Assay results from three drill holes at Tigray Resources (TIG-V) 70%-owned copper-gold-silver-zinc deposit in northern Ethiopia returned an intercept of 73.85 metres grading 3.77% copper, 1.31 grams gold per tonne, 14 grams silver per tonne and 0.72% zinc in hole TD-004, including 36.45 metres of 6.01% copper, 1.69 grams gold, 19 grams silver and 1.31% zinc.
The other two drill holes from the first-phase drill program at the Terakimti prospect returned an intercept of 2.10 metres of 2.80% copper, 1.09 grams gold, 12 grams silver and 0.19% zinc in TD001. Hole TD005 returned 18.70 metres grading 2.12% copper, 0.96 gram gold, 18 grams silver and 3.58% zinc, including 12.50 metres of 3.04% copper, 1.24 grams gold, 24 grams silver and 4.55% zinc.
The junior’s 13,000 metre first phase drill program is testing the 1 km long Terakimti volcanogenic massive sulfide prospect to a depth of 250 metres.
Step-out drilling will probe deeper mineralization along strike and down plunge of the system, as well as target under gold-rich gossans and specific geophysical anomalies along the 1-km strike length, the company says.
Tigray has three diamond drill rigs on site and has completed approximately 6,500 metres of diamond drilling in 35 holes to an average depth of 195 metres. The first phase drill program is expected to be completed in the first quarter of next year.
The Harvest polymetalic VMS exploration project is about 600 km northwest of the capital city of Addis Ababa. It lies in the Tigray region of Ethiopia within the Neoproterozoic Asmara volcanogenic massive sulfide copper-zinc-gold-silver metallogenic belt that stretches southward from Eritrea. Other companies exploring VMS targets in this belt include Sunridge Gold (SGC-V, SGCNF-O), Nevsun Resources (NSU-T, NSU-X), and NGEx Resources (NGQ-T).
Tigray has about $8 million in cash and no debt. At presstime the company was trading at $1.30 within a 52-week trading range of 61¢ and $1.95 per share.
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