Tirex Resources Receives Mining License for Rehova Copper Project
- the license was issued after Tirex deposited mining guarantee and environmental fund- the license has a 25-year term
- Rehova is a high grade past producing copper mine
Vancouver, February 28 2017 -Tirex Resources Ltd. TXX: TSX.V ("Tirex" or "the Company") reported in its most recent news release that it received approval of the mining license application for the Rehova mining property ("Rehova") in Albania. Tirex is pleased to announce that the license has now been issued to the Company by National Business Center. The mining license is valid for 25 years and can be extended for another 10 years.
The approval of the license will finally allow Tirex to move ahead with its plans on Rehova which include drilling during the first year to update the historic resources to current resources compliant with National Instrument 43-101 while also targeting expansion of the known mineralized zones. Additionally, drilling will target to test for gold, silver and zinc mineralization as the focus of past state-run drilling programs was primarily copper. As part of the go forward planning at Rehova, Tirex will purchase state records from the Albanian Geological Survey. ?These records include historical results from all the holes drilled by the state run mining enterprise that formed the basis for their historical modeling, additional holes drilled by the state run mining enterprise in the later part of Rehova's operations or prior to its closure but not incorporated into the historical model, and also exploration data from the areas surrounding Rehova.
Rehova is located 114 kms straight distance southeast of Tirana or 200 kms by road and is on the electrical power grid. The mining property contains four historical VMS deposits. These are surrounded by exploration areas of interest that have not yet been systematically tested using modern exploration techniques and technology. The four known deposits called Bregu i Geshtenjes ("B&G"), Rehova-Kanisqel, Ciflig and Dushku i Trashe comprise the Rehova Copper Mine, a historically producing mining operation which was formerly operated by the Albanian state copper enterprise. These deposits are relatively close to each other (200m-500m apart) which made ore delivery to a single processing facility possible.
Prior to the start of production in 1980 the Albanian Geological Survey ("AGS") had defined combined mineralization in the four deposits of 3.43 million tons grading 2.17% copper and by the time operations stopped in 1990 had 2.87 million tons grading 2.14% copper remaining. The majority of the remaining mineralization consisting of 2.09 million tons grading 2.15% copper were from B&G, which was not mined and has exploration potential beyond the historic drilling. Underground development workings had been started at B&G as the deposit was being prepared for mining when the state run mining enterprise shut down its mining operations country-wide at the time of the collapse of communism.
The tonnage and grade estimates stated above are historic in nature and were obtained from information provided by the Albanian government. The AGS historical calculations classify the estimates in a combination of C1 & C2 categories, being based on the Russian deposit reporting system and are roughly equivalent to the NI 43-101 inferred and indicated categories. These historical estimates are not compliant with NI 43-101 and should not be relied upon. No qualified person has done sufficient work to classify the historical estimates as current mineral resources; and Tirex is not treating the historical estimates as current mineral resources. Tirex is including the historical estimates for information purposes only, and offers no assurances as to the reliability of the estimates. Tirex will need to undertake a comprehensive review of available data, including planned drilling by Tirex to verify the historic estimates and classify them as current resources.
Tirex also plans to explore for similar VMS deposits elsewhere in the Rehova region. Planned exploration, designed to vector in on similar VMS deposits, will consist of ground Induced Polarization/Resistivity and ground electromagnetic geophysical surveys along with geological mapping and sampling. Several prospects had been identified by the AGS prior to the closure of the mine and Tirex intends to evaluate the potential of developing multiple deposits of various sizes that will feed a central mill that produces potentially copper, gold, silver and/or zinc.
Fred Tejada, P.Geo., a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
On Behalf of Tirex Resources Ltd.
Spiro Kletas
CEO and Director
Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex. Such statements include but are not limited to statements about the Award, the production arrangements and the timing of the mine development, mill construction and ore production. Often forward-looking statements or information include words such as "plans", expects", "intends", "anticipates", "estimates" "forecasts", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. The assumptions made include assumptions about Tirex's ability to move forward with the licensing. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law. All resource estimates quoted in this news release are historical, uncategorized and not NI 43-101 compliant and should not be relied upon. Tirex has not verified these historical resources and has not reviewed the assumptions, parameters and methods used to prepare the historical resource estimate. No Qualified Person has done sufficient work to classify the historical estimates as current and Tirex is not treating the historical estimates as current mineral resources or reserves but considers them as historically relevant and material information. A feasibility study has not been completed and there is no certainty the proposed operation will be economically viable or will commence.
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