Tournigan Doubles Contained Uranium and Increases Grade of Indicated Resource at Kuriskova Uranium Deposit, Slovakia
February 24 2009 - 12:17PM
Marketwired
Tournigan Energy Ltd. (TSX-V: TVC) (FRANKFURT: TGP) has completed
an updated resource estimate for the company's Kuriskova uranium
deposit in Slovakia which more than doubles the amount of uranium
contained in the indicated resource and significantly increases the
grade of the indicated resource. SRK Consulting (U.S.), Inc. has
reviewed and audited the updated resource estimate.
Highlights:
-- Tournigan's 2008 infill drilling moved 8,084,000 pounds of U308 from
the inferred resource category to the better defined and more confident
indicated category
-- The grade of indicated resource increased by 28% from 0.435% U308 to
0.558% U308
-- The infill drilling demonstrated the presence of an exceptionally high-
grade zone of uranium mineralization, which remains open along both strike
and dip
-- The estimate includes 3,261,000 pounds of molybdenum as a potential by-
product (see table below)
The tight geological constraints that were used to model the
indicated high-grade resource provide a high level of confidence in
this zone while leading to a modest reduction in the number of
pounds of uranium remaining in the inferred category. Exploration
in or near this zone could replace or increase these pounds at a
higher grade. There is also potential for further exploration
drilling to increase the overall size of the deposit and for
additional infill drilling to upgrade a significant additional
portion of the current inferred resource to the indicated
category.
"We are very excited by the results of our recent infill
drilling program which led to such a dramatic increase in both size
and grade of the indicated uranium resource," said Dorian L.
(Dusty) Nicol, Tournigan's president and CEO. "This bodes well for
the possibility of further increasing the size and quality of the
deposit. This recent program was restricted to infill drilling in
order to upgrade the quality of the resource as we advance
Kuriskova toward feasibility.
"We emphasize that there remains great exploration upside both
immediately adjacent to the Kuriskova resource and in the
surrounding ground controlled by Tournigan. Our current estimated
grade of 0.558% U308 compares extremely favorably with most other
uranium projects currently under development with grades in the
order of 0.1% to 0.2% U308. This estimate also demonstrates the
presence of a significant amount of molybdenum which could
represent a by-product credit. The resource estimate includes only
molybdenum contained within the uranium resource."
The following tables summarize the current resource
estimate:
Current Resource:
-***-
KURISKOVA RESOURCE ESTIMATE FEBRUARY 2009 (SRK) * CUT-OFF 0.05%U *
-------------------------------------------------------------------------
TONNES U3O8 LBS TONNES MO LBS
U% (000) %U3O8 (000) MO% (000) (000)
-------------------------------------------------------------------------
Total Indicated 0.473 1,191 0.558 14,654
(Main zone )
-------------------------------------------------------------------------
Total Inferred 0.182 3,780 0.215 17,901 0.030 4,897 3,261
(Main and HW zones)
-------------------------------------------------------------------------
-****-
* Mo resource numbers represent Mo associated with Uranium resource blocks
above a 0.05%U cutoff
Previous Resource:
-***-
KURISKOVA RESOURCE ESTIMATE JULY 2008 (SRK) * CUT-OFF 0.05%U
------------------------------------------------------------
TONNES U3O8 LBS
CLASSIFICATION U% (000) U3O8% (000)
------------------------------------------------------------
Indicated 0.369 685 0.435 6,570
------------------------------------------------------------
Inferred 0.254 4,568 0.299 30,131
------------------------------------------------------------
-****-
A complete table of the new resource estimate prepared by
Tournigan and reviewed, audited and approved by SRK, can be found
in Appendix A or by visiting Tournigan's web site from this link:
http://www.tournigan.com/i/pdf/KuriskovaResourceFeb09AppendixA.pdf.
A longitudinal projection showing drill hole locations and
interval grades is available from Appendix B or can be viewed from
this link: http://www.tournigan.com/i/pdf/KuriskovaVLP.pdf.
The updated estimate incorporates the results of 23 diamond
drill holes totaling 9,267 metres that were drilled since the last
resource estimate previously disclosed in a news release dated July
16, 2008. The estimate was prepared by Ravi Sharma, Tournigan's
manager of resources and reserves, under the supervision of SRK,
who are preparing an NI 43-101 Technical Report to be filed on
SEDAR within 45 days of the date of this news release. Allan V.
Moran, principal geologist and Frank Daviess, principal resource
geologist, who reviewed, audited and approved the current resource
estimate, are both with SRK and are independent Qualified Persons
as defined by NI 43-101.
Interpretation and outlining of mineralization was conducted
section-by-section by incorporating geological, structural and
assay information for each geological domain and by snapping points
for hanging wall and footwall contact while performing section
interpretation. Triangulations of outlines between sections were
done to create 3D wireframe solids for each geological domain using
Datamine Studio 3 software. Interpolation of grade to populate the
block model within domain wireframes was carried out using inverse
distance cubed methods and a dynamic anisotropy search option. The
3D wireframe solids of the previous resource estimate dated July
16, 2008 were updated with infill holes for the Main Zone and were
reviewed by SRK. Interpolation and NI 43-101 compliant resource
classification parameters were developed by SRK.
Tournigan is beginning a preliminary assessment (scoping study),
including metallurgical testing, on the Kuriskova deposit expected
to be completed before the end of the second quarter of 2009.
Pre-feasibility and feasibility studies are expected to follow the
preliminary assessment.
Ravi Sharma, MAusIMM, Tournigan's manager of resources and
reserves, and a Qualified Person as defined by NI 43-101, has
reviewed and approved the technical disclosure contained in this
news release. SRK has reviewed and approved the technical content
of this news release.
About Tournigan Energy Ltd.
Tournigan Energy is a uranium and gold exploration and
development company that has built a portfolio of highly
prospective assets in Europe. The company has focused its
development and obtained licenses in Slovakia, a member of the
European Union since 2004. Slovakia is economically and politically
stable, has excellent infrastructure, an educated population and,
as of January 1, 2009, has adopted the Euro currency. Tournigan
Energy is committed to safe and sustainable exploration and mine
development in Slovakia and its other operational
jurisdictions.
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
Forward-looking statements: Certain of the statements made
herein, including any information as to the Company's future
financial or operating performance, may be forward-looking and
subject to important risk factors and uncertainties, many of which
are beyond the Corporation's ability to control or predict.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or release any revisions to forward-looking
statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated
events.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information please contact: Knox Henderson Tournigan
Energy Investor Relations (604) 683-8320 visit
www.tournigan.com
Three Valley Copper (TSXV:TVC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Three Valley Copper (TSXV:TVC)
Historical Stock Chart
From Jul 2023 to Jul 2024