VANCOUVER, British Columbia--(BUSINESS WIRE)--Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) announced today the results of the second and third infill drill holes (LE-K-65 and LE-K-66) in the Main Zone South of the Kuriskova uranium deposit in Slovakia. Results of the first infill hole in this zone, LE-K-64, were previously disclosed in a news release dated February 2, 2011. “We are pleased with the higher grade results of these holes, in particular the high grade intercepts in holes LE-K-66 and LE-K-64,” said Dorian L. (Dusty) Nicol, Tournigan’s President and CEO. “We expect that this will lead to an increase in the average grade of the deposit and a conversion of Inferred Resource to Indicated.”
Highlights of these results are:
- Hole LE-K-65: 0.7 metres at 0.335% eU3O8;
- Hole LE-K-66: 1.6 metres at 0.688% eU3O8% including 0.2 metres at 2.264% eU3O8 and 0.7 metres at 0.783% eU3O8;
- Hole LE-K-64 (previously disclosed) had an intercept of 2.6 metres at 0.793% eU3O8 including 0.7 metres at 2.096% eU3O8, the highest grade uranium intercept in the Main Zone South area;
- All three infill holes intersected higher grade uranium mineralization compared to the current Inferred Resource model grade of 0.174% eU3O8 in this part of the deposit;
- These holes are expected to have a beneficial impact on current resource grade and upgrade Inferred Resources to the Indicated category; and,
- Results confirm the thickness and geological interpretation of the resource model and increase confidence in the current resource model.
A complete tabulation of significant intersections from these holes is presented in Appendix A which can be viewed from this web link http://www.tournigan.com/i/maps/20110307-MainZoneSouthAppendixA.pdf. Drill hole locations can be viewed from this web link http://www.tournigan.com/i/maps/20110307-KuriskovaMarchInfill2011.pdf. The Kuriskova resource model is being re-estimated with the inclusion of 2010 and 2011 drilling results as part of the ongoing Prefeasibility Study being done by Tetra Tech and will be released in late March or early April 2011.
On January 14, 2011, Tournigan began the current drilling program with the objective of upgrading and expanding the Kuriskova uranium resource. The three holes of the 2011 drill program completed to date total 1,450 metres of an initial 4,500 metre drilling program.
Uranium grades presented in this news release are reported as equivalent uranium oxide (eU3O8 %) based on downhole radiometric logging. The logging was performed by Koral, s.r.o. of Slovakia. Drill core samples are being submitted to the Laboratory of the Geological Survey in Slovakia (SGUDS) and ALS Chemex in Seville, Spain for chemical assay. Drill intercepts are reported as drilled; true thicknesses have not yet been calculated. Quality Control and Quality Assurance is provided by Ravi Sharma, Tournigan's Manager, Resources and Reserves, who is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical disclosure contained in this news release.
About Tournigan
Tournigan is a uranium exploration and development company that has built a portfolio of highly prospective assets in Slovakia, a member of the European Union since 2004. Slovakia is economically and politically stable, has excellent infrastructure and currently has four nuclear reactors generating half of its electricity with two more under construction. Tournigan is committed to safe and sustainable exploration and mine development in Slovakia. In addition to Kuriskova, Tournigan has several other exploration targets along the Slovakian uranium belt which are showing positive exploration results.
TOURNIGAN ENERGY LTD.
“Dusty Nicol”
Dorian L. (Dusty)
Nicol, President and CEO
For further information please contact: Knox Henderson, Tournigan Energy Investor Relations, at (604) 683-8320, or visit www.tournigan.com.
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.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notice to US investors:
This press release uses the terms "indicated resources" and "inferred resources", which are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. We advise investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.