Titan Resources International Corp. Enters Into Option Agreement for Additional Silver Property
28 4월 2011 - 1:45AM
Marketwired
Titan Resources International Corp. (PINKSHEETS: TNRI) (FRANKFURT:
36T1) is pleased to announce that the Company has signed a Mining
Option Agreement for a Silver bearing property pursuant to which
the Company can earn up to a 66% interest on the Silver bearing
property which is located in the geographically well positioned
Slocan area of British Columbia, Canada, which is well known for
its numerous past producers, historic mineral showings and current
operating mines.
"We are extremely pleased that we have been able to successfully
complete this transaction which will allow our firm to continue
exploration in this very promising area. This agreement enables us
to establish a significant regional presence with multiple
exploration properties all located in the heart of a historic
mining area. We intend to continue growing our exploration property
portfolio and rapidly advance our existing properties through
exploration," commented Titan CEO Bill Akrivos.
Project Summary
Mining Division: Slocan The geology of the Well 2 Claim is part
of a well known and well documented northwest-trending belt of
sedimentary rocks called the Slocan Group. These units host the
mineralized veins in the area. Mines in the Slocan district
exploited steeply dipping silver-lead-zinc veins and
silver-lead-zinc veins and replacement deposits hosted in shales
and limestone of the Slocan Group. The mineralization in the area
occurs in quartz and calcite veins in shear zones that cut the
Slocan sediments and generally trend northeast-southwest. The main
mineralization includes galena, sphalerite with lesser pyrite, and
chalcopyrite. Upper parts of the veins also contain ankerite.
Silver is associated with the galena. The Well 2 Claim is located
along strike from the Wellington Mine which is situated
approximately 1 km to the east. The Wellington Mine was active for
42 years from 1892 to 1934 and produced a total of 1779 tonnes of
ore which yielded 3,653,134 grams silver, 124 grams gold, 231,478
kilograms lead and 87,286 kilograms zinc.
The Wellington lode is considered part of an east-west lode
system consisting of the Wellington-Sunset-Colorado lodes. The
Wellington lodes are strongly sheared, mineralized fissure zones,
crosscutting at very shallow angles, mainly across slaty
argillaceous sediments of the Slocan Group. At the Wellington
occurrence, the lode comprises a hanging wall lode (south lode) and
a footwall lode (north lode). The south lode strikes 050 degrees
and dips 60 degrees southeast. The north lode strikes 090 degrees
and dips 70 degrees north. Most the ore came from the north lode,
where up to 1.5 metres of galena was mined in the winze between the
40 and 80 foot levels. The Matheson adit, intersecting the north
lode, and located close to the Well 2 Claim, was extended to a
total length of 660 metres by 1963. The lodes consist of stringers
and pockets of quartz, siderite and carbonate which contain galena
with lesser tetrahedrite and sphalerite and have good silver
content.
Geological reports describing this area have indicated
unexplored ore possibilities existing around past silver-lead-zinc
producers in the region with the probability that the
mineralization extends beyond the main centers of mining. Recent
work in the area has indicated that modern exploration programs
such as stream sediment sampling and diamond drilling have the
potential to discover previously unknown mineralization. Recent
work on surrounding mining properties confirmed the occurrence of
precious metal bearing veins, with potential to identify previously
unidentified viable economic reserves.
Trenching was done in the vicinity of the former Homestake adit
in 1984, during an exploration program by Rex Silver Mines. Trench
84-2 was excavated to determine whether quartz veins increased in
abundance. A gossan in phyllite was trenched and sampled. Sample
SSRk 33 yielded 71.53 grams per tonne silver, 2.00 per cent lead
and 4.00 per cent zinc (Assessment Report 13465). It was noted in
the report of this work that while the source was considered close,
the deep overburden in this area did not allow detailed
investigation of this result. During an exploration program
conducted by a neighboring company and reported in the BC
Government files, two samples of heavy mineral material were
collected from two streams that drain the Well 2 Property. Results
reported showed 12.8 g and 12.2 g of gold respectively and over 21
g of silver. Notably the results appear to be related to coarser
grained material, suggesting that the source is proximal to the
sampling location.
An airborne magnetic and electromagnetic survey (AEM) completed
over the claim by a neighboring company and reported in the B.C.
Government assessment files appears to indicate that a strong AEM
anomaly which overlies the Wellington Lode system continues across
the Well 2 Claim. The significance of this anomaly will await
details of a geophysical interpretation currently being carried
out, but appears to indicate that the Wellington Veins could
continue onto the Well 2 Claim.
About Titan Resources International Corp.: Titan Resources
International Corp. is a publicly traded resource exploration
company dedicated to the acquisition, exploration and development
of small to medium size precious metals properties of exceptional
merit. Please visit our company website at
www.titan-resource.com
This news release contains forward-looking statements.
Forward-looking statements are statements which relate to future
events. In some cases, you can identify forward-looking statements
by terminology such as "may," "should," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. While
these forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested herein.
Contact: Titan Resources International Corp. (416) 477-1028
Website: http://www.titan-resource.com
Titan Resources (CE) (USOTC:TNRI)
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