TintinaGold Releases Initial Drill Results From Kugruk Copper-Gold-Silver-Iron Project, Alaska
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/19/10 -- TintinaGold Resources Inc. (´TintinaGold´ or ´the Company´) (TSX VENTURE: TAU) is pleased to announce that it has received initial drill results from the 2010 work program on its Kugruk project, located in Alaska USA.
The Company has received preliminary assay results for two holes at its Kugruk property in northwest Alaska. Initial drill results at Kugruk confirm the presence of a large scale hydrothermal alteration system associated broad mineralized zones containing significant grades of copper, gold, silver and iron. Drilling continues on geophysical targets generated from earlier airborne geophysical surveys and ground surveys. Geologic mapping and additional ground geophysical surveys are in progress.
Significant initial drill results from the Company´s drill program at Kugruk include:
-- DDH KU10-003 in the Billiken zone encountered 3 composite intervals
totaling 90.8meters, grading 0.27% copper, 0.07 g/t gold, 2.8 g/t
silver, and 33.1% total iron.
-- Two intersections in hole KU10-003 contain significantly better grade
copper mineralization associated with strong precious metals: a 5.7
meter zone contains 1.23% copper, 0.2 g/t gold and 7 g/t silver; and a
second interval contains 1.7% copper, 0.6 g/t gold and 18 g/t silver.
Results of significance from the first two holes are provided below:
Table 1 - Significant Drill Intersections:
(greater than 0.1% Cu or selected intervals of greater than 20% Fe; total Fe capped at 50% pending analysis of overlimits)
Hole From (m) To (m) Width (m) Au (ppm) Ag (ppm) Cu % Fe %
KU10-001 1.0 21.9 20.9 0.003 0.9 0.05 49.7
KU10-001 162.5 174.7 12.2 0.026 3.5 0.15 30.8
KU10-001 210.0 237.5 27.5 0.004 1.7 0.11 22.1
KU10-001 244.3 245.4 1.09 0.009 3.7 0.24 21.4
Hole From (m) To (m) Width (m) Au (ppm) Ag (ppm) Cu % Fe %
KU10-003 1.7 39.2 37.5 0.054 1.9 0.15 41.5
KU10-003 99.7 121.7 22.0 0.065 2.6 0.44 48.8
KU10-003 103.0 108.7 5.7 0.205 7.1 1.23 greater
than 50
KU10-003 135.7 167.0 31.3 0.104 4.1 0.30 12.1
KU10-003 151.6 154.9 3.3 0.604 18.6 1.70 21.7
The initial drill results show very encouraging grades and thicknesses of copper-iron mineralization containing low levels of precious metals associated with widespread skarn alteration. Two intersections in hole KU10-003 (refer to Table 1, above) contain significantly better grade copper mineralization associated with strong precious metals: a 5.7 meter zone contains 1.23% copper and 0.2 g/t gold and 7 g/t silver; and a second 3.3 meter interval contains 1.7% copper and 0.6g/t gold and 18g/t silver. Skarn alteration has been identified on surface and in drill holes over an area 7 kilometers by 3 kilometers, and its geophysical signature extends at least 15 kilometers along strike. The entire area is covered by wind-blown silt and tundra with only sparse outcrops.
Rick Van Nieuwenhuyse, Chairman of TintinaGold said: ´We are encouraged by these initial drill results. We have discovered what appears to be a very large magnetite enriched skarn alteration system with widespread copper mineralization and locally copper-gold-silver in significant grade. We will continue to target additional skarn mineralization as well as identify potential porphyry and/or IOCG targets.´
Since June 6, 2010, the Company has completed 1,351.40 meters of core drilling in 7 holes on the Kugruk property and more drilling is in progress. In addition, crews continue mapping and surface geophysical programs. This represents the first contemporary exploration drill testing of the property since a small drilling program in the late 1970´s. The drilling program has succeeded in encountering significant concentrations of copper and iron in a widespread garnet-pyroxene skarn assemblage adjacent to the Kugruk granodiorite pluton, and provided considerable new geologic information on the property. Initial drilling targeted the Billiken prospect (see attached Figure 1 and 2), a three kilometer long highly magnetic zone which also shows high gravity, low resistivity, and high induced polarization (IP) geophysical responses. Drilling encountered massive magnetite and copper sulfide mineralization within a complex assemblage of prograde garnet-pyroxene exoskarn, actinolite-chlorite retrograde alteration, endoskarn, and variably altered granodiorite dikes. Alteration overprints a protolith of marble and quartz-feldspar to graphitic schist. Surface exposures and additional drilling show garnet-pyroxene skarn over a zone at least 7 kilometers long within a 15 kilometer long belt of strong magnetic anomalies likely caused by massive magnetite.
About the Kugruk Project
The 100% controlled Kugruk Project is located approximately 20 miles from the coast and Kotzebue Sound, and consists of approximately 177,280 acres of Alaska state mining claims in northwest Alaska. Drilling operations are supported from the historic Independence silver-lead-zinc mining camp, the site of modest silver production in the early 1920s and located in the center of the property. The Kugruk property area contains very little exposure, with most geology concealed by thick deposits of windblown silt (loess) and tundra matt cover. However, local copper-in-soil anomalies over the intrusive centers, an extensive copper-iron enriched skarn contact zone between intrusives and metasediments, and a halo of silver-lead-zinc prospects and gold placer prospects show that Kugruk is a very large scale, zoned intrusive-driven mineral system.
Jerry Zieg, Vice President Exploration for the Company, is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific nature contained in this news release.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metals properties around the world. The Company´s experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project, and the, and the Sheep Creek copper-cobalt property located in Montana. The Company, in a short period of time, has successfully become one of the most significant gold and base metal explorers in the Tintina Gold Belt - one of the most exciting and prolific gold belts of the world.
Website: www.tintinagold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, C.A., President & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company´s plans for and intentions with respect to exploration of the Company´s properties, constitutes ´forward-looking statements´ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals and any required financing to complete the Company´s planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management´s expectations. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to TintinaGold´s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others, actual results of the Company´s exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, the need for cooperation of First Nations groups, equipment breakdowns and bad weather. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGold does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view Figure 1 - Kugruk Drill Hole Locations on Magnetic Map, please visit the following link: http://media3.marketwire.com/docs/TintinaGold_Figure_1.pdf
To view Figure 2 - Kugruk Drilling Map and IP Geophysics, please visit the following link: http://media3.marketwire.com/docs/TintinaGold_Figure_2.pdf
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
TintinaGold Resources Inc.
Kelsey Chin
Direct line: 604-628-1162
604-628-1163 (FAX)
kchin@tintinagold.com
www.tintinagold.com