Tigray Drills 21 Metres of 5.7% Copper, 1.5 g/t Gold and 18 g/t Silver at the Harvest Project in Ethiopia-Extends Mineralization at Depth

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2012) - Tigray Resources Inc. (TSX VENTURE:TIG) ("Tigray" or the "Company") is pleased to report diamond drill results for seven holes at the Terakimti copper-gold prospect on the Company's 70%-owned Harvest project in northern Ethiopia.

Highlights

  • Mineralization extended to a depth of 240 metres below surface in the deepest hole drilled to date; remains open at depth down plunge and down dip in the northern part of the target area
  • Continuity of mineralization and grade in key intercepts along previously defined 800-metre strike length

Select High-grade Drill Results

  • Hole TD008 - 21 metres of 5.7% copper, 1.5 g/t gold, 18 g/t silver and 0.8% zinc, from 39 metres below surface
  • Hole TD011 - 15 metres of 2.6% copper, 2.5 g/t gold, 43 g/t silver and 6.8% zinc from 182 metres below surface

Tigray is currently conducting a 13,000 metre drill program with two rigs. To date, 11,000 metres of drilling has been completed in 56 holes to an average depth of 200 metres. The program is expected to be complete by the end of February.

The current results include step-out drilling from the previously reported highlight hole TD004, which returned 73.8 metres grading 3.8% copper, 1.3 g/t gold and 14 g/t silver (see Tigray's press release dated December 12, 2011).

Table: Results for Currently Reported Diamond Drill Holes at Terakimti
Hole   From
(m)
To
(m)
Interval
(m)*
Copper
%
Gold
g/t
Silver
g/t
Zinc
%
Mineralization
Type
TD002   106.00 110.25 4.25 0.12 0.26 6 4.70 Primary sulfide
TD003   104.80 106.10 1.30 1.95 3.42 22 0.08 Primary sulfide
  135.75 142.90 7.15 0.29 0.20 2 0.06 Primary sulfide
TD006   99.00 102.50 3.50 0.99 0.62 8 0.16 Primary sulfide
  111.00 113.75 2.75 0.40 1.06 14 0.19 Primary sulfide
  129.50 131.45 1.95 1.18 2.59 25 2.79 Primary sulfide
TD007   0.00 22.50 22.50 0.05 1.48 2 0.07 Oxide
including 6.30 21.50 15.20 0.05 1.99 3 0.06 Oxide
  31.20 49.40 18.20 0.36 1.33 6 0.00 Oxide
including 42.85 49.40 6.55 0.78 2.83 0 0.00 Oxide
including 44.50 48.70 4.20 0.85 4.32 0 0.00 Oxide
TD008   38.75 59.60 20.85 5.67 1.48 18 0.77 Supergene
including 40.70 54.45 13.75 7.49 2.06 24 1.09 Supergene
TD010   56.00 70.75 14.75 0.17 1.29 37 0.00 Oxide
including 56.00 62.85 6.85 0.03 1.84 71 0.00 Oxide
TD011   181.75 196.95 15.20 2.61 2.53 43 6.77 Primary sulfide
including 181.75 193.45 11.70 3.26 3.10 53 8.38 Primary sulfide
  220.10 224.25 4.15 1.82 1.53 29 1.06 Primary sulfide
  229.70 232.10 2.40 1.36 1.02 15 2.00 Primary sulfide
* Mineralized true thicknesses are 70-90% of stated thicknesses.

Holes TD002, TD003 and TD006 in the southern part of the Terakimti target intersected zones of mineralization between 40 and 60 metres down-dip of the massive sulfide lens previously reported in holes TD001, TD004 and TD005 (refer to Tigray's press release dated December 12, 2011). This has allowed interpretation of the plunge of the mineralized system to be 40 degrees to the ENE, with the mineralized system dipping steeply south to sub-vertical.

Hole TD007 returned two intercepts (22.5 metres at 1.48 grams per tonne gold and 18.2 metres at 1.33 grams per tonne gold) totaling 40 metres of gold mineralization in the oxide zone. This highlights a thick zone of gold mineralization in the oxide zone and supports previous thick gold rich intervals recorded from surface trench sampling (see Canaco Resources Inc. press release dated January 21, 2010).

Hole TD008 was drilled up-dip from TD011 and reflects grade enhancement through supergene enrichment (20.85 metres at 5.67% copper, 1.48 grams per tonne gold and 18 grams per tonne silver).

Hole TD010 was drilled 50 metres up-dip from previously reported hole TD004 and intersected oxide mineralization. Results are available from the gossan zone at 55 metres down-hole depth (14.75 metres at 1.29 grams per tonne gold and 37 grams per tonne silver). Results for the upper part of the zone are anticipated in the near future and the drill hole will be restated once all of the results are available.

Hole TD011 is the first indication of significant zones of high-grade VMS mineralization at depths below 150 metres vertical (15.2 metres at 2.61% copper, 2.53 grams per tonne gold and 43 grams per tonne silver). This mineralization is open down dip at depth.

Click here for a plan view map and long section-- http://media3.marketwire.com/docs/TIG16_F1-2.pdf.

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 Vice President Exploration, and Dr. David Groves, Tigray's Director of Project Development. Mr. Heidema and Dr. Groves are Qualified Persons as defined by National Instrument 43-101.

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 200 mesh (Acme R200-1000 package). Analyses are conducted at Acme Laboratories in Vancouver, Canada, utilizing Aqua Regia digestion and ICP-ES. 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 advancing early-stage mineral projects in Ethiopia. Tigray's key property is the 70%-owned Harvest polymetallic VMS exploration project, which covers 362 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‚Äźnorthwest of the capital city of Addis Ababa. The Company recently entered into an agreement to acquire the Harvest North properties, which cover 795 square kilometres immediately adjacent north and west of the Harvest project. Tigray has $5 million in cash and no debt. The Company's shares trade on the TSX Venture Exchange under the symbol TIG.

On behalf of the Board of Directors:

Andrew Lee Smith, P.Geo., President, CEO and Director

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking 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, 2011.
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 forward-looking information that is included herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.



Tigray Resources Inc.
Meghan Brown
Director Investor Relations
604-488-2557
mbrown@tigray.ca
www.tigray.ca