Tigray Reports 18.0 Metres of 3.23% Copper, 0.95 g/t Gold, 22 g/t Silver and 3.86% Zinc at Mayshehagne, and 12.0 Metres of 2.18 g/t Gold and 68 g/t Silver at Terakimti

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2012) - Tigray Resources Inc. (TSX VENTURE:TIG) ("Tigray" or the "Company") is pleased to report diamond drill results for five holes at the Terakimti and Mayshehagne volcanogenic massive sulfide (VMS) copper-gold discoveries on the Company's Harvest project in northern Ethiopia. The results include three new holes and updates to two previously reported holes.

Highlight Drill Results

  • Hole HD006 at Mayshehagne - 18.0 metres of 3.23% copper, 0.95 grams per tonne gold, 22 grams per tonne silver and 3.86% zinc from 62.0 metres, including 5.45 metres of 7.05% Cu, 1.24 grams per tonne gold, 46 grams per tonne silver and 6.53% zinc from 62.0 metres
  • Hole TD023 at Terakimti - 12.0 metres of 2.18 grams per tonne gold and 68 grams per tonne silver from 51.2 metres, including 4.0 metres of 5.68 grams per tonne gold and 157 grams per tonne silver from 51.2 metres

Drilling to date at Terakimti has defined multiple copper-gold-silver-zinc rich stacked lenses trending east-northeast over a strike length of 800 metres. Limited drilling at Mayshehagne, 3.3 kilometres to the south, has thus far defined a high-grade VMS shoot over 120 metres strike/plunge, remaining open down dip and down plunge. New results highlight the potential of the Mayshehagne VMS system.

A recent airborne electromagnetic, magnetic and radiometric (VTEM) survey has identified several anomalies, with a strong electromagnetic (EM) conductor 5.3 kilometres east-northeast and directly along strike of Terakimti. Reconnaissance evaluation has located malachite (copper carbonate)-stained gossan sub-crop over the EM anomaly in an area of poor outcrop. Additional on- ground exploration work has been completed for advancing the target to drill ready, and results are pending.

Mayshehagne

Mayshehagne has now been drilled on four sections over 160 metres of strike to test a strong late-time EM conductor and down-dip extension of surface gossan mineralization (refer to the Company's news release dated January 25, 2012). Hole HD006 drilled the mineralized shoot 50 metres down plunge of the initial discovery hole (HD002) which intersected 20.7 metres at 4.97% copper, 1.1 grams per tonne gold, 31 grams per tonne silver and 8.24% zinc (refer to the Company's news release dated March 12, 2012). The high-grade massive sulfide body remains open down plunge and down dip to the northeast, and the alteration and volume of disseminated and stringer-style sulfide is increasing to the northeast.

Highlight results from Mayshehagne

Hole(1) From
(m)
To
(m)
Interval
(m)
Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
Mineralization
Type
HD006 62.00 80.00 18.00 3.23 0.95 22 3.86 Primary Sulfide
including 62.00 67.45 5.45 7.05 1.24 46 6.53
  1. Mineralized true thicknesses are 60-90% of stated thicknesses.

Terakimti

Terakimti has been drill tested over 800 metres strike length at 40 by 40 metre to 40 by 80 metre drill spacings. Drill holes reported in this release include TD023, which tested supergene mineralization in the central region of the prospect, and hole TD061, which tested the supergene extent of the Northern Lode. Also included in this release are additional intercepts in drill holes previously reported, including holes TD001 and TD051. Additional mineralization delineation is planned to the northeast, where the mineralized zones identified plunge to depth.

Highlight results from Terakimti

Hole(1) From
(m)
To
(m)
Interval
(m)
Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
Mineralization
Type
TD001(2) 148.00 152.20 4.20 1.51 0.43 5 0.03 Primary Sulfide
TD023 51.20 63.20 12.00 0.01 2.18 68 0.00 Supergene
including 51.20 55.20 4.00 0.01 5.48 157 0.01 Supergene
TD051(2) 211.55 225.75 14.20 0.55 0.77 13 0.32 Primary Sulfide
TD061 45.25 47.35 2.10 1.34 0.34 7 0.01 Supergene
  1. Mineralized true thicknesses are 60-90% of stated thicknesses.
  2. Updates to a previously reported hole.

Additional planned exploration at the Harvest Project includes drill testing extension of known mineralization both down dip and down plunge, and advancing targets developed from recent exploration activities, including airborne VTEM, surface geochemical sampling and geological evaluation.

To view maps, long sections, and a complete updated list of drill hole intercepts, please visit the following link: http://media3.marketwire.com/docs/tig808i.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. Mr. Heidema is a Qualified Person 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 discovery through advancing early-stage mineral projects in Ethiopia. Tigray's key property is the 70%-owned Harvest polymetallic VMS exploration project, which covers 270 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa. The Company recently entered into an agreement to acquire the Harvest North properties, which cover 622 square kilometres immediately west of the Harvest project. 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