TNR Gold Update On Exploration Program At Shotgun Gold Project, Alaska/tsx Approves $3.5 Million Loan Agreement
VANCOUVER, British Columbia, June 12, 2012 /PRNewswire/ -- TNR Gold Corp. (the "Company") (TSX VENTURE:TNR.V) is pleased to provide an update on the planned exploration program at its Shotgun property in Alaska. The program will commence immediately and will include an estimated 1500m of drilling at Shotgun Ridge prior to a resource calculation updating the historical estimate. 3D geophysical surveys are also planned for Shotgun Ridge and other areas within the property where there are extensive, but currently unexplained geochemical gold anomalies.
In addition to returning 210.5m gold grades averaging 1.29 g/t, including 27.4 m of 2.3 g/t Au, drill hole 06-43 significantly changed the Company's understanding of structural control at Shotgun Ridge and demonstrated that mineralization is still open at depth (Technical Report on the Shotgun-Winchester Project, SW Alaska, 2008). Following exploration at other prospects on the Property, the Company returned to Shotgun Ridge in 2011 to conduct a geophysical orientation survey across the area containing the drilling and historical resource. 3D resistivity and chargeability results show previously unknown structures within the ridge that appear to correlate well with geology and mineralization identified in drilling. The current program will use the 3D geophysical results to assist targeting mineralization to depth along southwest dipping feeder zones identified in hole 06-43. (Further details on the project can be found on our website at www.tnrgoldcorp.com/i/pdf/TNR_Shotgun_MAY2012_Public.pdf)
"Drill hole 06-43 has clearly been the most encouraging hole at Shotgun Ridge. We are optimistic that the current drilling program will continue to increase this mineralized zone at depth which will be reflected in the subsequent resource estimate" comments John Harrop, VP Exploration
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class gold district hosting more than 40 million ounces of aggregated gold resources. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Creek gold deposit as well as other important intrusion-associated deposits.
Previous work at Shotgun Ridge by NovaGold Resources Inc. in 1998 estimated an historical resource of 980,000 ounces grading 0.93 grams per tonne (g/t) at a cut-off of 0.5 g/t (This estimate was made prior to NI43-101 and has not been verified by a QP. It is provided for historical information and should not be relied upon).
John Harrop, P.Geo, is the company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.
Further to the Company's news release dated May 31, 2012, the TSX Venture Exchange has accepted for filing a loan agreement dated May 29, 2012 for $3.5 million .
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp.[/wp] (TSX:ILC.V), demonstrated the successful application of TNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. TNR remains a large shareholder in ILC at 25.5% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the board,
Gary Schellenberg
President
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. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@tnrgoldcorp.com
Website: http://www.tnrgoldcorp.com
Symbol: TNR:TSXV
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
SOURCE TNR Gold Corp.
