Tiger’s Manager Signs Drilling Contract for Itogon Gold-Silver Project, Commencing April 7thadmin
Tiger’s Manager Signs Drilling Contract for Itogon Gold-Silver Project, Commencing April 7th
Laguna Hills, CA US, April 02, 2014 /FSC/ – Tiger International Resources Inc. (TGR – TSX Venture), is pleased to announce that the Manager of the company’s Itogon Gold/Silver Project has contracted for drilling services with Quest Exploration Drilling (Philippines) (“QED”).
The Agreement provides for the completion by QED of up to 3,850m of diamond and reverse circulation (RC) drilling at the Itogon gold-silver project in the Philippines. The drilling will be completed in three phases; a first phase of 1,050m of RC drilling; a second phase of 1,800m of RC drilling or 1,000m of diamond drilling; and a third phase of either the RC or diamond drilling specified for the second phase, depending on which was completed during the second phase.
The first drilling phase, commencing April 7, 2014 will take two weeks, and assay results from this phase from an ISO certified laboratory are expected within four weeks.
The Manager has the option to terminate the QED contract after the first phase or the second phase. The second and third phase work is dependent on satisfactory results from prior phases, but may be completed simultaneously if requested by the Company and if deemed practical by QED.
Summary of drilling program
An extensive 3,850m diamond and RC drilling programme (the “Drilling Programme”) has been designed for the Itogon project based on available historical information and site inspections, and is aimed at intersecting all the currently interpreted sub-parallel quartz vein structures across the width of the main prospect area, which is characterised by a prominent ridge trending approximately northwest. The ridge is bound by steeply incised tributaries of the Danglay River.
The multiple sub-parallel veins strike along the ridge and have been mapped historically over a length of 450m, with vein outcrop mapped a further 150m down the ridge at the Danglay River valley floor. Historical sampling has identified significant gold-silver mineralisation in the veins as well as their alteration haloes, in intervening quartz veinlet stockworks and in the host rock. The veins are indicated to be steeply dipping and the width of the mineralised zone has been mapped historically at up to 250m.
The Drilling Program is intended to generate information as to the overall grade of the central part of the deposit, as well as to assess whether it can be mined in bulk, either by open pit or underground techniques, or as discrete higher grade zones mineable underground. The Drilling Program is also aimed at establishing an open pit type resource along and below the ridge as well as seeking to identify high grade underground type ore enclosed within the lower grade ore. The situation of the anticipated orebody within the ridge may determine either an open pit or underground mine design, and the generation of a resource model using the results obtained from the drilling program will allow consultants to perform engineering studies to determine the style and size of the mining operation.
The full Drilling Program is composed of 24 angle holes up to 200m deep and on seven sections 50 to 80m apart along strike. Most of the planned holes are 150m deep and all are -60 degree inclination.
Patric Barry, President of Tiger International, comments:
“The first phase of our 3,850m 2014 drilling programme for the Itogon project is about to commence following an intensive period of preparatory work which has included successful negotiations with surface claimants, community relations activities and road and access improvements.
Assay results from this first phase of drilling will be a very important indicator as to the potential of the Itogon project, particularly as all historical drilling is reported to have been completed vertically, and therefore does not provide a proper test of the steeply dipping veins identified at Itogon.”
ECR Minerals PLC is the manager of the project and has the right to earn up to a 50% interest in Tiger’s Itogon Project in return for performing the drilling program and payment of consideration, as previously announced.”
ABOUT TIGER INTERNATIONAL
Tiger International is a Canadian resource exploration and development company. The Itogon Gold and Silver project is located in an established gold mining district known as the Baguio Gold Belt on the island of Luzon in the north of the Philippines, and benefits from an extensive historical dataset. The Itogon Project is 100% licensed by Tiger from the Philippine government, subject to the Agreement with ECR Minerals PLC of London, UK.
FOR FURTHER INFORMATION PLEASE CONTACT:
Patric Barry, President, Tiger International Resources, at (949) 362.1600 or by email to firstname.lastname@example.org
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Posted: April 2nd, 2014 under FSCWIRE.