NEWS RELEASE. Tigray Provides Exploration Update for Harvest Project in Ethiopia

Transcription

1 Suite 3114, 1055 Dunsmuir Street Four Bentall Centre ancouver, BC 7X 1G4 tel toll free fax web investors@tigray.ca WS RLAS Tigray Provides xploration Update for Harvest Project in thiopia ancouver, BC, October 16, 01 Tigray Resources Inc. (TSX-: TIG) ( Tigray or the Company ) is pleased to provide an update on exploration activities at its Harvest project in northern thiopia, including results from eight additional drill holes. xploration activity at Harvest during the seasonal wet period (July to September) has included soil sampling, mapping, rock chip sampling, trenching, and geophysical survey interpretation to advance multiple prospects on the Harvest project to a drill-ready state. Regional exploration for MS-style copper-gold-silver-zinc mineralization and orogenic gold mineralization has been ongoing concurrent with diamond drilling, and new gold-silver soil and rock chip results are available for two key prospect areas across the project area: 1. TM09 prospect (defined during recent airborne TM survey);. Ruwa Ruwa northeast trend - three new zones identified along the Ruwa Ruwa gold trend (Adi Goshu, Lihamat and Hungry Hill. TM09 The TM09 target is located on the Terakimti concession approximately five kilometres east-northeast of Terakimti, and was defined during the April 01 airborne TM survey as a strong bedrock conductor on five flight lines over a 00-metre strike length. Reconnaissance mapping defined several gossan and sulfide-rich outcrops coincident with the peak TM anomaly, trending northeast with malachite-rich zones and gossanous and sulfide float in a mafic and chlorite sericite schist. The gossans are rich in hematite, jarosite and malachite, with zones of malachite, bornite, galena, and sphalerite mineralisation in the vicinity. A by metre soil sampling program has highlighted a strong copper, lead and zinc anomaly (lesser arsenic and molybdenum) over a 00 metre strike length, with additional lead and copper anomalies approximately 350 metres to the southwest of the main gossan (gold and silver results are pending). Rock chip samples with high-grade copper, lead and silver mineralization (based on iton handheld XRF results) have been sent to the laboratory for priority assay. Two 80 metre long trenches have recently been completed for continuous channel sampling, highlighting several six metre wide gossanous zones, and thick zones of low-order multi-element base-metal mineralization. All laboratory assay results are pending. Two additional trenches will be completed in the near future, and this target assessed for drilling during the next drill campaign. Ruwa Ruwa The Ruwa Ruwa soil gold anomaly was identified in August 011, and is located approximately 1.5 kilometres northwest of the Terakimti MS target. The area of interest displays a strike length of 3. kilometres, open both northeast and southwest. Subsequent to the initial phase of exploration, the soil grid has been extended to the northeast and southwest and now covers 5.3 kilometres. Several new zones of bedrock gold mineralization have been identified with extensive artisanal workings to the north of the grid. Gold soil anomalies and bedrock workings have now been highlighted over 8.8 kilometres of strike length, with the most significant new targets emerging in the northeastern end of the trend. These include Adi Goshu, Lihamat and Hungry Hill W. Follow-up groundwork on these zones has defined the following targets: Adi Goshu Adi Goshu artisanal bedrock gold workings were discovered in early 01 approximately 4.8 kilometres northeast of Terakimti, and exploration has included soil sampling (475 samples, spaced at by metres), rock chip sampling, mapping and trenching. The artisanal workings include several shafts over 10 metres deep and multiple pits and

2 shallow stopes over a 90 metre strike length. The workings are located within the centre of a semi continuous 700 metres long gold soil anomaly grading over 100 parts per billion gold, and striking approximately 0. Rock chip results for 63 grab and channel samples in the vicinity of the workings, including three trenches (TT1, TT and TT3) include values of 9.1 grams per tonne gold and 7.4 grams per tonne gold from grab samples. Continuous trench sampling intersected 4 metres at.7 grams per tonne gold and grams per tonne gold (in two different trenches, both open at the end of the trenches). The lack of a silver, copper, lead or zinc anomalism confirms the prospect as an orogenic gold target. Lihimat Lihamat is three kilometres northeast of the Terakimti MS occurrence. xtensive artisanal bedrock workings are present at Lihamat, over a strike length of 5 metres, and multiple lines of workings are present over a maximum of 50 metre width. umerous pits and shafts range up to 10 metres deep. isible gold is artisanally mined from numerous 5- centimetre wide quartz veins in a coarse grained quartz sericite-kaolin altered quartz-porphyry intrusion. The grade for rock chip samples taken of the mined quartz veins ranges from 0.13 grams per tonne gold to 19.5 grams per tonne gold, with five of six samples assaying above 1.0 grams per tonne gold. Other peak results include 41.9 grams per tonne gold (float sample of sulfidic altered rock) collected 100 metres east of the artisanal workings,.38 grams per tonne gold from a rock sample from a spoil heap, and 1.08 grams per tonne gold from a float sample of banded iron formation with pyrite. Results for by metre spaced soil sampling conducted over the prospect are pending. Hungry Hill Hungry Hill was located in 011 as a 50 by 00 metre area of elluvial gold workings and more recently, artisanal bedrock workings have targeted gold mineralization. Hungry Hill is 1.85 kilometres north-northwest of Terakimti. Fourteen rock chip samples collected at Hungry Hill have yielded an average grade of 1.09 grams per tonne gold, with nine samples over 0.3 grams per tonne gold. Assays range from less than 0.1 grams per tonne gold, to peak values of 7.03 grams per tonne gold and 1.38 grams per tonne gold from sulfidic quartz veins. Soil sampling was extended to the northeast and a new anomaly has been defined 700 metres east-northeast of Hungry Hill. The anomaly strikes over metres at over 100 parts per billion gold, with six values assaying over 0.5 grams per tonne gold. Drill Results Five regional reconnaissance diamond drill holes were completed to test the Adi Angoda volcanagenic massive sulfide (MS) target on the efasit concession, approximately 19 kilometres to the east of Terakimti. The target is defined by anomalous multi-element soil geochemistry, outcropping gossan, and weak electromagnetic and gravity anomalies over a strike length of 1.5 kilometres. Drilling over a 500 metre strike length intersected MS style mineralization and/or gold mineralization in three of the five holes, with intercepts including:.8 metres at 3.51 % copper,.73 grams per tonne gold, 55 grams per tonne silver and.3% zinc from 43.5 metres in hole D001; 4.5 metres at 1.4 grams per tonne gold and 11 grams per tonne silver from 9.55 metres in hole D004 (interpreted supergene); and.55 metres at 1.0 grams per tonne gold from to 1.1 metres in hole D005. At Mayshehagne, hole HD008 was drilled to the southwest and in the footwall of the main MS shoot. Like drill holes HD001 and HD004, narrow and lower grade MS mineralization was intersected in the footwall zone in hole HD008, with an intercept of 0.75 metres at 1.% copper, 0.31grams per tonne gold, 4 grams per tonne gold and 1.% zinc from 34.3 metres. Results for additional drill holes at Terakimti include TD0063 and TD064, both with no significant intercepts. Hole TD063 drilled in an interpreted gap between the Central and orthern Lodes, and TD064 drilled below the main plunging Central Lens target (see long section). A total of 96 holes totalling 18,300 metres have now been completed on the Terakimti, Adi Angoda and Mayshehagne prospects at Harvest. With the establishment of mineralized MS systems to depth at Terakimti and

3 Mayshehagne, additional drilling is proposed to explore depth extension to these prospects and test newly defined MS targets developed from the recently completed TM survey. Maps, long sections, and a complete updated list of drill hole intercepts can be found at the end of this release. Quality Control The planning, execution and monitoring of Tigray s quality control programs at the Harvest project are under the supervision of Jeff Heidema, P.Geo., Tigray's ice President xploration. Mr. Heidema is a Qualified Person as defined by ational Instrument Preliminary base metal soil and rock analyses are carried out by handheld iton XRF methods. Soil samples were collected using -60 mesh screening, with reference standards included every 30 samples, and replicates included every 10 samples. Soil prep and analyses were conducted at Ultratrace in Perth, Australia, with Aqua Regia digest, and ICPMS finish for gold. Diamond drill core samples have undergone preliminary preparation at the Acme Laboratories facility in Ankara, Turkey, and are crushed to 80% passing 10 mesh, and pulverized to 85% passing 00 mesh (Acme R package). Analyses are conducted at Acme Laboratories in ancouver, Canada, utilizing Aqua Regia digestion and ICP-S. Precious metal analyses are conducted via Fire Assay Fusion with AA finish, and gravimetric analyses for over-limit samples. Blanks and certified reference standards are inserted into the sample stream to monitor laboratory performance. About Tigray Tigray is a Canadian mineral exploration company focused on discovery through advancing early-stage mineral projects in thiopia. Tigray s key property is the 70%-owned Harvest polymetallic MS exploration project, which covers 70 square kilometres in the Tigray region of thiopia, 600 kilometres north northwest of the capital city of Addis Ababa. The Company recently entered into an agreement to acquire up to an 80% interest in the Adyabo property covering 595 square kilometres immediately west of the Harvest project. Tigray s shares trade on the TSX enture xchange under the symbol TIG. On behalf of the Board of Directors: Andrew Lee Smith, P.Geo. President, CO and Director For further information contact: Meghan Brown, Director Investor Relations tel mbrown@tigray.ca web

4 Cautionary Statement Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forwardlooking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in the Company s listing application dated August 18, 011. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forwardlooking information that is included herein, except in accordance with applicable securities laws. either the TSX enture xchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX enture xchange) accepts responsibility for the adequacy or accuracy of this news release.

5 Terakimti MS Prospect Terakimti Drill Plan Terakimti and Hamlo Concessions Harvest Project, thiopia 60,4 80 d , 54 0,1 4 Drill hole Gossan outcrop Creek 0,0 54 LGD ss ro a TD061 Drill hole (current release) TD059 a TD metres TD054 TD TD033 TD01, TD013 TD00 TD030 TD010 TD014 TD00 TD09 TD0 TD001 TD041 TD TD018,01 TD TD03TD044 TD049 TD05,06 TD003 TD TD016 TD005,006 TD048 TD TD050 TD055,056 TD057, TD043,045 TD0 TD051,05 6 4, TD064 TD ,5,0,, TD , TD03 TD07 TD06 00 TD063 TD009,011 TD047, TD TD034, TD04 TD007 TD , TD060 TD039 TD035,037 e cc Oct 15, 01

6 Mayshehagne MS Prospect Mayshehagne Drill Plan Hamlo Concession Harvest Project, thiopia 60,1 5 Drill hole 0 88, 6 80, , 6 LGD HD010 Creek Gossan and chert outcrop 50 metres 00,0 5 MS-related alteration Drill hole (current release) A507 HD007 HD009 HD003 HD , 6 HD004 0,1 5 0,9 51 A503 A513 A501 HD00 HD005, , 7 HD001 A50 HD008 60, ,8 51 0,9 6 Oct 15, 01

7 Adi Angoda MS Prospect Adi Angoda Drill Plan efasit Concession Harvest Project, thiopia , , , 000 LGD 64, 0 Drill hole 800 Drill hole (current release) D00 00 metres, 09HD001 D003 0 D005 D , 0 4 4, 09HD00 96, 0 D HD , 0 09HD ,, , , , 0 Oct 15, 01

8 53700 Terakimti MS Prospect Terakimti and Hamlo Concessions Harvest Project, thiopia Long Section (looking W) Grid S (SW) Grid () m m 1500m open L G D Basalt Drill hole piercepoint Porphyry dyke Base of intense weathering 64 open Gossan and weathered equivalent Base of oxidation Supergene / transition Massive sulfide Drill hole piercepoint (current release) 100 metres Oct 15, 01

9 Mayshehagne MS Prospect Hamlo Concession Harvest Project, thiopia Long Section (looking W) Grid S (SW) gossan outcrop Grid () 1780RL HD008 HD00 lower grade stringer and submassive zone HD001 HD006 HD009 17RL HD005 HD004 L G D Gossan and weathered equivalent HD003 HD RL Supergene / transition Massive sulfide / submassive TARGT OP 1660RL Drill hole piercepoint Base of intense weathering HD007 Base of oxidation Drill hole piercepoint (current release) 50 metres Oct 15, 01

10 Hole ID From (m) To (m) Interval (m) Copper Gold Silver Local Zinc % % g/t g/t Azimuth Dip Prospect 09HTD Terakimti 09HTD Terakimti 09HTD Terakimti 09HTD Terakimti 09HTD Terakimti 10HTD Terakimti 10HTD Terakimti 10HTD including Terakimti 10HTD004 o Significant Results Terakimti 10HTD Terakimti 10HTD Terakimti 10HTD007 o Significant Results Terakimti TD Terakimti TD Terakimti TD Terakimti TD004 including Terakimti TD including Terakimti TD Terakimti including TD Terakimti including including TD including Terakimti TD Terakimti TD including Terakimti TD011 including Terakimti TD Terakimti TD Terakimti TD including Terakimti TD Terakimti TD Terakimti TD Terakimti including TD including Terakimti and including including TD Terakimti TD Terakimti TD including Terakimti including TD0 including Terakimti including

11 Hole ID From (m) To (m) Interval (m) Copper % Gold g/t Silver g/t Zinc % Local Azimuth Dip Prospect TD including Terakimti TD04 o Significant Results Terakimti TD including Terakimti and including TD Terakimti TD07 including Terakimti including TD including Terakimti TD09 including Terakimti TD Terakimti TD Terakimti TD Terakimti TD Terakimti TD including Terakimti TD Terakimti TD Terakimti TD including Terakimti TD Terakimti TD Terakimti TD Terakimti including TD Terakimti TD Terakimti TD Terakimti including TD including Terakimti TD Terakimti TD046 o Significant Results Terakimti TD Terakimti TD Terakimti TD Terakimti TD Terakimti TD Terakimti including TD05 o significant intercepts Terakimti TD Terakimti TD Terakimti TD Terakimti TD Terakimti including TD Terakimti TD Terakimti including TD Terakimti TD including Terakimti

12 Hole ID From (m) To (m) Interval (m) Copper % Gold g/t Silver g/t Zinc % Local Azimuth Dip Prospect TD Terakimti TD06 o Significant Results Terakimti TD063 o Significant Results Terakimti TD064 o Significant Results Terakimti HD Mayshehagne HD including Mayshehagne HD003 o Significant Results Mayshehagne HD Mayshehagne HD005 o Significant Results Mayshehagne HD including Mayshehagne HD007 o Significant Results Mayshehagne HD Mayshehagne HD009 o Significant Results Mayshehagne HD Mayshehagne 09HD efasit 09HD efasit 09HD efasit 09HD efasit 09HD005 o Significant Results efasit D including efasit D00 o Significant Results efasit D003 o Significant Results efasit D including efasit D efasit