TNR averages 1.29 g/t Au at 06-43 at Shotgun Ridge
2006-07-26 18:40 ET - News Release
Mr. Gary Schellenberg reports
TNR ANNOUNCES SHOTGUN RIDGE DRILLING RETURNS 690.5' GRADING 1.29 G/T GOLD
TNR Gold Corp.'s results are now complete for diamond drill hole 06-43 drilled at Shotgun Ridge. Hole 06-43 was drilled to the northeast to test the depth extension of gold zones identified in two sections drilled by NovaGold in 1998. In addition, this hole tested continuity of mineralization between sections.
The hole was successful in both areas. Hole 06-43 returned gold grades averaging 1.29 grams per tonne gold over 690.5 feet (210.5 metres) from 235.5 to 926 feet. (Included in this average are two 20-foot intervals of 50-per-cent quartz veining and brecciation, and may form a steeply, southwest-dipping feeder zone.)
This drill hole indicates the existence at Shotgun Ridge of mineralized gold zones that steeply dip to the southwest and remains open. TNR's next phase of Shotgun Ridge drilling will test and further define these gold trends. In 1998, NovaGold Resources Inc. completed a 19-hole, 3,100-metre diamond drilling program on the Shotgun deposit and outlined an estimated inferred resource of 980,000 ounces grading 0.93 gram per tonne at a 0.5-gram-per-tonne cut-off. Drilling highlights from 1998 include 71 metres at 2.19 g/t (233 feet at 0.06 ounce per ton), 50 m at 2.53 g/t (164 feet at 0.07 ounce per ton), 15 m at 3.44 g/t (50 feet at 0.10 ounce per ton) and 13 m at 4.39 g/t (43 feet at 0.13 ounce per ton) gold. (This resource estimate is used as an historical reference only, as it is not fully compliant with CIM standards on mineral resources and reserves used by National Instrument 43-101.)
TNR geologists believe Shotgun Ridge is part of an intrusion-related gold system. Such systems contain a significant proportion of the world's gold inventory, including the Fort Knox, Pogo, True North and Donlin Creek deposits in Alaska.
On July 13, 2006, TNR announced in Stockwatch that it had exercised its option to acquire an undivided 50-per-cent interest in the Shotgun project from NovaGold.
John Harrop, a qualified person under National Instrument 43-101, has reviewed this news release.
We seek Safe Harbor.