www.tirexresources.com
Tirex Resources Ltd. was formed to conduct mineral exploration and development activities in Albania. Tirex has acquired the 553km2 Mirdita property covering most of the traditional Albanian Mining District. We are focusing our efforts towards developing the potential of the Mirdita Project into a major Volcanogenic Massive Sulfide (VMS) District with multiple large deposits of copper, zinc, GOLD and silver mineralization. Leading the way into Albania and employing modern exploration techniques in an area with a rich mining history, Tirex is in the right country at the right time.
Tirex Resources – Continued high mineralisation at Letitna
As established gold and silver destinations such as South Africa face reduced output having exhausted their resources, new mining nations have stared to emerge. Some of these new countries/regions do not have a mining history but do appear to have the right kind of geology. It is against that backdrop that the Canadian Venture listed Tirex Resources (TSX.V: TXX) becomes an interesting story.
TXX is developing a gold silver property (Mirdita Property) in Albania. According to Bryan Slusarchuk, the CEO, nothing at all was known about gold and silver mineralization in the Letitna area, prior to TXX’s arrival at Mirdita. Slusarchuk’s team has already undertaken considerable development work and the recent assays from Drill hole MR09-40 indicate that the gold and silver potential at Letitna is extremely significant.
Within the 46m (151 ft) true width intersection, some intercepts have indicated grades as much as:
-11.1m (36.4 ft) grading 2.18% Copper, 3.80% Zinc, 38.0 g/t Silver and 4.0 g/t Gold
-including 8.1m (26.5 ft) grading 2.59% Copper, 4.70% Zinc, 39.7 g/t Silver and 5.1 g/t Gold
-including 2.0m (6.6 ft) grading 2.54% Copper, 6.74% Zinc, 18.3 g/t Silver and 14.1 g/t Gold
This is not the first time assay results from the Letitna Zone has indicated high grades and we have covered some of those news releases for our readers. Highlights of previous results include a 35.1 metre (115 ft) section grading 1.25% Copper, 0.42% Zinc and 0.9 g/t Gold including 8.0 metres (26 ft) grading 1.85% Copper, 1.39% Zinc and 1.6 g/t Gold in drill hole M09-38 and 6.2 metres (20 ft) grading 0.18% Copper, 6.34% Zinc, 17.4 g/t Silver and 1.4 g/t Gold (drill hole M09-39). Drill hole MR09-40 was only the fourth hole drilled in the Letitna Zone on the Mirdita VMS Project to date. The zone remains open for expansion in all directions.
According to George Gorzynski, P.Eng. and Director, Letitna continues to generate very wide drill intersections and high grades including these exceptionally high gold grades for a VMS system. Drilling continues to prove up the potential of Mirdita as a district of multiple high grade deposits with high gold values. Ongoing exploration programme is expected to include drilling to expand the known deposits tested to date and to explore some of the many other geophysical targets and historical deposits known in the Mirdita district.
In a further indication of the potential TXX has the company secured funding from the European Bank for Reconstruction and Development (EBRD). This is a time that mining companies are struggling to raise funds. TXX has arranged to immediately draw down EUR 1 million (approximately CAD $1,625,000) from EBRD. The loan bears interest at LIBOR plus 3%.
About Tirex Resources
TXX is a company purpose-built to explore and develop the large 344 square kilometre Mirdita Property in Albania. The nature of the VMS mineralization in this District provides TXX investors with exposure to a high grade basket of metals: Copper, Zinc, Gold and Silver. The property covers the core of the historically productive Mirdita VMS base metal district and provides an opportunity to apply modern exploration techniques toward the discovery of new VMS deposits and extensions of known zones.
