Vancouver, British Columbia - April 22, 2013 -- TNR Gold Corp.
("TNR", "TNR Gold" or the "Company") reports the completion of a
resource estimate at the Shotgun Gold project in Alaska. The
Shotgun Ridge prospect contains an inferred mineral resource of
20,734,313 tonnes at 1.06 grams per tonne ("g/t") for a total of
705,960 ounces gold ("Au") using a 0.5 g/t Au cut-off. The inferred
mineral resource estimate is prepared in compliance with the
standards of disclosure as set out in NI 43-101 by Allan Armitage,
PhD., P.Geol., of GeoVector Management Inc.
TNR Gold is targeting a bulk mineable gold deposit at the
Shotgun Gold project and is highly encouraged with the recent
resource calculation, which is being incorporated into an updated
Form 43-101F1 Technical Report, scheduled for filing on SEDAR
within 45 days of this release.
The Shotgun project contains several gold targets, with most of
the historic work having been carried out at Shotgun Ridge. The
results of this resource estimate are an indicator to the Company
that the Shotgun Ridge may prove up additional resources with
further drilling. A table of the resource estimates at select
cut-off grades is given below.
Shotgun Resource Estimate - modelled at an ~ 0.3 to 0.5 g/t
cut-off.
-------------------------------------------
|Au Cut-off|Tonnes |Grade (g/t)|Ounces |
|-----------------------------------------|
|0.3 g/t |24,509,842|0.96 |759,442|
|-----------------------------------------|
|0.5 g/t |20,734,313|1.06 |705,960|
|-----------------------------------------|
|0.7 g/t |14,779,225|1.24 |590,600|
|-----------------------------------------|
|1.0 g/t |9,101,458 |1.49 |437,365|
-------------------------------------------
The Company believes that the reported grade of 1.06 g/t Au at a
0.5 g/t Au cut-off is a realistic target for continued resource
expansion and that this grade and cut-off combination is in line
with other bulk mineable gold deposits in the region. Based on the
recently identified structural model of mineralization and
associated geophysical signatures that are duly coincident with the
mineral resource shell and the mineralization model parameters,
there are several targets at surface in close proximity to the
defined resource that have never been drill tested. These targets
will be a priority for future drill campaigns.
The mineralization at Shotgun Ridge, described in more detail
below, is located at surface on a topographic high point and is
only defined to a vertical depth of 150 m (Figure 1).
Mineralization appears to be open both at depth and along strike
(Figure 2). Combined with geophysical interpretations indicating
additional near surface potential for mineralization (Figures 3 and
4), the Company believes that a multi-million ounce gold deposit
might exist in this single, small target area.
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Figure #1:
http://thenewswire.ca/client_files/2013-04-22-0.pdf
Figure #2:
http://thenewswire.ca/client_files/2013-04-22-1.pdf
Figure #3:
http://thenewswire.ca/client_files/2013-04-22-2.pdf
Figure #4:
http://thenewswire.ca/client_files/2013-04-22-3.pdf
The Company is currently reviewing options on the best manner in
which to move the project forward, including acquiring a strategic
or joint venture partner.
Kirill Klip, Non-Executive Chairman of TNR, stated, "We are at
the beginning of a great discovery. There is a clear path on how to
move this project forward using the geological and geophysical
investigations to target drilling and define sufficient resources
to the form the basis of a preliminary economic analysis. The next
step is to acquire a partner that shares our vision and recognizes
the growth potential and value to be added to the Shotgun project
over time."
Shotgun Zone Resource Estimate
The Shotgun Zone mineral resource estimate is based on 34
diamond drill holes (NQ) totalling 4,932.3 metres, with 2,481
assays (0.2 up to 10 metres in length). Holes were drilled by
several operators in five drill campaigns conducted between 1984
and 2012. The 34 drill holes are spaced primarily 40 to 100 metres
apart in an area of approximately 375 x 300 metres. The drill holes
tested mineralization to a vertical depth up to 150 metres.
The Shotgun gold mineralization is associated with intrusions of
various compositions (incl. granite porphyry), which intruded the
Cretaceous sedimentary rocks of the Kuskokwim Group. Mineralization
was emplaced within a compressional environment evidenced by
northeast oriented right lateral strike slip faulting and open
folding with northwest oriented axes. In the Shotgun Zone,
northwest oriented dilational jogs or relay zones host mineralized
quartz breccias. A resource model for the Shotgun Zone was
constructed based on the distribution of the gold mineralization
(> 0.3 to 0.5 g/t Au) and this model was used to constrain the
composite values chosen for interpolation, and the ore blocks
reported in the mineral resource. A block model (x - 548000, y -
6697000, z - 800, no rotation) with block dimensions of 5 x 5 x 5
metres in the x, y and z directions was placed over resource model
solids with only that proportion of each block below the
topographic/overburden surface and inside the solid recorded.
Grades for gold were interpolated into the blocks by the inverse
distance squared ("ID2") method using a minimum of 2 and maximum of
12 composites to generate block grades in the Inferred resource
category. The search ellipse used to interpolate grade into the
blocks measured 110 x 60 x 110 (Principle Az - 235?, Principle Dip
- 25?, Intermediate Az.- 325?). The size and orientation of the
search ellipse approximates the strike, dip and thickness of the
resource model and takes into account the limited drilling and
relatively wide spacing of the drilling.
Two metre composite samples were used in the resource
estimation. An average specific gravity (SG) of 2.60 was used for
the resource estimate. The average SG value is based on limited SG
testing (18 samples) of representative mineralized core from 11
drill holes that intersect the resource model. Gemcom GEMS 6.4.1
software was used to complete the resource estimate.
GeoVector has estimated a range of Inferred resources at various
Au g/t cut-off grades (COG) for the Shotgun Zone. The current
inferred resource is stated using a grade cut-off of 0.50 g/t Au. A
cut-off grade of 0.50 is considered a reasonable economic cut-off
grade for the Shotgun zone to maximize the grade of the resource
while maintaining a coherent model of the resource. A COG of 0.50
is a reasonable cut-off for this type of Au deposit in this region
(eg. Donlin, Livengood).
The inferred mineral resource estimate is prepared in compliance
with the standards of NI 43-101. Allan Armitage, PhD., P.Geol., of
GeoVector Management Inc., is responsible for the technical
comments related to the resource estimate and its parameters.
Armitage is an "independent qualified person" for the purposes of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators and has verified
the data disclosed in this release.
John Harrop, PGeo, FGS, is a "Qualified Person" as defined under
NI 43-101 and has reviewed and approved the technical content of
this news release.
Other News
The Company settled a collateral claim related to the Los Azules
litigation and received $1,000,000 from a third party insurer.
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175
kilometres south of The Donlin Creek project deposits within the
Kuskokwim Gold Belt in southwestern Alaska. This area is emerging
as a world-class, multimillion ounce gold district. The Shotgun
property includes a number of prospects, including Shotgun Ridge
and nearby Winchester. Donlin Creek is an intrusion-associated
system and represents one of the largest undeveloped gold deposits
in the world. The Company believes that there are several key
similarities between prospects on the Shotgun property and that of
the Donlin Creek project deposits as well as other important
intrusion-associated deposits.
TNR acquired 100% of the Shotgun Ridge prospect in 2010
following a 50/50 joint venture with Novagold Resources Inc.
("Novagold"). A total of 66 mining claims, each 160 acres, are
located over and surrounding the Shotgun Ridge prospect for a total
of 10,560 acres (4273.48 hectares).
Ground geophysical surveys conducted in 2011 and 2012 by TNR
helped to identify structural controls on mineralization at Shotgun
Ridge. Drill testing in 2012 confirmed the structural model of
mineralization with two drill holes returning mineralized intervals
in excess of 200 metres, SR12-56 returned 242 metres averaging 1.25
g/t gold and SR12-57 returned 209 metres averaging 1.02 g/t gold
(news release dated 10 October 2012).
The Company is targeting a large tonnage low-grade porphyry
system at Shotgun Ridge. Structural repeats, as interpreted from
airborne magnetic data and ground geophysical surveys, provide TNR
with encouraging targets for future drill testing.
About TNR Gold Corp.
Over the past twenty-one years TNR, through its lead generator
business model, has been successful in generating high quality
exploration projects around the globe. With the Company's
expertise, resources and industry network, it is well positioned to
aggressively identify, source, explore, partner and continue to
expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp.
(TSX:ILC.V), demonstrated the successful application of TNR's
business model in which TNR shareholders benefited from a unit
distribution upon spin-out of TNR's lithium and rare metals
projects. TNR remains a large shareholder in ILC at 25.5% of
outstanding shares.
At its core, TNR provides significant exposure to gold and
copper through its holdings in Alaska and Argentina; and teamed
with the recent acquisitions of rare-earth elements and iron ore
projects in Canada confirm TNR's commitment to continued generation
of in-demand projects, while diversifying its markets and building
shareholder value.
On behalf of the board,
Gary Schellenberg
President
The press release issued by McEwen Mining includes [resource
estimate, drilling results, etc.]. McEwen's press release appears
to be prepared by a qualified person and [the procedures,
methodology and key assumptions disclosed therein are those adopted
and consistently applied in the mining industry, but no independent
qualified person engaged by TNR Gold Corp. has done sufficient work
to analyze, interpret, classify or verify McEwen's information to
determine any current mineral reserve or resource or other
information referred to in the press release. Accordingly, the
reader is cautioned in placing any reliance on the above
estimates.
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. Statements in this press release other
than purely historical information, historical estimates should not
be relied upon, including statements relating to the Company's
future plans and objectives or expected results, are
forward-looking statements. News release contains certain
"Forward-Looking Statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on numerous assumptions and
are subject to all of the risks and uncertainties inherent in the
Company's business, including risks inherent in resource
exploration and development. As a result, actual results may vary
materially from those described in the forward-looking
statements.
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