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www.minesite.com/archives/news_archive/2003/...03/tournigan060603.htm
Tournigan Gold Expands Its European Gold Projects From Ireland To Slovakia.
The safe route for a Canadian junior is to stick to projects in north or south America with which Canadian investors feel comfortable. Tournigan Gold , under Damien Reynolds went the conventional route with a project in San Salvador, but then decided that Europe was an ideal target. Its first step in this direction in September last year was an agreement to buy up to a 75 per cent interest in the Omagh gold project in County Tyrone, Northern Ireland from another Canadian company, European Gold.. This was followed in November by a deal with Gren Thomas’s Strongbow Resources to acquire a similar stake in the Curraghinalt and Tyrone gold projects, also in Northern Ireland.
Work had been done on the Omagh project by Rio Tinto back in the 80s and this resulted in the identification of at least fifteen mineralised structures in the eastern third of the concession. One such structure, known as the Kearney structure, located in the southeast part of the property has been the subject of most of the detailed exploration work. A lot of trenching a diamond drilling resulted in a resource estimate of approximately 300,000 ounces of gold at an average grade of 7 grams of gold per tonne. It was this that attracted European Gold on the basis that a small mining operation could be set up at Cavanacaw to provide pure Irish gold for pure Irish jewellery which could be sold at a hefty premium. Galantas Gold appeared in 2000 with a lot of publicity presenting a gold shamrock to President Clinton, but a look at its website shows that little has happened since 2001.
Local rumour had it that there was not sufficient gold being produced to make the jewellery. Maybe this is why the deal with Tournigan never materialised. It would have been impossible to disguise the level of gold production during a due diligence operation. Damien Reynolds is not disappointed as Curraghinalt and Tyrone offer much more potential, but he is annoyed at the time wasted. The pace, however, has picked up at Curraghinalt where Strongbow had reported that a resource of 470,000 tonnes at an average grade of 16.96 grams of gold per tonne containing approximately 250,000 ounces of gold had been defined by trenching, drilling and 700 metres of underground development. A series of high-grade quartz veins had been discovered, some of which have been traced up to 2 kilometres along strike and Tournigan came into the deal on the basis that there was plenty of potential to increase this resource significantly..
A field office has now been opened and initial work is focused on extending the strike extensions of the Curraghinalt vein system. Drilling carried out by previous operators support this theory as a number of holes were located approximately 200 to 800 metres to the southeast of the Curraghinalt resource, drilled to less than 150 metres from the surface and were not included in the Curraghinalt resource. Intercepts of up to 2 metres graded around 15 g/t and trenching followed by drilling is planned in this area in the near future. In addition, mineralised quartz veins, similar to those at Curraghinalt, have been discovered approximately 5 kms to the northwest and along strike in an area called Golan Burn which indicates that there could be a mineralised corridor stretching all the way.
The Tyrone project covers the balance of the property and contains showings of both quartz vein mineralization, as well as stratabound disseminated to semi-massive gold-bearing sulphide mineralization. Trenching by Strongbow last year in the Glenlark region, which is only 6 kms from Curraghinalt, returned a reported 21 metre interval of stratabound gold bearing mineralisation with a weighted average of 2.55 g/t gold and follow-up drilling will start later this month. Tournigan's priority, however, is on generating cash flow as quickly as possible. Damien Reynolds reckons that it should be possible to start gold production on the Curraghinalt vein system within 18 to 24 months and the process of obtaining planning consent to build and operate a mine with government planning authorities in Belfast is already in motion.
Tournigan’s ambitions in Europe go east as far as the Black Sea and in March it announced that it had acquired an option to purchase 100 per cent of the Kremnica gold deposit in Slovakia from Argosy Minerals. A due diligence programme has just been completed so Tournigan will have to hand over the payment of C$500,000 in cash in just over a month to add a further advanced gold project to its portfolio. Kremnica is a low sulphidation epithermal gold system with a long mining history. The total in-situ geological resource based on exploration to date reported by Argosy is 1.1 million ounces of gold and 9.0 million ounces of silver, but a number of holes were drilled in 1996 and 97 which extended the known limits of mineralisation and identified new targets both north and south of Sturec. This is the main zone containing 85 per cent of the gold and there are two others called Vratislav and Wolf. Kremnica therefore offers Tournigan its favoured combination of early development combined with plenty of upside potential from exploration. As its expansion in Europe progresses an office and listing in London will make a lot of sense.
www.minesite.com/archives/news_archive/2003/...03/tournigan060603.htm
Tournigan Gold Expands Its European Gold Projects From Ireland To Slovakia.
The safe route for a Canadian junior is to stick to projects in north or south America with which Canadian investors feel comfortable. Tournigan Gold , under Damien Reynolds went the conventional route with a project in San Salvador, but then decided that Europe was an ideal target. Its first step in this direction in September last year was an agreement to buy up to a 75 per cent interest in the Omagh gold project in County Tyrone, Northern Ireland from another Canadian company, European Gold.. This was followed in November by a deal with Gren Thomas’s Strongbow Resources to acquire a similar stake in the Curraghinalt and Tyrone gold projects, also in Northern Ireland.
Work had been done on the Omagh project by Rio Tinto back in the 80s and this resulted in the identification of at least fifteen mineralised structures in the eastern third of the concession. One such structure, known as the Kearney structure, located in the southeast part of the property has been the subject of most of the detailed exploration work. A lot of trenching a diamond drilling resulted in a resource estimate of approximately 300,000 ounces of gold at an average grade of 7 grams of gold per tonne. It was this that attracted European Gold on the basis that a small mining operation could be set up at Cavanacaw to provide pure Irish gold for pure Irish jewellery which could be sold at a hefty premium. Galantas Gold appeared in 2000 with a lot of publicity presenting a gold shamrock to President Clinton, but a look at its website shows that little has happened since 2001.
Local rumour had it that there was not sufficient gold being produced to make the jewellery. Maybe this is why the deal with Tournigan never materialised. It would have been impossible to disguise the level of gold production during a due diligence operation. Damien Reynolds is not disappointed as Curraghinalt and Tyrone offer much more potential, but he is annoyed at the time wasted. The pace, however, has picked up at Curraghinalt where Strongbow had reported that a resource of 470,000 tonnes at an average grade of 16.96 grams of gold per tonne containing approximately 250,000 ounces of gold had been defined by trenching, drilling and 700 metres of underground development. A series of high-grade quartz veins had been discovered, some of which have been traced up to 2 kilometres along strike and Tournigan came into the deal on the basis that there was plenty of potential to increase this resource significantly..
A field office has now been opened and initial work is focused on extending the strike extensions of the Curraghinalt vein system. Drilling carried out by previous operators support this theory as a number of holes were located approximately 200 to 800 metres to the southeast of the Curraghinalt resource, drilled to less than 150 metres from the surface and were not included in the Curraghinalt resource. Intercepts of up to 2 metres graded around 15 g/t and trenching followed by drilling is planned in this area in the near future. In addition, mineralised quartz veins, similar to those at Curraghinalt, have been discovered approximately 5 kms to the northwest and along strike in an area called Golan Burn which indicates that there could be a mineralised corridor stretching all the way.
The Tyrone project covers the balance of the property and contains showings of both quartz vein mineralization, as well as stratabound disseminated to semi-massive gold-bearing sulphide mineralization. Trenching by Strongbow last year in the Glenlark region, which is only 6 kms from Curraghinalt, returned a reported 21 metre interval of stratabound gold bearing mineralisation with a weighted average of 2.55 g/t gold and follow-up drilling will start later this month. Tournigan's priority, however, is on generating cash flow as quickly as possible. Damien Reynolds reckons that it should be possible to start gold production on the Curraghinalt vein system within 18 to 24 months and the process of obtaining planning consent to build and operate a mine with government planning authorities in Belfast is already in motion.
Tournigan’s ambitions in Europe go east as far as the Black Sea and in March it announced that it had acquired an option to purchase 100 per cent of the Kremnica gold deposit in Slovakia from Argosy Minerals. A due diligence programme has just been completed so Tournigan will have to hand over the payment of C$500,000 in cash in just over a month to add a further advanced gold project to its portfolio. Kremnica is a low sulphidation epithermal gold system with a long mining history. The total in-situ geological resource based on exploration to date reported by Argosy is 1.1 million ounces of gold and 9.0 million ounces of silver, but a number of holes were drilled in 1996 and 97 which extended the known limits of mineralisation and identified new targets both north and south of Sturec. This is the main zone containing 85 per cent of the gold and there are two others called Vratislav and Wolf. Kremnica therefore offers Tournigan its favoured combination of early development combined with plenty of upside potential from exploration. As its expansion in Europe progresses an office and listing in London will make a lot of sense.
