| ||June 18, 2010|
Tirex Exploration Update
Tirex Resources is pleased to provide an update on the company's drill program at the Mirdita VMS District located in Albania.
- 2 holes of recently initiated drill program complete
- Assays received on Drill Hole MR10-58
- Hole MR10-59 intersects mineralization in new area of property, assays pending
Drill holes MR10-58 and MR10-59, located 1.7km apart, both intersected mineralization in new areas of the property. MR10-58, drilled in the Lisi Pass East target area, intersected 21m of highly silicified breccias with local disseminated sphalerite. The hole penetrated a thick mélange unit (313m) that prevented most previous drilling from testing the favourable volcanic sequence. Assays received from this hole, include 2.1m of 0.4 g/t gold.
Drill hole MR10-59 was a pure exploration hole drilled in the Bari Pass South area of the property. The hole was drilled to a depth of 623m. This was the first hole in an area of significant interest to Tirex, located beyond previous drilling. The area has been identified by Tirex as highly prospective through extensive fieldwork. In 2008 and 2009, geological mapping and geochemical rock sampling revealed an abundance of altered and chemically distinctive felsic volcanic rocks, gossans and iron formation that are commonly associated with sulphide mineralization in other VMS mining districts. Significant exploration related features include the recognition of multiple felsic volcanic centres, an abundance of felsic volcanic rocks with the same chemical affinity as those associated with the high grade-deposits in the Letitna to Koshaj corridor to the south and the overprinting of felsic volcanic centres and flanking volcanic rocks by moderate to intense hydrothermal alteration. This felsic-dominated terrain is up to 500 meters thick and has a north-south strike length of approximately 2.0kilometres. These lithological features and the temporal relationships between volcanism and alteration that have been identified in the South Bari Pass area are similar to other VMS districts that host major precious metal bearing copper-zinc deposits elsewhere.
Drill hole MR10-59 intersected a thick felsic unit with scattered disseminated sphalerite and pyrite. Assays are pending. The hole has been left open with plans to probe it with a borehole geophysical system. Additionally, the core will be analysed for whole rock elements which in combination with the borehole survey, will allow Tirex to plan additional drilling to vector in on any potential nearby mineral deposits.
20,000 Metres Drilled To Date by Tirex at Mirdita
Since the company's arrival in Albania, Tirex has completed approximately 20,000 metres of core drilling at Mirdita in 64 holes. Tirex drill holes at Mirdita in the areas Koshaj, South Gurthi and Letitna intersected wide zones of robust and precious metal rich VMS mineralization. Tirex has recently engaged an independent Canadian Consultant to model those deposits and to make recommendations on future drilling required to define these deposits according to National Instrument 43-101 reporting standards. Additional to this advanced stage work, Tirex has conducted significant regional exploration including more than 2,520 line kilometres of airborne EM and magnetic geophysics, more than 150 km of Induced Polarization geophysics and more than 60km of ground Electromagnetic surveys. More than 600 rock and core samples have been subjected to regional rock geochemistry and whole rock element analyses, and more than 18 months of detailed geological and structural mapping has been completed. Armed with data from this extensive exploration, Tirex is now conducting a two-fold program of advancing known deposits such as Koshaj, South Gurthi and Letitna towards NI43-101 compliant deposit definition and potential production while concurrently conducting pure exploration with discovery potential.
Tirex currently has EUR 2 million (approximately $2,600,000) undrawn under the terms of its facility with the European Bank for Reconstruction and Development ("EBRD"). The company must raise cumulative matching equity prior to making the draw and has cumulatively raised approximately $1,900,000 towards this next draw in previous financings. Therefore, the company must raise approximately $700,000 in additional equity and then will be qualified to draw down the next $2,600,000 funding tranche from the EBRD (see Tirex News Release, October 8th, 2008 for full details on this facility).
John Nicholson, P.Geo., Mirdita Project Manager and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
Further details on the company and the Mirdita Project including a location map for the reported drill holes can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
"Bryan J.R. Slusarchuk"
CEO and Director
Tirex Resources Ltd.
512 -- 470 Granville Street
Vancouver, B.C., Canada V6C 1V5
Tel. 604/687-7160 Fax. 604/687-7165 Email: info@TirexResources.com
Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex that are based on the beliefs of Tirex management, as well as assumptions made by and information currently available to Tirex management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
"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."
You can view the Next News Releases item: Thu Jul 8, 2010, Tirex To Arrange $3,390,000 in Funding for Mirdita VMS District
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