VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Apr 19, 2004) - Tournigan Gold Corporation ("Tournigan") has compiled historical resource estimates at Kremnica that were not included in the recent National Instrument 43-101 Technical Report. The Company has also revised target estimates for areas identified by prior exploration as having potential for additional resources. Key points are:
- Potential to significantly increase quality and quantity of resources
- Two additional historic resource estimates to extend and develop
- Phase 1 drill program in excess of 10,000 metres in 2004
Historical Resources
The recent 43-101 resource estimate (see Feb. 11 Press Release) focused exclusively on the Sturec zone at Kremnica and did not include data on the Wolf and Vratislav Zones, two highly prospective zones of historical production, 500 to 1,000 metres north along strike from Sturec. The Wolf estimate was calculated in 1998 by Western Services Engineering Inc. ("WSE") while the Vratislav estimate was calculated by GEOGMS in Prague on behalf of the Slovak Geological Survey in 1992, as follows:
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Gold Silver Gold
Grade Grade Gold Equiv. Gold Silver Equiv.
(g/t) (g/t) Grade (g/t) Tonnes Ounces Ounces Ounces
Wolf Zone - Inferred Resources (WSE, 1998)
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1.48 21.3 1.78 1,715,500 81,600 1,175,000 98,386
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Vratislav Zone - Inferred Resources (GEOGMS, 1992)
3.33 24.7 3.68 595,000 64,000 472,000 70,743
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Note: At a 1.0 g/t cut-off. Gold equivalent calculations are based
on a price ratio of $385 to $5.50 (gold to silver).
Tournigan plans 2,500 metres of drilling in 2004 at Wolf and Vratislav before updating these resource calculations, as both the zones are considered open along strike and down dip. These historical estimates do not conform to NI 43-101 but Dr. Kent Ausburn (VP Exploration & Qualified Person) has reviewed these estimates and considers them reasonable and relevant.
Current Sturec Resource
As reported in the Feb 11 Press Release, Tournigan has received a re-calculated resource estimate for the main Sturec zone at Kremnica, the results of which are repeated here:
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Sturec Zone (Kirkham Geosciences, 2004)
Gold
Gold Silver Equiv. Gold
Resource Grade Grade Grade Gold Silver Equiv.
Category (g/t) (g/t) (g/t) Tonnes Ounces Ounces Ounces
Indicated 2.11 15.43 2.31 5,663,941 384,231 2,809,802 421,540
Inferred 2.01 16.06 2.22 8,367,508 540,733 4,320,487 596,986
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Note: At a 1.0 g/t cut-off. Gold equivalent calculations are based
on a price ratio of $385 to $5.50 (gold to silver).
Potential for Additional Resources
Numerous exploration targets, ranging from drill ready to conceptual in nature, have been identified by both Tournigan and prior owner Argosy Minerals Inc. Argosy's targets consisted of targets in areas contiguous to existing resource areas as well as targets where historical production is combined with positive exploration results. The Argosy targets have been re-compiled by Tournigan and are as follows:
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Kremnica Advanced Targets
Target Name Length/Width/Depth Ranges Tonnage Ranges Grade
('000s of tonnes) Ranges
Sturec 350 - 450 20 - 30 40 - 50 700 - 1,700 1.7 - 2.2
Wolf 500 - 600 35 - 40 80 - 100 3,500 - 6,000 1.7 - 2.2
Vratislav 400 - 500 30 - 35 120 - 140 3,600 - 6,100 1.7 - 2.2
Volle Henne 500 - 600 20 - 30 50 - 70 1,250 - 3,150 1.7 - 2.2
South Ridge 500 - 700 20 - 40 100 - 150 2,500 - 10,500 1.4 - 1.8
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Kremnica Advanced Targets
Potential Contained
Target Name Ounces Range
Sturec 38,200 - 119,300
Wolf 191,300 - 424,400
Vratislav 196,800 - 433,200
Volle Henne 68,300 - 222,800
South Ridge 112,500 - 607,600
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Note: Reviewed by Dr. Kent Ausburn, VP Exploration and Qualified
Person.
The extension targets at Kremnica represent a combined geologic target of 600,000 to 1.8 million ounces, corresponding to a tonnage estimate of 11.5 - 27.5 million tonnes grading a projected 1.5 to 2.0 grams of gold per tonne. Note that while there has been insufficient exploration to define these targets as mineral resources (other than the Wolf and Vratislav historical resources, reported above) and it is uncertain that further work will result in additional mineral resources, the large amount of data makes these zones attractive exploration targets for Tournigan.
Note the area to the south on the Lucky and Lutila exploration licences (Kremnica South) has not been included in these conceptual estimates.
2004 Work Program
Tournigan plans a Phase I 10,000-metre drilling program starting in early summer. This will comprise feasibility drilling at Sturec and extension drilling to increase the resource at Wolf and Vratislav. In addition, the geologic and geochemical surveys recently completed on the Lucky licence will provide Tournigan with targets for a minimum 1,500 metre drill program at Kremnica South (see Tournigan's Press Release dated November 17, 2003). The Company also plans to complete GIS data compilation, geologic and geochemical surveys on both the mining licence at Kremnica and the Lucky and Lutila exploration licences to the south. The completion of all of the elements of this work program is conditional on the completion of the $ 6 million financing announced April 12, 2004.
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, President and Chief Executive Officer
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tournigan Gold Corporation Damien Reynolds President (604) 683-8320 or Tournigan Gold Corporation Garry Stock Executive VP (604) 683-8320 (604) 683 8340 (FAX) info@tournigan.com www.tournigan.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
