Tournigan cuts high-grade at Curraghinalt

Vancouver The latest drill results tabled by Tournigan Gold (TVC-V) have confirmed the high-grade nature of the Curraghinalt gold deposit on the Tyrone project in Northern Ireland.

The junior is systmeatically drilling the deposit at 30 metre spacings in order to up grade the resource to the measured category.

Hole 5 targeted the T-17 and No. 1 veins, returning 27 grams gold per tonne over 1.5 metres and 22 grams gold over 1.7 metre, respectively.

Testing the veins some 400 metres southeast of the previously defined resource, hole 4 hit 12.2 grams gold over 0.7 metre in the T-17 vein, 40.6 grams gold over 10 cm in the No. 1 vein and 11.4 grams gold over 18 cm in the 106-16 vein.

The deposit represents a mesothermal gold quartz vein system with an inferred resource of 468,097 tonnes averaging 16.96 grams gold per tonne, or 230,000 contained ounces.

In addition to the main target, the 346-sq.-km property hosts several other prospects. Among these, the most advanced is Glenlark, where induced-polarization geophysics, soil geochemistry, trenching and drilling have defined stratabound gold-silver-lead-zinc mineralization.

At Golan Burn, 3 km west of Curraghinalt, crews have traced possible extensions of the Curraghinalt vein system via geochemical and geophysical surveys.

In November 2002, Tournigan inked a deal with Strongbow Resources (SR-V) to option the Curraghinalt and Tyrone gold projects. Tournigan can acquire a 51% interest in Curraghinalt by spending $2 million over three years, and it can buy half of Tyrone by spending $1.5 million over the same period.

Once vested, Strongbow can elect to retain the balance of its interest in the relevant project by funding its share of future exploration. If Strongbow decides not to participate, Tournigan can increase its interest in Curraghinalt to 60% by spending an additional $2 million and to 75% by completing a feasibility study within seven years.

Tournigan can increase its interest in the Tyrone project to 60% by spending an additional $1.5 million, and to 75% by completing a feasibility within seven years. It can buy the remaining interest in both projects by issuing shares at a deemed price equivalent to the net present value of each project at that time.