Tournigan Gold Corporation: Resource Potential at
Kremnica
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Apr 19, 2004) -
Tournigan Gold Corporation ("Tournigan") has compiled historical
resource estimates at Kremnica that were not included in the
recent National Instrument 43-101 Technical Report. The Company
has also revised target estimates for areas identified by prior
exploration as having potential for additional resources. Key
points are:
- Potential to significantly increase quality and quantity of
resources
- Two additional historic resource estimates to extend and
develop
- Phase 1 drill program in excess of 10,000 metres in 2004
Historical Resources
The recent 43-101 resource estimate (see Feb. 11 Press Release)
focused exclusively on the Sturec zone at Kremnica and did not
include data on the Wolf and Vratislav Zones, two highly
prospective zones of historical production, 500 to 1,000 metres
north along strike from Sturec. The Wolf estimate was calculated
in 1998 by Western Services Engineering Inc. ("WSE") while the
Vratislav estimate was calculated by GEOGMS in Prague on behalf
of the Slovak Geological Survey in 1992, as follows:
/T/
--------------------------------------------------
Gold Silver Gold
Grade Grade Gold Equiv. Gold Silver Equiv.
(g/t) (g/t) Grade (g/t) Tonnes Ounces Ounces Ounces
Wolf Zone - Inferred Resources (WSE, 1998)
--------------------------------------------------
1.48 21.3 1.78 1,715,500 81,600 1,175,000 98,386
--------------------------------------------------
Vratislav Zone - Inferred Resources (GEOGMS, 1992)
3.33 24.7 3.68 595,000 64,000 472,000 70,743
--------------------------------------------------
Note: At a 1.0 g/t cut-off. Gold equivalent calculations are based
on a price ratio of $385 to $5.50 (gold to silver).
/T/
Tournigan plans 2,500 metres of drilling in 2004 at Wolf and
Vratislav before updating these resource calculations, as both
the zones are considered open along strike and down dip. These
historical estimates do not conform to NI 43-101 but Dr. Kent
Ausburn (VP Exploration & Qualified Person) has reviewed these
estimates and considers them reasonable and relevant.
Current Sturec Resource
As reported in the Feb 11 Press Release, Tournigan has received a
re-calculated resource estimate for the main Sturec zone at
Kremnica, the results of which are repeated here:
/T/
--------------------------------------------------
Sturec Zone (Kirkham Geosciences, 2004)
Gold
Gold Silver Equiv. Gold
Resource Grade Grade Grade Gold Silver Equiv.
Category (g/t) (g/t) (g/t) Tonnes Ounces Ounces Ounces
Indicated 2.11 15.43 2.31 5,663,941 384,231 2,809,802 421,540
Inferred 2.01 16.06 2.22 8,367,508 540,733 4,320,487 596,986
--------------------------------------------------
Note: At a 1.0 g/t cut-off. Gold equivalent calculations are based
on a price ratio of $385 to $5.50 (gold to silver).
/T/
Potential for Additional Resources
Numerous exploration targets, ranging from drill ready to
conceptual in nature, have been identified by both Tournigan and
prior owner Argosy Minerals Inc. Argosy's targets consisted of
targets in areas contiguous to existing resource areas as well as
targets where historical production is combined with positive
exploration results. The Argosy targets have been re-compiled by
Tournigan and are as follows:
/T/
--------------------------------------------------
Kremnica Advanced Targets
Target Name Length/Width/Depth Ranges Tonnage Ranges Grade
('000s of tonnes) Ranges
Sturec 350 - 450 20 - 30 40 - 50 700 - 1,700 1.7 - 2.2
Wolf 500 - 600 35 - 40 80 - 100 3,500 - 6,000 1.7 - 2.2
Vratislav 400 - 500 30 - 35 120 - 140 3,600 - 6,100 1.7 - 2.2
Volle Henne 500 - 600 20 - 30 50 - 70 1,250 - 3,150 1.7 - 2.2
South Ridge 500 - 700 20 - 40 100 - 150 2,500 - 10,500 1.4 - 1.8
--------------------------------------------------
--------------------------------------------------
Kremnica Advanced Targets
Potential Contained
Target Name Ounces Range
Sturec 38,200 - 119,300
Wolf 191,300 - 424,400
Vratislav 196,800 - 433,200
Volle Henne 68,300 - 222,800
South Ridge 112,500 - 607,600
--------------------------------------------------
Note: Reviewed by Dr. Kent Ausburn, VP Exploration and Qualified
Person.
/T/
The extension targets at Kremnica represent a combined geologic
target of 600,000 to 1.8 million ounces, corresponding to a
tonnage estimate of 11.5 - 27.5 million tonnes grading a
projected 1.5 to 2.0 grams of gold per tonne. Note that while
there has been insufficient exploration to define these targets
as mineral resources (other than the Wolf and Vratislav
historical resources, reported above) and it is uncertain that
further work will result in additional mineral resources, the
large amount of data makes these zones attractive exploration
targets for Tournigan.
Note the area to the south on the Lucky and Lutila exploration
licences (Kremnica South) has not been included in these
conceptual estimates.
2004 Work Program
Tournigan plans a Phase I 10,000-metre drilling program starting
in early summer. This will comprise feasibility drilling at
Sturec and extension drilling to increase the resource at Wolf
and Vratislav. In addition, the geologic and geochemical surveys
recently completed on the Lucky licence will provide Tournigan
with targets for a minimum 1,500 metre drill program at Kremnica
South (see Tournigan's Press Release dated November 17, 2003).
The Company also plans to complete GIS data compilation, geologic
and geochemical surveys on both the mining licence at Kremnica
and the Lucky and Lutila exploration licences to the south. The
completion of all of the elements of this work program is
conditional on the completion of the $ 6 million financing
announced April 12, 2004.
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, President and Chief Executive Officer
Statements in this press release other than purely historical
information, including statements relating to the Company's
future plans and objectives or expected results, constitute
forward-looking statements. 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 mineral exploration and development. As a result,
actual results may vary materially from those described in the
forward-looking statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Tournigan Gold Corporation
Damien Reynolds
President
(604) 683-8320
or
Tournigan Gold Corporation
Garry Stock
Executive VP
(604) 683-8320
(604) 683 8340 (FAX)
info@tournigan.com
www.tournigan.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
QADSAN |
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