Ethiopia Gold rush 2014

Djibouti (HAN) April 27, 2014 IGAD 2020 Weekly Regional Security News Headlines and CommentaryTigray Resources Incorporate, a Canadian mining firm, recently stated that it has found gold and copper after its second phase of drilling, completing some 1117 meters the company conducted in the Tigray region, north of Ethiopia.

 The news release the company posted on its website details that after conducting six additional holes in the region, mainly in Adiyabo and harvest projects where the company searches for gold, copper, silver and other mineral resources, in a place called Adiabo the Vancouver based Tigray Resources has intersected 28.20 meters at 8.50 grams per ton gold and 0.24 percent copper including 17.55 meters at 13.18 grams per ton gold and 0.27 percent copper, from 179.75 meters drill depth, the company stated.

Andrew Lee Smith, President and Chief Executive Officer of Tigray Resources said that the sustained achievements the company has scored over the years in detecting new discoveries testifies the potentials of the country, particularly in the region.   “The robust drill interactions is a testament to the potentials for drill intersections for the significant discovery that the region of Ethiopia possesses,” Smith noted.

According to the company, the ongoing Mato Bula phase two diamond drill in the Tigray region has so far intersected a total of some 179 grams per ton at six holes drilled at different stages.

The Reporter contacted officials at the Ministry of Mines to learn about the new discovery reports Tigray Resources announced. However, it bore no fruits. Bacha Fuji, corporate communication directorate director at the ministry said he has no information on the matter.

Following the untapped and under explored mineral deposits in the Tigray region has been the center of attention for major multinational mining corporations across the globe. That said, the region also provides artisanal gold production by the local residents. At a country level, one million artisanal miners produced and sold some 8.3 tons of gold to the National Bank of Ethiopia valued at some USD 420 million.

Tigray Resources Incorporate is a Canadian mineral exploration company dealing with the discovery of mineral resources at the early-stage mineral projects in Ethiopia. The company also has an outreach in African and Middle Eastern countries. Ezana Mineral Development Private Limited Company and East Africa Metals Incorporate are some of the companies Tigray Resources is working with.

news release

The following news release replaces the one disseminated at 6:00 AM ET, April 7th, 2014. Correction to drill zone interpretation. Interpretation of Upper Lode in WMD012 was incorrect. This mineralized zone is interpreted to be the Main Lode, which is now reflected in the amended and restated news release below.

Tigray Resources Inc. (TSX VENTURE:TIG) (“Tigray” or the “Company”) is pleased to announce diamond drill results from Phase 2 drilling at the Mato Bula discovery at Adyabo (refer to Tigray’s news release dated July 16, 2013 for Phase 1 drill results). Six additional holes (WMD007 to 012) have been completed, totalling 1,117 metres. Drilling on 80 metre sections targeted extensions to mineralization defined during the Phase 1 diamond drilling campaign (WMD002 to 006). This drilling has extended mineralization to depth over 150 vertical metres below surface, and to 80 metres extensions at both the northern and southern extents of existing drill intersections. Eleven diamond drill holes have now tested the system over a 640 metre strike.

Highlights include;

  • Section 19880N – WMD007 drilled 100 vertical metres down dip of mineralization intersected in WMD006 (12.28 metres grading 12.25 grams per tonne gold and 0.30% copper – refer to Tigray’s news release dated July 16, 2013 ) at Silica Hill, and intersected 28.20 metres at 8.50 grams per tonne gold and 0.24 percent copper including 17.55 metres at 13.18 grams per tonne gold and 0.27 percent copper, from 179.75 metres drill depth.
  • Section 19960N – WMD009 drilled 80 metres grid north of WMD006 and 007, and intersected 14.87 metres at 4.49 grams per tonne gold and 0.04 percent copper including 7.90 metres at 7.95 grams per tonne gold and 0.05 percent copper, from 164.20 metres drill depth.
  • Section 19400N – WMD012 drilled the depth extension to previous mineralization at Mato Bula South (WMD004), and intersected 12.98 metres at 4.40 grams per tonne gold and 0.87 percent copper from 105.62 metres drill depth.
  • Section 19320N – WMD011 drilled 80 metres south of previous drilling at Mato Bula South (WMD004), and intersected 13.98 metres at 2.28 grams per tonne gold and 0.74 percent copper including 5.43 metres at 4.88 grams per tonne gold and 0.82 percent copper, from 126.25 metres drill depth.

At Silica Hill, Upper Lode mineralization and alteration is now defined to 150 metres vertical depth below surface, remains open at depth, and has been defined on two sections 80 metres apart. The tenor (gram-metres) of Upper Lode mineralization and intensity and volume of alteration increases to depth on both sections. Step out drilling, initially along strike to both the north and south at Silica Hill, is required to test the near surface potential of this discovery.

At Mato Bula South, Phase 2 drilling has extended the mineralization at depth and 80 metres south of previous drilling.

Both Silica Hill and Mato Bula South are part of the Mato Bula Trend, a mineralized corridor now defined over 8 kilometres in strike length. Gold-copper mineralization is interpreted to be part of a porphyry style Cu-Au system containing porphyry-style mineralization, high-grade Au-Cu quartz veins and possible replacement styles of mineralization.

Other significant targets previously identified along strike include:

  • Mato Bula North approximately 1 kilometre northeast of Mato Bula where a one hole test into the interpreted carapace of a porphyry intrusion intersected 17.35 metres grading 1.65% copper and 0.40 grams per tonne gold from 53.80 metres drill depth (WMD001 – hole abandoned before full test of drill target) (refer to Tigray’s news release dated July 16, 2013); and
  • Da Tambuk approximately 4 kilometres northeast of Mato Bula where a four hole test yielded best results of 12.00 metres at 17.34 grams per tonne gold and 0.32 percent copper from 52.75 metres drill depth (refer to Tigray’s news release dated March 11, 2014.

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