Tournigan Acquires New Gold Project in Slovakia
Tournigan Gold Corporation announces it has entered into a joint venture on the Brehov project in the Slovak Republic. Brehov is prospective for precious-metal-rich VHMS mineralisation and is in the vicinity of the historic Telkibanya gold district in northeast Hungary. The Brehov VHMS system is part of the late-Cretaceous to mid-Tertiary age Carpathian Volcanic Arc, which also hosts Tournigan's Kremnica Gold Project in central Slovakia and numerous other epithermal precious metal -- base metal and copper-gold porphyry deposits. Complete with a sizable database from historic exploration by the Slovak Geologic Survey (SGS), this acquisition leverages Tournigan's experience in Slovakia.
The Brehov gold project consists of a 1.8-square-kilometre exploration licence under joint venture and a surrounding 68-square-kilometre exploration licence wholly owned by Tournigan. Brehov is located approximately 210 kilometres east of Kremnica, 25 kilometres east of the Telkibanya gold district, and 50 kilometres southeast of Kosice, the second-largest city in Slovakia. The historic database is currently undergoing compilation and interpretation, including 40 diamond holes drilled by the Slovak Geological Survey totaling 17,364 metres focused on an area of 2.5 square kilometres. Selected drill-intercepts include apparent sub-horizontal stratabound volcanic-hosted base metal-silver intercepts which include 21.6 metres grading 2.8% zinc, 1.5% lead and 7.8 ppm silver in hole VBZ-3, and 31.5 metres grading 1.71% zinc, 1.4% lead and 13.6 ppm silver in hole VSB-6. Significant gold intercepts include 4 metres grading 1.98 ppm gold in hole VBZ-20 and 7.8 metres grading 1.4 ppm gold in hole VBZ-7A. Gold mineralization appears to occur with epigenetic stockwork silica veins and silicified hydrothermal breccias hosted by felsic sub-volcanic intrusives, including dikes and domes. Mineralization at Brehov appears to be analogous to Kuroko-style Volcanic Massive Sulphide models, with zinc-lead-silver, copper-silver-gold, and gold-rich zones identified. Significant gold mineralization has been documented at Brehov by Tournigan in strongly altered surface float samples. Tournigan can not verify base metal mineralization yet as it does not outcrop to surface, therefore reported data should be considered historic. A full review of historic SGS exploration methodology and associated QA/QC are part of the ongoing data compilation process.
An initial phase 1 exploration program at Brehov is underway, consisting of fences of shallow drill holes focused on zones of near-surface gold-silver mineralization discovered during SGS exploration trenching and drilling. These drill fences are designed to further define geometry and potential dimensions of the gold enriched zones at Brehov. A future program of geophysical surveys and deeper drilling will be designed to test and delineate subsurface stratabound base metal - precious metal mineralization zones.
Tournigan's joint venture partner at Brehov is GEO-TECHNIC-Consulting spol. s.r.o. ("GTC"), the company conducting the Kremnica diamond drilling program for Tournigan. The terms include C$5,000 to GTC for reimbursement of its historical expenses, the issuance of 50,000 Tournigan shares, and a first year exploration program of C$25,000, to earn 35%. In the second year, Tournigan can earn another 35% by paying C$25,000 to GTC and spending C$50,000 on exploration. After earning 70%, Tournigan may purchase the remaining 30% by payment to GTC of cash or shares totaling C$50,000 and the granting of a 2% royalty to GTC. This royalty may be purchased for C$50,000 and the issuance of 50,000 Tournigan shares.
Tournigan's Qualified Person, Dr. Kent Ausburn, VP Exploration, has reviewed the technical disclosure in this release.
A location map of Brehov is available at www.tournigan.com
Tournigan Gold is focused on developing two advanced gold projects in Europe - Curraghinalt in Northern Ireland and Kremnica in Slovakia.
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, President and Chief Executive Officer
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, President Tel: (604) 683-8320
Garry Stock, Executive VP Tel: (604) 683-8320