Trelawney Resources Inc.: Undercut Hole Hits Widespread Gold Mineralization North of Wawa
TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2007) - Trelawney Resources Inc.
(TSX VENTURE:TRR) reports that drilling on the Mishi Project, located 50
kilometres northwest of Wawa, Ontario, has re-commenced after the Christmas
holidays and drilling is scheduled to continue for the next several months.
The Company is currently considering employing two drill rigs later this
month. Winter drill camps have been constructed on site, and prior to the
Christmas break seven holes (MC-06-54 to MC-06-60) were completed totalling
1,407 metres. All holes intersected the Dorset Deformation Zone, and assay
results have now been received for holes MC-06-54, 55 and 56. Hole 54
returned an averaged assay result of 2.06 g/t gold (0.06 ounces gold per
ton) over a core length of 16.9 metres (55.4 feet) (estimated true width of
13.0 metres), including a higher grade section of 4.37 g/t Au (0.13 ounces
gold per ton) over a core length of 4.5 metres (14.8 feet) (estimated true
width of 3.5 metres). Individual assays results ranged from anomalous to
8.55 g/t gold over 1 metre. The intersection of the Dorset Zone in hole
MC-06-54 is located approximately 50 metres (164 feet) vertically below
hole MC-06-51, which assayed 3.26 g/t gold (0.10 ounces per ton) over a
core length of 12.5 metres (41 feet). (See press release dated October 12,
2006.)
Full assay results are documented in the following table:
/T/
Core
From To Grade Length Estimated True
Hole (metres) (metres) (g/t Au) (metres) Width (metres)
---------------------------------------------------------------------------
MC-06-54 (-70 degrees) 153.2 170.1 2.06 16.9 13.0
---------------------------------------------------------------------------
Including: 154.0 160.5 3.80 6.5 5.0
---------------------------------------------------------------------------
156.0 160.5 4.37 4.5 3.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-06-55 (-46 degrees) 118.8 125.0 2.11 6.2 5.9
---------------------------------------------------------------------------
-including 119.9 123.7 3.31 3.8 3.6
---------------------------------------------------------------------------
142.3 143.3 3.14 1.0 0.95
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-06-56 (-65 degrees) 133.1 146.3 1.34 13.2 11.2
---------------------------------------------------------------------------
-including 133.1 139.0 1.52 5.9 5.0
---------------------------------------------------------------------------
149.8 151.3 3.17 1.5 1.3
---------------------------------------------------------------------------
/T/
The 2007 drilling program is now well underway, with two holes (MC-07-61
and MC-07-62) totalling 410 metres already completed. Both holes
intersected the Dorset Deformation Zone and assay results are pending. A
plan map showing location of drill holes and idealized cross sections can
be viewed at the Company's website www.trelawneyresources.com within the
next few days.
All split or sawn core samples were submitted to Accurassay Laboratories
Ltd., Thunder Bay, Ontario, and / or Swastika Laboratories, Swastika,
Ontario. All gold assaying was performed using a 30g standard fire assay
with an AA and / or gravimetric finish.
The purpose of the drilling program is to provide sufficient drill
information to outline an (NI 43-101 compliant) inferred mineral resource
for the Dorset Zone, and to further evaluate the open pit potential and to
test the on strike and depth potential of the zone. Wayne O'Connor,
President of Trelawney stated: "These are exciting times, and recent
drilling on the Dorset Zone has continued to return significant gold values
over good widths and management is very excited about the open pit and down
depth potential of the zone. Now that camps are set up on site, diamond
drilling will continue for the foreseeable future and Trelawney
shareholders can expect lots of news during the coming months."
A detailed structural study carried out on the property for Battle Mountain
Canada Ltd. concluded that "the Dorset Zone is a primary, hydrothermal,
stratiform, gold system with a minimum strike length of 1 kilometre which
exhibits potential for significant areal extent" (Chris Beaumont - Smith,
1998). Airborne geophysical work suggests the Dorset Zone may have a
potential strike length of about 6 kilometres.
Trelawney is earning up to a 70% interest in the property from MetalCorp
Ltd. by spending $2 million on exploration, by completing a feasibility
study and issuing shares to MetalCorp.
A drilling program on the Mishibishu Lake Property optioned from Murgor
Resources Inc. will also be conducted this winter as part of the expanded
20,000 metre drilling program. The Mishibishu Lake Property contains more
than 30 known gold occurrences, the most important of which is the Martin
Zone. The geology of the Martin Zone consists of pyrite and arsenopyrite
mineralization in deformed, altered and quartz veined mafic metavolcanics.
This zone has been traced for over a kilometre along strike in drill holes
and trenches where assay results of 5.5 g/t Au over five metres were
obtained from previous drilling. Ground and airborne geophysical surveys
suggest that the zone may continue for more than three kilometres along
strike. The Martin Zone appears to be similar in style and orientation to
the Dorset Zone which is located about 400 metres to the north.
Trelawney is the largest land holder in the entire Wawa/Hemlo mining camp
with approximately 21,000 acres now under its control. The Company's
neighbour, gold producer Wesdome Gold Mines Ltd., holds approximately
16,000 acres. Trelawney has assembled the largest land package in this area
since the Hemlo staking rush in the 1980s. The consolidated property
contains over 48 known gold occurrences attesting to the potential of the
Mishibishu greenstone belt.
The Company also advises that approximately 1.9 million warrants were
exercised in December 2006 bringing in an additional $330,000 of hard
dollars into the treasury of the Company. The Company will also be
attending the Vancouver Investment Conference on January 21 and 22 and will
have a drillcore display in Booth # 1702.
This press release has been reviewed and approved by Robert Duess, P. Geo,
and Trelawney's Qualified Person (QP) under NI 43-101.
Shares Issued: 71,800,188
Statements in this press release regarding the Company's business which are
not historical facts are "forward-looking statements" that involve risks
and uncertainties, such as estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect
that the Company or management expects a stated condition or result to
occur. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially from
those currently annticipated in such statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Trelawney Resources Inc.
Wayne J. O'Connor
President and CEO
(416) 361-2826
Email: wayne@trelawneyresources.com
Website: www.trelawneyresources.com
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
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