News Release: March 4
TAN RANGE EXPLORATION CORPORATION ANNOUNCES LONG TERM DIAMOND
DRILLING SOON TO BEGIN AT ITETEMIA
VANCOUVER, March 4 /CNW/ - Tan Range Exploration Corporation
Alberta Stock Exchange Symbol: TNX
Tan Range Exploration Corporation has awarded a long term, 12 month
diamond drilling contract, to Benoit Drilling Ltd., a Canadian company based
in Tanzania. The drilling will take place at the Itetemia Property testing
the Golden Horseshoe mineralization. Results to date are very positive.
Thirteen diamond drill and 9 reverse circulation drill holes tested the
2200 metre long induced polarization (IP) conductor with excellent results.
The IP conductor, which is open in all directions, is strongly mineralized
with gold. Diamond drilling defined ore grade mineralization over a distance
of 300 metres and to 120 metres depth, and the reverse circulation drill holes
encountered gold mineralization over 800 metres of strike length. The gold
mineralization remains open in all directions. The Golden Horseshoe
mineralization is stratabound in nature, associated with sulphide and quartz
rich facies. The stratabound nature of the deposit suggests large tonnage
potential.
An initial 13-hole drill program tested a 300 metre section of the quartz
reef. Intersections include, but are not limited to:
<<
DDH Intersection Width (m) Grade (g Au/T)
ITDD-12 30.4 - 50.5 20.1 5.05
ITDD-14 31.6 - 50.0 18.4 6.25
ITDD-16 25.3 - 58.6 33.3 2.76
ITDD-23 48.3 - 66.0 17.7 4.66
ITDD-24 61.0 - 74.4 13.4 9.07
>>
These results indicate the Golden Horseshoe mineralization is amenable to
open pit mining. As in the case of Bulyankhulu, which has been drilled to a
depth of 1100 metres, the real potential of the Golden Horseshoe
mineralization will be realized at depth. When a 5 g Au/T cut off is applied
to the results, a very strong high grade core which continues with depth
becomes apparent. The results include, but are not limited to:
<<
DDH Intersection Width (m) Grade (g Au/T)
ITDD-12 35.6 - 39.1 3.5 14.66
ITDD-14 33.0 - 39.7 6.7 10.48
ITDD-22(x) 128.8 - 132.3 3.5 11.82
ITDD-23 56.0 - 60.9 4.9 22.75
ITDD-24 65.0 - 71.9 6.9 13.69
(x) Deepest hole
>>
Further drill testing of the mineralization will resume in late March.
During the next 6-8 months diamond drill holes will be spotted to confirm the
gold grades encountered during the reverse circulation drilling (e.g. 3.9g
Au/14m). We expect to drill between 70-80 holes testing the 2200 metres of IP
conductor down to the 150 metre level. If successful, this phase of drilling
should outline 1 to 1.5 million ounces of gold near surface. Several deep
holes will also test the vertical extent of the high grade core and indicate
additional resource at depth. Future drilling will focus on the deeper
levels.
Recently, Tan Range has entered into an agreement in principle with
Minorca Resources Inc. Under the terms of the agreement, Minorca will make
cash payments of CAD$11 million (including an initial CAD$1.0 million private
placement) and complete a bankable feasibility study to acquire 50% interest
in the project. This agreement is very good for shareholders of Tan Range as
it protects them against further dilution. We expect that positive results
from Itetemia and increased shareholder value will be reflected in higher
prices for our shares.
TAN RANGE EXPLORATION CORPORATION
MAREK J. KRECZMER, M.Sc., P.Eng.
President and Chief Executive Officer
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein
%SEDAR: 00008194E
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For further information: Investor Relations at 1-800-811-3855 |
