| ||November 08, 2016|
Tirex Starts Exploration Work in Romovista
Tirex Resources Ltd. ("Tirex"; TSX.V: TXX) is pleased to announce it has commenced a work program on the Romovista gold-zinc property in Kosovo, Southern Europe.
- new high priority target area identified through field analysis
- induced polarization and resistivity geophysical survey of new target area planned
- previously identified areas confirmed as high-priority exploration targets
In addition to two previously identified high-priority target areas on the property, fieldwork has identified an area in Parallove a few hundred meters north of previously reported mineralization (with 44g/t silver in a grab sample -- see Tirex news release dated August 23, 2016). This new area is characterized by several zones of broad (50m to 100m) intense clay and silica alteration trending northwest with quartz-carbonate stockworks in thinly bedded clastic sedimentary rocks and in ultrabasic rocks. Tirex believes no work has been done in this area to test for the presence of gold mineralization, despite past industrial use having exposed the stockworks and silicification. Tirex is very excited about this finding and has started mapping and sampling works immediately to define the extent of the alteration and mineralization. An induced polarization and resistivity geophysical survey is being planned to begin in November. The addition of the geophysical survey will assist in confirming initial drill targets.
At Shishare located on the northwestern portion of the property, Tirex also observed zones with quartz veinlets in thinly bedded clastic sedimentary rocks similar to those observed in Parallove. In another area, fragments of altered rock fragments with sulfides or quartz veinlets were noted around ancient (300-400 years ago) excavations. Shishare is located along trend of former lead-zinc (plus silver and gold) operating mines of Kishnica, Badovc and Hajvalia located in the region. Tirex plans to conduct prospecting followed up with more detailed work on this area next year.
Tirex President Fred Tejada, P.Geo, states "This initial work at Romovista has confirmed that the first target areas identified host significant exploration potential and in addition to this, a new and previously unknown high priority area has been identified."
Romovista has an area of 4,141 hectares, and is on strike and adjoining the Slivovo gold discovery, which is controlled by Byrnecut International Ltd., a private Australian company. Slivovo exploration is fully financed by Byrnecut and it is rapidly advancing toward the completion of a prefeasibility study. The Peshter Gossan is the main body of high-grade gold mineralization on the Slivovo property. It is approximately 125 metres long by 25 to 40 metres thick and 50 to 75 metres wide. Drilling at Peshter Gossan has shown significant gold intercepts, such as SLV004 - 126.5 metres at 6.2 grams per tonne gold, 15 grams per tonne silver (drillhole SLV004); and 12 metres at 12.2 grams per tonne gold, 8.02 grams per tonne silver (drillhole SLV005) (information taken from the Avrupa Minerals website). Gold mineralization is believed to be epithermal type.
The Romovista property optioned by Tirex is covered by an exploration license valid for up to seven years including extensions. A regional-scale structure trending northwest-southeast passing through or close to the Slivovo gold discovery extends through the eastern part of Romovista. Additional to the proximity to Slivovo, approximately five kilometres to the northwest of Romovista, is the Artana mine, one of the very few mining operations still active in Kosovo. Artana is mining approximately 150 tonnes per day, grading 3.33% lead, 4.73% zinc and 124 grams per tonne silver (information provided by Artana mine personnel). Other historic mining operations occur to the northwest of the property.
Tirex believes that due to its proximity to Slivovo gold discovery, the presence of a major structure passing through the two properties and similarity in geology, there is excellent potential for gold and lead-zinc-silver mineralization at Romovista.
Terms of the Romovista option agreement
Under the agreement signed, Tirex can earn a 51% interest in the property by spending one million euros toward work on the property and paying a total of 100,000 euros to the claim owner within three years after signing of the agreement. Tirex can earn an additional 29% interest by expending another one million euros toward work on the property. Upon Tirex earning an 80% interest in the property, each party will then finance the development of the property proportional to its respective interest. If the claim owner decides not to provide financing, Tirex will finance the development of the property to earn a 100% interest in the property and the interest of the claim owner will be converted to a 2.5% net smelter return. In such instance, Tirex may buy down the NSR at any time as to 1% of the NSR for one million euros and the remaining 1.5% of the NSR for 1.5 million euros. The claim owner, however, has the option to sell each portion of the NSR to another party (other than Tirex), with Tirex maintaining the exclusive right to match the offer.
Mr. Tejada, P.Geo, Tirex President, and a qualified person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On Behalf of the Company
Mr. Spiro Kletas, Chief Executive Officer and Director
Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex and the possible business transaction contemplated in this News Release. Often forward-looking statements or information include words such as "plans", expects", "intends", "anticipates", "estimates" "forecasts", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. Specifically, there is no assurance Tirex will be able proceed with the Option Agreement stated in this News Release. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, 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 as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. 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 and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law.
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