Tournigan cuts high grade at Curraghinalt

Vancouver — Tournigan Gold (TVC-V) has intersected high-grade gold mineralization during its recent feasibility drilling on the Curraghinalt gold project in Northern Ireland.

The feasibility infill drilling program at Curraghinalt is designed to intersect the vein sets at a maximum 30 metre spacing in order to define mineralization in detail as well as upgrade the resource classification to the “measured” category. Highlights of the drilling results are as follows;

• Drill hole CT-13 and 14 intersected a high grade gold shoot on the project. Hole CT-13 cut 3.43 metres averaging 68.07 grams gold per tonne, starting 39.59 metres down-hole. This included a 1.26-metre section that averaged 183.23 grams gold.
• Hole CT-14 intersected a 4.06-metre section that averaged 42.66 grams gold, starting 42.94 metres down-hole and included a 1.55-metre section that ran 103.22 grams gold.
• Hole CT-12 cut 1.92 metres averaging 57.16 grams gold starting 20.37 metres down-hole in an adjacent ore-shoot. This was followed by a 1.08-metre section that averaged 13.7 grams gold, at a down-hole depth of 59.59 metres and a 1.33-metre interval that averaged 11.4 grams gold, starting 144.30 metres down-hole.

Tournigan Gold interprets these ore-shoots as open-ended to depth. They are situated directly above an existing underground exploration drift. This would provide immediate access for mining once production at Curraghinalt is permitted.

Tournigan expects to discover additional high-grade shoots during the course of exploration and development drilling. The Curraghinalt vein system can be followed for 8 km. The mineralized trend lies entirely within Tournigan’s existing prospecting licenses.

Curraghinalt is a mesothermal gold quartz vein system that has an inferred resource of 468,097 tonnes averaging 16.96 grams gold per tonne, or 230,000 contained ounces.

The company expects to drill another 6 holes at Curraghinalt. Tournigan’s goal in 2004 is to rapidly advance Curraghinalt towards production. Towards that end, a review of scoping work now being completed which will subsequently lead to tenders being let for the Environmental Impact Study.

Tournigan recently inked a deal to purchase the Curraghinalt and Tyrone gold projects from Strongbow Resources (SR-V). Prior to this, Tournigan had the option to earn into the projects over a 7 year period. This new purchase agreement accelerates the process to provide Tournigan with immediate full ownership.

The Curraghinalt and Tyrone licenses cover 346 sq. km and are currently under option to Tournigan with staged expenditures of $7 million to earn 60%, delivery of feasibility studies to earn 75% and a NPV buyout option on the remaining 25% interests. In order to secure full ownership, Tournigan will issue five million shares to Strongbow upon completion of a definitive agreement and another 5 million shares on the date that Tournigan’s Board of Directors approves mine construction on the properties. Strongbow will be entitled to name one representative for appointment to Tournigan’s Board. The 10 million Tournigan shares will be subject to hold periods and may be subject to escrow restrictions.

Tournigan also has plans for a significant exploration and development program at its Kremnica gold project in the Slovak Republic. Tournigan recently increased the Kremnica indicated resource, which at a 1.0 gram gold per tonne cut-off grade is pegged at 5.6 million tonnes averaging 2.11 grams gold and 15.43 grams silver, or 384,231 contained ounces of gold and 2.8 million contained ounces of silver.

In addition to this an inferred resource is estimated at 8.3 million tonnes averaging 2.01 grams gold and 16.06 grams silver, or 540,733 contained ounces gold and 4.3 million contained ounces silver.