Bulyanhulu rock sequence on Itetemia bears gold values
Canadian Venture Exchange Symbol: TNX
VANCOUVER, Oct. 10 /CNW/ -
Results
Tan Range Exploration Corporation is pleased to announce that the first
diamond drill hole in a newly discovered 3.2 km long geophysical conductor
("HLEM" - Horizontal Loop Electromagnetic conductor) on the Itetemia property
has intersected gold mineralization along a sheared contact between a felsic
lapilli tuff and a strongly carbonitized andesite. The mineralized interval is
3.2 meters grading 2.5 gms/tonne gold. The gold mineralization is associated
with smoky to blue quartz within a strongly carbonitized argillite horizon
containing pyrite. The pyrite is considered primary.
Interpretation
The significance of this important intercept is that it has many direct
comparisons to the Bulyanhulu Reef 1 gold deposit on the adjoining property
operated by Barrick Gold Corporation. The geology of Reef 1 is described as "a
laterally extensive sedimentary horizon overlying felsic lapilli and ash tuffs
and capped by andesite flows. The gold mineralization, which is thought to
have been introduced hydrothermally during a shearing event, is characterized
by an intensely silicifed zone, with coarse pyrite, chalcopyrite and native
gold" (from a technical presentation by Sutton Resources Ltd.).
This style of mineralization can be remarkably consistent for gold
deposits. At the Bulyanhulu deposit, for example, Barrick has recently
reported that it is converting nearly 100% of its gold resources into
reserves. Barrick's Vice Chairman and Chief Operating Officer, Mr. John
Carrington provides the following summary: "We rarely find this continuity of
mineralization. The orebody has been extended to four kilometers along strike
and two kilometers at depth - and it remains open." Currently there are 10.5
million ounces of gold reserves at the Bulyanhulu property.
Location
The newly drilled 3.2 kilometer geophysical target is entirely within the
Itetemia property and is situated 1200 meters west of the Golden Horseshoe
Reef deposit. It is only 2500 meters east of the Bulyanhulu deposit and has a
similar southeast strike. For details see the attached map.
Future Plans
The Golden Horseshoe Reef gold deposit shows good continuity of gold
mineralization and has been traced by diamond drilling to a vertical depth of
approximately 300 meters. The subject of this press release; a new gold
occurrence in ideal stratigraphy, remains open for more follow-up exploration
work and represents the best new target developed to date on the Itetemia
property. The Itetemia property contains several RAB anomalies which require
follow-up diamond drilling as part of Barrick Gold's continuing property-wide
assessment program.
Additional Information
For more detail on the Itetemia property, please visit our website at
www.tanrange.com
Agreement with Barrick Gold
The Itetemia property is operated consistent with the terms of a
Subscription and Property Option Agreement with Barrick Gold Corporation, a
subsidiary of which is developing the adjacent 10.5 million ounce Bulyanhulu
gold deposit. Barrick Gold has completed two share placements in Tan Range,
each for $1.0 million. Barrick Gold has the right to subscribe to a third $1.0
million placement at $1.00 per share under the terms of the Subscription and
Property Option Agreement.
TAN RANGE EXPLORATION CORPORATION
"Marek Kreczmer"
MAREK J. KRECZMER, M.Sc., P.Eng., P.Geo.
President and Chief Executive Officer
The Canadian Venture Exchange has neither approved nor disapproved of the
information contained herein
BUSINESS/PHOTO EDITORS: Copies of the Tan Range Exploration Corporation
map of the "Tan Range Itetemia Property" are available by fax by calling
Canada NewsWire, Vancouver at (604) 669-7764.
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For further information: Investor Relations at 1-800-811-3855; Visit the
Tan Range website: www.tanrange.com
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw. |
