TORONTO, ONTARIO--(Marketwire - Jan 7, 2013) - Tawsho Mining Inc. (TSX VENTURE:TAW) is pleased to report the results from its 2012 drilling campaign on its Whisker Valley property located on the Baie Verte Peninsula, northwest Newfoundland. A total of 11 holes were drilled in 2012 totaling 2581metres of core. Previous drill and trenching campaigns had identified significant gold intersections at two localities: i) the Road Pit showing and ii) the White Face Hill showing (formerly called New Discovery Showing). The objective of the 2012 drill campaign was to test and extend these showings both with depth and length.
The Road Pit Showing:
Gold mineralization in the Road Pit Showing is exposed at surface in trenches as steeply dipping gold bearing quartz veins containing finely disseminated and stringer sulfide minerals and hematite. The Au-bearing quartz veins sampled in trenches (see press release dated February 9, 2012) and in core drilled in 2010 and 2011 (see press releases dated August 22, 2011 and November 17, 2010) had variable grades across the width of the vein, but channel samples 1m in width taken along the length of the vein returned weight-averaged values of 8.68 gpt over 12.5 length for the vein exposed NW of the road and 7.26 gpt over 10 length for the main vein in the pit SE of the road.
Hole WK12-01 was drilled to test the depth extension of the two veins described above. This drill-hole intersected breccia containing angular reddish hematitized quartz monzonite fragments and several intervals containing quartz and highly silicified fragments hosting finely disseminated pyrite and traces of chalcopyrite. Structures resembling cockade and pseudo-crustiform open spaces and vuggy intervals partially filled with quartz crystals, carbonate minerals hematite and banded chalcedony were locally observed in the core. These textures and breccia structures are indicative of epigenetic low sulfidation hydrothermal activity. Quartz veins hosting Au-bearing pyrite and pyrite-chalcopyrite-galena bearing veins seen at surface were not observed in the core. Instead gold mineralization occurs within the vuggy breccia interval containing trace amounts of pyrite and chalcopyrite hosted by the silicified quartz monzonite and isolated hematite bearing quartz vein fragments.
The second hole WK12-03 located 130 metres SW from hole WK12-01 was drilled to extend the westward extent of the veins exposed in the trenches. This hole throughout its length only intersected slightly altered phaneritic quartz monzonite and did not intersect the veins that were expected to be present on basis of their structural orientation as seen in trenches and projected to the section intersected by the drill hole. The core was well sampled at all alteration intervals. Even though quartz veinlets and chlorite bearing fractures were present in the altered quartz monzonite/granodiorite they did not contain any gold.
White Face Hill Showing:
Two drill holes completed in 2011 each intersected three and five strongly silicified foliated sheared intervals hosting lenticular quartz/chalcedony veins containing minor amounts (< 5%) disseminated sulfides. These intervals contained significant gold grades well in excess of 1 gpt over sampled core thickness varying from 0.2 to 0.7 metres (see press release dated August 22, 2011). The highest reported value was 47.3 gpt over 0.15metres. The shears and vein intervals identified in the drill core were structurally projected ~250 metre NW from the most westerly drill hole (WK11-07) unto higher ground containing outcrop. Prospecting, geological mapping and trenching exposed several lenticular veins up to 20 cm thick within highly chloritized shear zones. These veins chip-sampled across 1 metre widths and ~ 1.5m apart had a weighted average grade of 3.88 gpt over a 10 metre length (see press released dated February 9, 2012).
During the 2012 drilling campaign nine holes were drilled on grid 100 metres apart. All 9 holes intersected gold mineralization. Table 1 reports all intersections for each of the holes that contain grades in excess of 0.5 gpt. The mineralization consists of numerous veins that all have similar characteristics typical of lode gold mineralization. The mineralization is contained as a sheeted vein complex consisting of numerous narrow lenticular quartz-chalcedony veins sheathed with a sericitic aureole and hosted within a foliated chloritized shear zone and extension fractures. This mineralized shear zone has now be traced by drilling over a 600m strike-interval and possibly 800 m if future drilling can connect the mineralization located on strike at the bottom of hole WV10-06 and the most easterly hole (WK12-11) drilled in 2012.
Vertical projections of mineralized intersections indicate that the mineralized zone may have a horizontal width of in excess of 200metres. These are preliminary projections still need to be verified by more closely spaced section drilling. These preliminary data at this point also indicate that there are more that 2 sets of gold bearing vein directions. Drill sections centered on line 1+00W (hole WK12-05 drilled under hole WK11-08) and on line 2+00W (holes WK12-02 drilled under hole Wk12-06 which was drilled under hole WK11-07) both indicate that more than two veins sets having different and opposing dips and/or strike orientations are required to resolved the geometrical configuration of their intersections in the drill core. Mineralization also becomes more intense in the westward directions as evidenced by the increasing grades and more closely spaced distances between individual mineralized intervals across the mineralized interval which also is increasing in width (see Table 1).
Joseph Feldman, president and CEO of Tawsho Mining stated "We continue to be impressed with the high grades encountered in our drill intersections. In our most recent drill campaign, the increasing widths and continuity of mineralization is very encouraging. We are increasingly confident that with each stage in our exploration and drilling program, we are beginning to better understand the character of the expanding footprint and nature of gold mineralization on the Whisker property and this is helping us identify the core location of the deposit. The mineralized showing is still open to the west and with depth. Our next drilling campaign, in addition to extending the spatial extent of mineralization, will undertake to better define the geometric constraints of mineralization with more closely spaced holes on section to provide the data required to undertake a preliminary resource calculations."
|Table 1: 2012 Drill Campaign|
|All intersections with Au Assays >0.5 gpt|
|Hole #||From||To||Interval (i||)||Fire assay gpt||Duplicate Screen assay on Reject gpt||Average assay gpt|
|Road Pit Showing|
|White Face Hill Showing|
|Above Interval includes:|
|Above Interval includes:|
|Above Interval includes:|
|Above Interval includes:|
(i) True width has not been determined at this time
(ii) Average value from duplicate analysis in lab on same pulp
(iii) Weighted Average Value over the interval indicated
gpt Grams per metric tonne
|Table 2: Location and orientation of 2012 drill holes.|
|Hole ID||East_NAD83 z21||North_NAD83 z21||Orientation Az.||Inclination||Length m|
|Total Drill Length||2581|
This press report was prepared by Edward l. Procyshyn, P.Geo. who is the qualified person as defined by N I43-101 and was reviewed by Joseph Feldman, President and CEO Tawsho Mining Inc.
Tawsho Mining Inc. wished to acknowledge that a portion of the of the drilling costs conducted during the 2011 and 2012 drilling campaigns have been defrayed by a Junior Exploration Assistance grant from the Department of Natural Resources, Government of Newfoundland and Labrador.
ABOUT TAWSHO MINING INC:
Tawsho is a mining exploration company focused on the acquisition, exploration and development of gold resources and advanced stage gold exploration projects. The Corporation is presently developing its Whisker Valley project (comprised of 764 claims, covering an area of 19,100 hectares, or 191 sq. km) and its Cabot Property (comprised of 102 claims covering and area of 2,550Ha or25.5sq. km) both located in Baie Verte Peninsula, Newfoundland and its Chevrier project ( comprised of 557 claims, covering an area of 9542 hectares, or 95.4 sq. km) located in the Chibougamau region of Quebec. Tawsho currently has approximately 25.2 Million shares outstanding.
Quality Assurance/Quality Control:
Tawsho Mining Inc. is implementing the standard QA/QC protocol for its exploration and diamond drilling of its Whisker Valley Project. NQ core size has been used to provide adequate sample size for each sample being submitted for analysis and if necessary to enable the possibility for undertaking additional petrographic and step-down sampling if required. In the field, core was picked up by one of Tawsho''s designated personnel or the driller and transported to a secure Core Shack. During logging, in addition to noting core recovery parameters, geologic attributes including lithology, alteration, quartz veining, presence and identification of sulfide and oxide mineralization along with other geologic parameters normally associated with mineralization were noted and recorded. Core intervals are marked on basis of selected geological parameters, and those intervals showing veining or mineralogical characteristics that may be indicative of mineralization are selected for splitting and assaying. Prior to splitting, all core was photographed and individual sample intervals submitted for analysis were photographed in more detail. Core splitting is done with a diamond core saw and 1/2 of the drill core is submitted to Eastern Analytical Laboratory in Springfield, NL. The remainder of the core is stored on the grounds of Barker''s Construction Ltd. adjacent to the Core Shack.
Conventional fire assay sample preparation consists of crushing the selected core sample such that all the crushed material passes -10 mesh (2 mm) screen. This crushed portion is riffle-split to produce an ~ 300 gram sample that in turn is pulverized so that plus 95% of the sample passes 150 mesh (.075mm). This pulverized sample constitutes the pulp sample. The unused (non-pulverized) split portions of the -10 mesh sample are collectively returned and constitute the reject- portion of the sample. From the pulp sample a 30 gram sample is taken for standard fire assay for gold with AA finish. Following completion of fire assaying, a 30 g of the pulp sample is also geochemically analyzed for multi-elements using 4-acid digestion followed by ICP analysis with OES finish (Inductively coupled plasma optical emission spectroscopy). Samples returning gold values over 1 ppm are resubmitted in the lab for fire assay with gravimetric finish. Tawsho inserts gold standard samples, blank samples and duplicate samples into the sample stream at a rate approximating 10% of total number of original samples. Occasional check analyses are conducted by resubmitting the crushed reject as a separate duplicate sample to Eastern Laboratory.
For those samples having high gold values (usually >2ppm or for which visible gold has been observed), the sample rejects were resubmitted for duplicate analysis. The reject portion was completely pulverized and screened. The total plus 150 mesh sample and 30 grams of the minus 150 mesh sample are analyzed separately by fire assay with gravimetric finish and the results weight averaged.
The samples are normally transported by a Tawsho employee from the Property to the analytical laboratory. Chain of custody protocols require signatures and the maintenance of logs and receipts each time the samples are picked up from or delivered to a new location. When utilizing commercial transportation, all shipping sacks are sealed with a numbered tag, the removal of which is recorded upon receipt by Eastern Analytical Laboratory Inc.
Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward- looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Corporation''s properties; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Corporation''s actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Corporation''s business, or if the Corporation''s estimates or assumptions prove inaccurate. Therefore, the Corporation cannot provide any assurance that forward-looking statements will materialize. The Corporation assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.