VANCOUVER, British Columbia, March 06, 2018 (GLOBE NEWSWIRE) -- Tajiri Resources Corp. (the "Company") (TSXVENTURE:TAJ) is pleased to provide a reassessment of mapping, geophysics, geochemical sampling and RC drilling conducted by the Company in 2012/13 at its Kaburi Project in conjunction with publicly reported exploration results by ASX listed Troy Resources Limited (ASX:TRY) in 2017 from work conducted outside but along strike from the Kaburi Project. The reassessment reveals excellent potential to discover satellite resources within 5km of Troy's Karouni Mine (Global Resources 13.4MT @ 2.3g/t for 985koz Au)1.
The Karouni Mine with nameplate capacity of 1 Mtpa and located in close proximity to Tajiri's Kaburi Project currently has a remaining open pit mine life of approximately 2 years. Therefore if Tajiri can define even a modest satellite resources on its Kaburi Project such a resource will be eminently and almost immediately monetisable via a range of options such as toll treatment, joint venture or royalty arrangement.
Tajiri's reassessment of the Kaburi Project demonstrates the following:
- The highly prospective host unit of gold mineralisation (a basalt with high MgO, Cr, Co, Ni geochemistry and referred to here as the "Mine Unit") at Troy's Karouni mine has been identified by Troy immediately to the NW of the Kaburi Project and shown by its distinctive geochemistry to extend through the Tajiri's Kaburi Project for a known strike of 4.5km
- Widely spaced, 'first pass' exploration RC drilling undertaken by Tajiri and Troy at the Samuels and Goldstar Prospects shows that both contacts of the "Mine Unit" are mineralised along the entire strike over which they have been drill tested of approximately 3km and that 9km of highly prospective strike is present within the Kaburi Project.
- Along the Mine Unit's eastern contact and contained within both Tajiri's and Troys' ground there is a 1540m long portion of strike in which every drill hole intersected significant (>1g/t Au) mineralisation. The two holes at each end of the segment returned:
○ KRC13 22m @ 2.7g/t from 8m including 10m @ 5.1g/t (Tajiri); and
○ GRC161 13m @ 2.0g/t from 58m (Troy). 2
- Of this potentially contiguously and robustly mineralised 1540m of strike, 940m of strike lies within Tajiri's ground striking NNW from KRC13 through KRC25 8m @ 6.5 g/t from 6m (140n along strike from KRC13) to the Property boundary. This represents a first order target for further exploration and potential resource definition.
- Gold mineralisation associated with Mine Unit is located along both its eastern and western contacts which are variably sheared and intruded by late stage porphyries. Thus within the Kaburi Project there is an aggregate 9km strike of highly prospective Mine Unit contacts. These contacts have not only returned significant drill intercepts but are also associated with a robust 200-400m wide Au in soil geochemical anomaly (peak value 2.7g/t au) located entirely within the Kaburi Project.
- Drill testing of the sheared contacts of the Mine Unit by Tajiri to date has been very limited yet has returned highly promising results.
- The newly discerned occurrence and interpreted contacts of the Mine Unit indicate that Tajiri's modest 2013 RC drill program (of 33 holes for 3,104m) at the Samuels Prospect was incorrectly oriented oblique to the strike of mineralisation. Consequently, the 2013 drilling did not effectively test the two prospective Mine Unit contacts with only four drill holes effectively sited. However, all of these returned shallow significant gold intersections3:
○ RC drill holes intersecting the eastern sheared contact;
▪ KRC13 22m @ 2.7g/t from 8m including 10m @ 5.1g/t
▪ KRC25 8m @ 6.5g/t from 6m (located 140m NNW along strike from KRC13 with a further 800m of untested strike to the northern property boundary)
▪ KRC6 8m @ 1.3g/t from 79m (intersecting down dip of KRC13)
○ RC drill holes intersecting the western sheared contact
▪ KRC33 11m @ 1.08g/t from 2m and 11m @ 1.4g/t (only drill hole testing western contact with 2400m of strike to the NW and 3100m strike to the SE completely untested by drilling) - Soil sampling has identified an additional area of coherent high tenor soil anomalism unrelated to the Mine Unit in the north east of the Kaburi Project. This "NE Target" covers a strike of 800m and width of 100m with best results being 559ppb, 816ppb and 3.2g/t Au. Additionally an as yet unnamed single point anomaly of 15.3g/t Au, is also present located between the Mine Unit and the NE Target.
Project location
The Kaburi Project located 180km to southwest of Guyana's Capital Georgetown, in which Tajiri has rights to acquire an 100% interest covers an area of approximately 26km2 with the Project's southern boundary located just 3 km to the north of Troy Resources’ Karouni Mill Site (See Figure1).
Geology and Geochemistry
Exploration and drilling results released last year by Troy Resources, with the principal announcement dated 2 April 2017, reveal that Troy has identified a folded repeat of the Mine Unit on strike and contiguous with Tajiri's Kaburi Project: Troy's report states (Tajiri's highlights):
"This target is a laterite, saprolite and sand covered 10km strike length zone underlain by MgO high chrome basalts with outcropping quartz veins and significant alluvial workings. Drilling over an initial 2.5km strike length targeted the high chrome basalt corridor that has been intruded by narrow granitic and porphyritic intrusions. All drill holes intersected a thick package of MgO basalt (high chrome unit) - the same stratigraphy which hosts the Smarts deposit.
"Quartz and quartz-carbonate veining with patchy disseminated pyrite occur in the MgO basalt. The unit is strongly foliated and often variably sheared at the contact. Along the contact several late phase porphyries intruded which host gold bearing quartz veins. The high Ti basalt, which is the main host for high grade gold mineralisation in Smarts, was intersected within the high chrome unit. The unit hosts gold bearing pyritic quartz veining. Both phases of Goldstar drilling have confirmed a strong regional shear within favourable host rocks with the expected quartz-carbonate veining and associated pyrite alteration and anomalous gold mineralisation."
Elsewhere in their publicly released information Troy notes that the Mine Unit basalt in addition to high MgO+Cr also exhibits elevated Co+Ni and may in places include a basalt sub unit with high Ti geochemistry and this sub-unit hosts the highest grade mineralisation at the Smart's pit.
To view Figure 1, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/7d36a7e9-1279-473c-ab52-4e0bc16707be
Kaburi Project Location: Showing outline (Black) of Tajiri's Kaburi Project together with the location of the Hicks and Smarts Open Pits and the mill site operated by Troy Resources, where open pit reserves are approximately 2 years. Main access road to Georgetown in red. Background is government 1km line spaced airborne magnetic survey. The Samuels prospect, drilled by Tajiri in 2013 returning 22m @ 2.7g/t & 8m @ 6.5g/t and the Goldstar prospect drilling in 2017 by Troy Resources returning best intersection 16m @ 2.04 g/t are also shown. NB the Samuels prospect is located only 5km to the NNE of Troy's mill site.
To view Figure 2, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/78461b16-d239-43c9-b1e4-fa4342bcecb7
Showing interpreted fold geometry of the Mine Unit within the Kaburi Project; together with regional government airborne magnetic data. A generalised southwest-northeast cross section, along the green line, from the Smarts Open Pit to Samuels/Gold Star Prospects is shown beneath.
A new review by Tajiri of its 2012 multi-element geochemical sampling, with gold results reported 31st October and 17th December 2012, clearly demonstrates that the Mine Unit basalt extends for a strike of 4.5km in a NNW-NW / SSE-SE direction through the northern part of the Kaburi project. Multi-element soil geochemistry exhibits similarly elevated MgO+Cr+Co+Ni +/- Ti values in association with a linear aeromagnetic high that is contiguous with the Mine Unit basalt identified by Troy at Goldstar. Figures 3 and 4 show MgO and Cr soil geochemistry respectively, which both tightly constrains the contacts of the Mine Unit within the Kaburi Project.
To view Figure 3, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/3acf56ce-cf01-4901-ac95-baf3e2573737
High chrome in soil geochemical values tightly constrain the contacts of the high MgO+Cr+Co+Ni +/-Ti Mine Unit basalt - interpreted to be a folded repeat of the Karouni mine stratigraphy as illustrated in Figure 2. Here Tajiri's soil Chrome values are combined with drilling by Troy Resources over their detailed airborne magnetic data (colour image), together with location of significant 2013 Tajiri RC drill intercepts. Large dark green circles 2420-6430ppm Cr, Medium mid green 1020-2420ppm Cr, light green small 260-1020ppm Cr, grey <260ppm Cr) Kaburi Property outline - Red; Sheared contacts of the Mine Unit basalt white "toothed" lines; Alluvial workings- grey shading; Troy 2017 RC drill holes - GRC; Tajiri 2013 RC drill holes - KRC
A robust >50ppb Au in soil geochemical anomaly with peak value of 2.7g/t, lies mostly along and parallel to but displaced slightly to the northeast of the eastern contact of the high MgO+Cr+Co+Ni+/- Ti Mine Unit basalt (see Figure 5).- Tajiri interprets this arrangement as a mechanical dispersion of gold along the predominate north easterly flowing drainage gradient of the local region. Additionally, most of the area is covered by a variably stripped profile of Tertiary aged deltaic-shallow marine sands and clays (deposited from the south west) which thinly veneers much of the high MgO+Cr+Co+Ni basalt Mine Unit and that deposition of the cover sequence would have provided further mechanical dispersion of underlying in situ gold anomalism towards the north-east.
To view Figure 4, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/df9e4fef-1a34-4928-a9ba-84ca9e9572e1
MgO soil geochemistry shows similarly to high Cr soil geochemistry and tightly constrains the contacts of the high Mine Unit. Large dark blue circles 3.48%- 9.72% MgO; Medium mid blue circles 1.05%- 3.48% MgO; small light blue circles 0.19%-1.05% MgO; 0%-0.19% MgO; Kaburi Property outline - Black; Sheared contacts of high MgO+Cr basalt white tooth lines; Alluvial workings grey shading; GRC= Troy 2017 RC drill holes; KRC = Tajiri 2013 RC drill holes
Further enhancing the prospectivity of the Mine Unit are the pervasive alluvial gold workings in the area. Every creek which flows across either the western or eastern contact has been worked for its entire course downstream from the contacts to where they join the West Kaburi River. The West Kaburi has also been extensively worked across its entire 400m wide alluival flat and downstream for a distance of 6 km from where the Mine Unit crosses the West Kaburi River. Creeks in the area predominantly drain north-easterly to the West Kaburi River which flows south-easterly. The extent of alluvial workings are shown in Figures 3,4,5, & 6 as grey shaded regions.
Based on the area of the alluvial workings of 4,880,000 m2 (as measured from satellite imagery) and estimated average thickness of 2-6m, it is estimated that since artisinal mining began in the region 120 years ago, between 8 and 20 million cubic meters of alluvial material has been mined with the majority of this material being sourced from the 7.5 km strike length of the Mine Unit present in the area of which 4.5km is contained within the Kaburi Project area.
To view Figure 5, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/0a476bb0-7da0-45f1-a09d-42bf8d01fb0c
Contoured Au Geochemistry ( as reported by Tajiri 31/10/2012) Note the main Au in soil geochemical anomaly lies parallel too and slightly displaced from the NE of the Mine Unit, and is likely partially transported. Much of western contact of the mine unit is veneered by cover. Also of note is the NE Target outlined within the red dashed ellipse with selected soil/saprolite sample values in ppb or g/t Au. Based on both the coherence and tenor of gold in soil values the NE Target anomaly represents a first order target for further exploration. Also shown is the 15.3g/t point anomaly located between the Mine Unit and the NE Target.
In addition to the prospective mine unit soil geochemistry shows two additional targets (Figure 5) which are worthy of further exploration:
- The NE Target which is an 800m x 100m Au in soil geochemical anomaly defined > 100ppb gold. The tenor and continuity of this target are both excellent with some of the better sample results being 3,180ppb, 1,720ppb , 816ppb, 799ppb, 559ppb, 401 ppb, 128ppb & 152ppb
- An as yet unnamed single point anomaly of 15.3g/t Au reported from a 1m x1 m x 0.3m deep bulk sample taken in 2012 located on an "island" of exposed bedrock saprolite situated within an alluvial working. The bedrock island contained a strongly sheared and quartz veined manganese stained schist. Because of the presence of extensive tailings from alluvial mining around the island, it is currently not known what if any additional strike extent to mineralisation may be present away from this high tenor point anomaly.
Drilling and Prospectivity
Drilling of both the western and eastern contacts of the Mine Unit by Troy in 2016 and 2017- 137 holes for a total of 11,515m on 150-400m variably spaced drill lines with holes spaced predominantly at 25m along lines, intersected both anomalous (>0.2g/t) and significant intervals (>1g/t) of gold mineralisation over the 3km strike length of the Mine Unit that was drill tested from the boundary of Tajiri's Kaburi Project extending northwest.
Some of the better intercepts reported by Troy in their April 2017 press release are:
- GRC161- 13m at 2.05g/t gold from 58m, incl. 7m at 3.31g/t gold from 60 (located 600m along strike from the Kaburi Project boundary)
- GRC168- 6m at 1.90g/t gold from 26m, incl. 3m at 3.08g/t gold from 28 (located 250m from the Kaburi Project boundary)
- 3m at 4.35g/t gold from 37
- 16m at 1.01g/t gold from 31m, incl. 4m at 2.64g/t gold from 42
- 16m at 1.27g/t gold from 59m, incl. 2m at 5.29g/t gold from 65m
- 6m at 1.90g/t gold from 87m, incl. 1m at 9.19g/t gold from 87m
Drilling and mapping by Troy demonstrated that the strike of the Mine Unit contacts varies along its strike between NNW and NW.
Troy's drilling results and the recognition of the Mine Unit's control on mineralisation greatly extends the potential strike length of gold mineralisation intersected by Tajiri's 2013 RC drilling campaign and provides a sound framework for future exploration.
To view Figure 6, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/8fc1ed2e-395d-46d8-97ac-2a0fbfc604b6
All Tajiri Drill Collars (black circles with traces) and 2013 interpretation of mineralised zones (red) striking at 290⁰ vs 335⁰ of the Mine Unit contacts (white toothed lines). Only one drill hole KRC 32 tested the western Mine Unit contact and only 3 drill holes tested the eastern contact. All 4 holes produced significant intersections (>1g/t). On the eastern contact there is 140m of strike between the two best Tajiri drill holes KRC13 and KRC25 while KRC6 is a down dip intersection from KRC13. Highlighting the prospectivty of the Mine Unit's eastern contact within Tajiri's ground, from KRC13 to GRC161 there is a strike length of 1540m of the eastern contact tested by 5 drill holes with every hole intersecting significant mineralisation. With a 940m strike length from KRC13 to the northern Project boundary this segment of the Mine Unit's eastern contact represents a first order drill target.
Within the frame work created by the combination of Tajiri's and Troy's drill results the following is shown:
- Based on the delineated contacts of the mine unit from Troy's drilling, Tajiri's soil geochemistry, interpretation of topographic lineaments, and airborne geophysics only 4 holes of Tajiri's 2013 program tested the Mine Unit contact- 3 tested the eastern contact and one tested the western contact. All returned significant intercepts:
○ RC drill holes which intersected the eastern Mine Unit contact;
▪ KRC13 - 22m @ 2.7g/t from 8m including 10m @ 5.1g/t
▪ KRC25 - 8m @ 6.5g/t from 6m (located 140m NNW along strike from KRC13 with a further 800m of untested strike to the northern property boundary)
▪ KRC06 - 8m @ 1.3g/t from 79m (testing down dip of KRC13)
○ RC drill holes which intersected the western Mine Unit contact
▪ KRC33 - 11m @ 1.08g/t from 2m and 11m @ 1.4g/t from 32m (only drill hole testing western contact with 2400m of strike to the NW and 3100m strike to the SE completely untested by drilling) - Only 140m of strike of the Western contact of the Mine Unit was tested by Tajiri with KRC13 and KRC6 being on the same drill line and KRC25 being located 140m to the NNW of KRC13 & KRC6
- Previously Tajiri misinterpreted the strike of mineralisation, on which drilling was planned, by 35⁰-45⁰, with the result that Tajiri's drill holes SE and NW of intersected mineralisation did not test any potential strike to mineralisation.
- It is now evident that there is an 940m strike length of the eastern contact of the Mine Unit extending NNW from KRC13 to the northern boundary of the Property which has high potential to be contiguously mineralised as Troy's drill holes immediately across the boundary GRC161 & GRC168 both returned >1g/t Au intercepts.
- Only a single drill hole KRC33 intersected the western Mine Unit contact, which Troy's drilling has also demonstrated is mineralised and there is 2400m of strike to the NW from KRC33 to the boundary of the Property with potential to be mineralised.
- Extending for a distance of approximately 3,000m, to the south east of Tajiri's drilling, to the Kaburi Project boundary, both the western and eastern Mine Unit contacts remain completely untested by drilling for a combined strike of 6 km.
Future Work Program
With a large potentially mineralised strike to test the Company intendeds to undertake a program of trenching at both the NE Target and along the contacts of the high MgO+Cr+Co+Ni Mine Unit basalt. Trenches will be variably spaced at 200-400m and initially excavated proximal to significant drill intercepts. Once mineralisation is better defined the Company will proceed with RC and supplementary diamond drilling.
Conclusion
Previously the Company did not fully appreciate the significance of its 2013 drill results- It was unaware that the mineralisation was hosted by the same highly prospective stratigraphy that hosts the Karouni Mine's open pit gold deposits and that this host extends for 4.5 km through the Project. Previously Tajiri had interpreted mineralisation to be hosted by a different, sub parallel unit, being unaware of the significance of the high MgO+Cr+Co+Ni+/-Ti geochemical signature revealed in soil sampling.
The potential of the Kaburi project to host satellite resources for the Karouni Mine has been upgraded substantively through the recognition of the Karouni Mine host unit and that both its contacts are mineralised extensively, demonstrated by a considerable number of >1g/t drilling intercepts reported by Troy, over a 3km strike to the NW of the Kaburi Project.
Given that the Karouni Mine has known reserves to support only 2 years of operation, Tajiri believes significant value for the Company's share holders can be realised by defining satellite resources at its Kaburi project. By prioritising exploration for and definition of resources at Kaburi the Tajiri may rapidly produce a return on exploration investment through either outright sale, toll treatment or royalty streaming and if a large enough resource were to be delineated an acquisition of the Kaouni Mine itself may be possible.
Given the potential to monetise even a modest resource at the Kaburi Project, Tajiri will seek to do so and further exploration work on the property will be an immediate high priority.
Dominic O'Sullivan, a Member of the AusIMM and Executive Chairman of Tajiri Resource Corp, who has practiced as a geologist for 25 years and is a qualified person with respect to the technical information contained within this press release and has reviewed and approved this press release.
On Behalf of the Board, Tajiri Resource Corp,
Dominic O'Sullivan, MAusIMM # 304184
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 release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
Contact Information:
Tajiri Resources Corp.
Graham Keevil
President, CEO
604-642-0115 or Toll Free 866-345-0115
604-642-0116 (FAX)
info@tajiricorp.com
Competent Person's Statement
Tajiri's exploration programs in Guyana are being managed by Dominic O'Sullivan, MAusIMM. Mr. O'Sullivan is a full time employee of Tajiri and is not "independent" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. O'Sullivan has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a "Qualified Person" under NI 43-101. The technical information contained in this news release relating to exploration results are based on, and fairly represents, information compiled by Mr. O'Sullivan. Mr. O'Sullivan has where work has been conducted by Tajiri verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. Where data has been collected by Troy Resources Mr. O'Sullivan has relied on data that has been publicly reported and has not verified that data but has no reason to believe that that data was not collected or analysed in The RC and soil geochemical samples were assayed at Actlabs Guyana in 2012 and 2013. Mr. O'Sullivan has consented to the inclusion in this news release of the matters based on his compiled information in the form and context in which it appears herein.
1: The Resources noted in paragraph 1 above has not been independently verified by Tajiri and the statement of resource relies on publicly reported and referenced Resource and Reserve statements of Troy Resources Limited The Resources reported in paragraph 1 is totals of Measured, Indicated and Inferred Resources inclusive of Proven and Probable Reserves and may be referenced at http://www.troyres.com.au/growth-strategy/reserves-a-resources.html
2: These mineralised intercepts and all others reported in this press release including those shown in all figures are reported as down hole intervals not true widths, which are yet to be determined.
3: Drill Results for both Tajiri's and Troy's drilling are not tabulated here and the reader is referred to Tajiri's- 10th July 2013 announcement - " Drills 22 metres of 2.69 g/t Gold including 10 metres of 5.13 g/t Gold as part of its Kaburi PL Gold Discovery, Guyana, South America" available at the Sedar website : https://www.sedar.com/search/search_form_pc_en.htm and the announcement of Troy Resource's -26th April 2017 "Exploration Update" http://clients2.weblink.com.au/news/pdf_2%5C01850551.pdf for full details of all drill results.