Tournigan Gold expands in Ireland

Vancouver — Tournigan Gold (TVC-V) has purchased two more exploration permits in the Republic of Ireland, increasing its land position in the region to 2,022 sq. km.

The permits host two gold zones related to regional faults. Targets include stream-sediment anomalies, deep overburden soil geochemistry anomalies, and magnetic anomalies.

The new permits, together with Tournigan’s previously acquired permits in the country, cover similar Dalradian Supergroup stratigraphy underlying the company’s exploration licences east and immediately across the border in Northern Ireland.

In return for acquiring the property, Tournigan issued 60,000 shares subject to a 4-month hold period. A 3% net smelter return royalty is payable from production.

Tournigan’s first phase of exploration will consist of a regional stream-sediment survey and reconnaissance mapping and sampling.

Meanwhile, in Northern Ireland, the company is subjecting its Curraghinalt property to infill drilling as part of a feasibility study.

The Curraghinalt deposit represents 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. Tournigan believes this resource can be brought into production in the short term.

Last year, 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 a 50% stake in Tyrone by spending $1.5 million over three years.

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