trenching to date has exposed the vein system over a distance of 180 metres and has identified a quartz feldspar porphyry intrusive in close proximity to the system.
"The grade of the latest assays are consistent with past results in terms of their overall significance, however, the silver values are a very pleasant surprise and are obviously important from an economic standpoint in this period of rising silver prices," noted the Company's Chairman and CEO, Jim Sinclair.
"Also, it's important to keep in mind that in many of the world's largest mineral belts, copper and silver are by-products of gold mining and visa versa. So we are definitely looking in an exciting environment from both a geological and an economic perspective," he added.
The Kibara Project consists of four prospecting licenses totaling some 377.6 square kilometers and is located within the southwest extension of the Musoma-Mara greenstone belt of northwestern Tanzania. Producing gold mines within this belt include the North Mara (Barrick) and Buhemba (Meremeta Ltd).
"We have good reasons to focus our exploration efforts on these belts because their brief discovery history is unfolding similar to that of major greenstone belts in Canada and Australia where numerous precious and base metal deposits were found along established trends for well over a century," said Deane.
The Kibara project area hosts a variety of rock types including metavolcanics, BIF (Banded Iron Formation), metasediments and granite. Gold mineralization can be found associated with Kavirondian-age metasediments in addition to narrow quartz veins and stringers within a volcanic host.
"There appears to be a structural relationship to the mineralization at Nyakona Hill and the strong gold-copper-silver association is especially intriguing because it's geologically analogous to Barrick's Bulyanhulu mine and the Chocolate Reef deposit in Tanzania," Deane observed. In addition to the gold values reported previously, highly significant copper and silver assay results were recently received from the trenching program. Seventeen samples returned values greater than 1% Cu; nine samples returned values greater than 5% Cu; and four values were above 10% Cu (10.2; 13.5; 15.0; 27.4). Silver values ranged from detection levels to 87 g/t (2.5 oz/ton).
Company seems to have forgotten about it too! From the TRX webiste 43-101 compliant technical report in 2009. So important a project that it is lumped into the Other category in the notes to the financial statements. So important thar since Aug. 2008 there have been no trenching and drilling expenses in that category, a whooping $25K of geophysical and geochemical, and for all the projects in that category an allocation of about $200K per year in exploration and field overhead.
But don't you consider that the depth of projects is to large to explore all at once? TREC's holdings are so broad and diverse for a junior that they have prospective properties in their holdings that have barely been explored? It's all fuel for the future.
"What we find intriguing about these trenching results is the strong gold-copper-silver association and their proximity to a potentially large porphyry intrusive that may have played a role in the dissemination of high gold, copper and silver values in the area"