Tajiri samples up to 2.66 g/t gold in soil at Kaburi, closes second and final tranche of private placement
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 31, 2012) – Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) is pleased to report that assays have been received for the entire suite of auger based geochemical soil samples taken during the Company's Phase I exploration program on the 100% owned Kaburi PL Gold property located in the Mazaruni District of the Republic Guyana, South America.
The geochemical soil sampling grid of the Phase I Kaburi program covered approximately half of the Kaburi PL and was focused on the central mineralized corridor as defined from a linear concentration of alluvial gold production (artisanal pits). The Phase I grid consisted of a cut and surveyed grid of 46 kilometres of 200 metre spaced lines sampled on 50 metre centres. In total, 946 soil samples were collected, with all lines returning anomalous gold results. Chemical analyses returned values from trace to 2.66 g/t Au, with a mean of 33.76 g/t Au. Company management has defined those samples with >50ppb Au as highly anomalous, and the highest concentration of these anomalous samples forms a newly discovered gold-in-soils anomaly measuring more than 3km in strike length and 1 km in width at its maximum extent. This central gold-in-soils zone is punctuated by a 2.66 g/t gold result centred within a highly anomalous gold area proximal to an active artisanal gold mining operation.
The Phase I mineral exploration efforts at the Kaburi Gold Project were based on exploration models developed and employed to success by Azimuth Resources Limited at the surrounding West Omai Project, which culminated in the NI 43-101 compliant 1.22 million ounces gold resource released this past June. The Company has deemed Phase I highly successful in purpose of narrowing targets through definition of an area where concentrated gold-in-soils mineralization form the focus for high priority targets warranting immediate follow up. Additionally, the Phase I results demonstrate a structural control in that the highest grades appear to be associated with the interpreted Aurora-Gem Creek shear zone within the Kaburi PL. On a property scale, these Tajiri defined geochemical gold anomalies are inferred as highly prospective indications to the existence of a bedrock-hosted gold mineralized system, as yet indeterminate in size, but responsible for the alluvial mineralization being actively mined within the PL boundaries, and will form the basis of further exploration and eventual drilling at the site.
Phase I program also included Property wide geological mapping, prospecting, reconnaissance as well as the construction and outfitting of a 25 man camp which can support geological, geochemical, geophysical and drilling crews if required.
Follow-up mineral exploration work has now commenced and will include detailed in-fill geochemical soil sampling, power auger (trado) sampling, and potentially geophysical surveys all focused on targeting drill targets within the defined anomalous zones.
Alwyn's Vein / Seer Zone
The auger samples taken in Phase I were limited to an area that had been surveyed by the Company and were designed to cover a series of semi-continuous artisanal mine workings and pits striking within the Aurora-Gem Creek Corridor. A portion of these areas were being actively worked, up to this past week, when these artisinal miners were removed by GGMC officials at the request of the Company. These workings, and the areas that have been prepared for advancing mining activities, have served to expose previously obscured laterites (including large [>2m wide] quartz-carbonate veins and quartz stockwork veining) which offer highly compelling geological sampling targets. Accordingly, 202 panel samples have been collected from the prospective laterite exposures and have been submitted for assay; results will be announced upon receipt of analyses.
The presence and size of the atypical greenstone-style quartz-carbonate veins located by the Company to date, is compelling to Company management and further affirms Tajiri's commitment to advancing the Kaburi Gold Project through a methodology of proven systematic exploration within Guyana's newest hard rock mining exploration camp.
Closing of Over-subscribed Non-Brokered Private Placement
Tajiri also reports, subject to exchange approval, on closing of a 4,780,000 second and final tranche in the non-brokered private placement announced July 26th, 2012 and amended September 20th, 2012. The oversubscribed second and final tranche consisted of 4,580,000 units at a price of $0.05 per unit and totaled proceeds to the Company of $229,000 to be used in furthering exploration efforts at the Kaburi PL Gold Property and general working capital. The Company paid fees on a portion of this offering.
Paul D. Grey B.Sc, P.Geo has reviewed and approved the technical information in this release, and acted as a qualified person for the Company as defined by NI 43-101.
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil, President, CEO
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
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Tajiri Resources Corp.
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