TORCH RIVER
RESOURCES LTD.
FOR IMMEDIATE RELEASE
November 28,
2007
TORCH RIVER ANNOUNCES 2007 RHENIUM
RESULTS
Torch River Resources Ltd (?Torch?) is pleased to announce rhenium
geochemical analysis of 47 core samples from selected intervals of 2,645.95
meters of core drilling. Diamond
drill holes RB-07-139 to 148 were drilled in 2007 and were directed at a molybdenite bearing mineral zone on the North-West edge of the Red Bird
molybdenum-copper porphyry deposit.
The Red Bird Mo-Cu porphyry is known to contain trace amounts of rhenium
(Re) associated with molybdenite mineralization and to a lesser extent
chalcopyrite, and rare bornite.
Rhenium is a rare and valuable metal that is used for catalysts,
electronic devices, thermocouples, temperature controls, heating elements, and
coatings. Rhenium is recovered as a
byproduct from molybdenite concentrates and can substantially add value to Mo-Cu
porphyry ore as was the case with Island Copper mine (North Vancouver Island,
Holberg Inlet). Rhenium was first
produced by Utah Mines in 1972 as a byproduct from the mining operation at
Island Copper a Cu-Mo porphyry deposit (345 million tonnes of ore with reported
head grades of 0.41% Cu, 0.017% Mo, 0.19 g/t Au, and 1.4 g/t Ag). Utah Mines reported rhenium content in
its molybdenite concentrate. The current market bid price for rhenium is $9100
U.S. per troy ounce or $292 U.S. per gram for the pure metal.
As previously reported on February 14, 2007
rhenium content of 137 select split drill core samples from diamond drill holes
RB-06-132 to 138 (2006 core drilling carried out by Torch River Resources on the
Red Bird porphyry Mo-Cu deposit) returned an average geochemical analysis value
of 106 ppb Re or 0.106 grams/tonne
Re. The first drill hole
(RB-06-132) was analyzed in detail (sample width @ 2 m. or 6.56 ft. for each of
the 58 samples analyzed) for rhenium corresponding to the section which returned
the best zone of molybdenite mineralization giving the following
results:
DDH No. |
From |
To |
Interval |
Zone Name |
Mo |
Re |
RB-06-132 |
270 m. (885.8 ft.) |
386 m. (1,266.4
ft.) |
116 m. (380.6 ft.) |
Main |
0.137 % |
0.128 grams/tonne or 128
ppb |
As reported in a press release in 2006 resampling was done on drilling
previously carried out by Craigmont
Mining Ltd, this covered holes numbered 75,79,80,82,86,90,97 and 124. Rhenium corresponded with high levels of
molybdenum with grades ranging from 304 to over 2500 ppb rhenium.
Rhenium content of 47 select split drill core
samples from diamond drill holes RB-07-139 to 142 and 146 to 148 (2007 core drilling carried out by Torch
River Resources on the Red Bird porphyry Mo-Cu deposit) returned an average
geochemical analysis value of 125 ppb Re or 0.125 grams/tonne Re. The two highest interval results were as
follows:
DDH No. |
From |
To |
Interval |
Zone Name |
Mo |
Re |
RB-07-139 |
392 m |
394 m |
2 m |
Main-NW |
0.389 % |
0.397
grams/tonne |
RB-07-146 |
58 m |
60m |
2m |
Main-NW |
0.308 % |
0.295
grams/tonne |
The results from our 2006 and 2007
programs are extremely consistent and we are very encouraged by the potential
for economic values of rhenium in the Red Bird deposit.
Torch has submitted the drill data from its 2007
program on Red Bird to Giroux Consultants Ltd. The previous NI 43-101 report including
Torch?s work through 2006 reported a resource of 113.8 million tonnes containing
151.3 million pounds of molybdenum.
The resent price of molybdenum is $33.125 U.S. per pound giving a gross
value over $5 billion to the Red Bird resource.
Torch also announces that it is in
negotiations to obtain a further mineral property in British Columbia. Torch believes this new property will
prove to be an exciting addition to compliment the Red Bird and Grouse Mountain
properties.
The above exploration information has been reviewed by
Andris Kikauka, P. Geo., a Qualified Person under NI
43-101.
Torch is a company listed and trading on the TSX Venture Exchange,
symbol: TCR.
Dr. William E. Pfaffenberger
President
Torch River Resources Ltd.
Telephone No. (403) 444-6888
torchriver@telus.net
FOR FURTHER INFORMATION
PLEASE CONTACT:
ProActive Communications
Co.
Local Vancouver: (604)
541-1995
Or toll free
(800) 540-1995
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ACCURACY OF THIS RELEASE
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