Tirex ResourcesNews Releases

Show printable version of 'Tirex to Acquire Up to 100% of Gold and Lead-Zinc-...' in a New Window
 March 30, 2017
Tirex to Acquire Up to 100% of Gold and Lead-Zinc-Silver Project in Kosovo

  • adjacent to three past producing lead-zinc-silver mines
  • on-strike with the Slivovo gold discovery
  • exploration license valid for 6 years including with extensions
Tirex Resources Ltd. ("Tirex") is pleased to announce that it has signed a Memorandum of Understanding ("Agreement") to acquire up to 100% of Cerovina Property in Kosovo adjacent to and north of its Romovista Property. Tirex geologists visited the Cerovina Property and visually confirmed the presence of copper, lead, zinc mineralization and zones with quartz veinlets in thinly bedded clastic sediments. Cerovina has an area of 3,136 hectares and is on strike and adjoining the Slivovo gold discovery which is controlled by Byrnecut International Ltd., a private Australian company. A few kilometers to the west of the property boundary are past producing lead-zinc-silver mines of Kishnica (*historic reserve of 4.12 million tons @ 4.75% Pb, 1.02% Zn and 64.11 g/t Ag), Hajvalia (*historic reserve of 1.1 million tons @ 9.65% Pb, 18.26% Zn and 126.4 g/t Ag) and Badovc mine (*historic reserve of 7.62 million tons @ 5.2% Pb, 3.13% Zn and 70.7 g/t Ag). Together with Artana mine to the east, these mines used to produce in the past 200,000 tons per year which were processed at the Kishnica processing plant together with materials from Artana mine farther to the east of Cerovina (*information provided by Artana mine staff). The tonnages and grades quoted above are "historic reserve" (not compliant with NI 43-101). For clarity, these mines are not on Tirex property but are examples of nearby mines that suggest the exploration potential for similar mineralization on the property.

Slivovo exploration is fully funded by Brynecut and it is rapidly advancing towards the completion of a pre-feasibility study. The Peshter Gossan is the main body of high grade gold mineralization on the Slivovo JV. It is approximately 125m long x 25-40m thick and 50-75m wide. Drilling at Peshter Gossan has shown significant gold intercepts such as SLV004 --126.5 meters @ 6.2 g/t gold; 15.0 g/t silver (drillhole SLV004) and 12.0 meters @ 12.2 g/t gold; 8.02 g/t silver (drillhole SLV005) (information taken from www.avrupaminerals.com).

Cerovina Property

The Cerovina Property is covered by an exploration license valid for up to 6 years including extensions. A regional-scale structure trending north-south passing through or close to the Slivovo gold discovery extends through the eastern part of the property. Additional to the proximity to Slivovo, approximately 2 to 4 kms to the west are the Kishnica, Hajvalia and Badovc lead-zinc-silver mines.

Tirex believes that due to its proximity to the Slivovo gold discovery and past producing mines there is excellent potential for gold and lead-zinc-silver mineralization. Tirex will review existing information on the property and will make plans for exploration.

Tirex President, Mr. Fred Tejada, P.Geo, states, "This second property acquisition positions Tirex as a major explorer in Kosovo. The presence of several past producing mines nearby and the significant Slivovo discovery of Avrupa give confidence to Tirex that it is in the right geological jurisdiction and looks forward to positive exploration results in the future."

Terms of the Agreement

Under the Agreement, Tirex has the option to earn 80% interest on the property by spending €2.0 million within 5 years and paying a total of €60,000 to the claim owner within 3 years after signing of the Agreement. If the claimowner decides not to participate in funding the development of the project after Tirex has earned its interest, the claimowner's interest will be reduced to a 2.5% NSR.

On Behalf of Tirex Resources Ltd.

Spiro Kletas
CEO and Director

Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex. Such statements include but are not limited to statements about the Award, the production arrangements and the timing of the mine development, mill construction and ore production. 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. The assumptions made include assumptions about Tirex's ability to move forward with the licensing. 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, feasibility of mine and plant development, 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 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. All resources or reserves estimates quoted in this news release are historical, uncategorized and not NI 43-101 compliant and should not be relied upon.

"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 Previous News Releases item: Mon Mar 13, 2017, Tirex Resources Announces EBRD Extension of Maturity Date of Convertible Loans

You can return to the main News Releases page, or press the Back button on your browser.

Tirex Resources Ltd.