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regional geological map compilation complete and compilation of more detailed maps of historical deposit area also complete
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geological model of historical Bregu i Geshtenjes ('B&G') zone data complete along with interpretation of geophysical data to guide planned definition, expansion and exploration drilling and other work
Tirex Resources Ltd. ('Tirex' or 'the company') is pleased to announce that it has commenced preparation for field work at the Rehova Copper Project ('Rehova') located near Korca, Albania.
Preparing for groundwork on Rehova, Tirex technical staff have compiled all historical geological and geophysical information available to the company on the Rehova property area and vicinity. This included the preparation of a geological regional map at scale 1:25,000 covering an area of 75sqkm. This map was put together using historical maps of various scales and contains the known mineral prospects in the area. More detailed maps at 1:10,000 and 1:2,000 scales covering the license area and a geological model of B&G zone were also prepared. Tirex geophysicist and Country Manager, Dr. Perparim Alikaj, led an in house study and interpretation of historic Time Domain Electromagnetic and Induced Polarization geophysical survey data to guide future definition, expansion and exploration drilling. Additionally and in preparation of regional exploration work, Tirex has engaged Lorenco & Co., a surveying company in Tirana, Albania to conduct a survey of the boundaries of the Rehova. Rehova covers four historic deposits and based on information available to the Company, its technical staff have identified possible extensions of one of the deposits, B&G. These will be the subject of a planned Phase 1 drilling program designed to confirm and expand the historic Rehova mineralization.
Prior to the start of production in 1980 the Albanian Geological Survey ('AGS') had defined combined resources of 3.43 million tonnes grading 2.17% copper* for the four known zones in the Rehova Project. When operations stopped in 1990 AGS reported 2.87 million tons grading 2.14% copper* remaining. The majority of the resource or 2.09 million tons grading 2.15% copper* were in the B&G zone. The AGS historical calculations classify the resources in a combination of C1 & C2 categories, being based on the Russian deposit reporting system and are roughly equivalent to the inferred and indicated categories of the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') Definition Standards on Mineral Resources and Mineral Reserves referenced in NI43-101.
*These historical resources are not compliant with CIM Mineral Resource Standards referenced in NI 43-101 and should not be relied upon. No Qualified Person has done sufficient work to classify the historical estimates as current mineral resources; and Tirex is not treating the historical estimates as current mineral resources. Tirex is including the historical estimates for information purposes only, and offers no assurances as to the reliability of the estimates. Tirex will need to undertake a comprehensive review of available data, and in all likelihood a drill program, to verify the historic estimates and classify them as current resources.
Tirex on a news release dated February 4, 2015 announced that it was the winning company of an open tender held by the Albanian government which gives Tirex exclusive exploration and exploitation rights at Rehova. Tirex, since being awarded the tender, has obtained all necessary permits required to obtain licensing for the project. With geological and geophysical review work now completed to guide a Phase 1 exploration program at Rehova, Tirex has notified the government that it will exercise this exclusive right and intends to proceed with definition, expansion and exploration drilling and other work on the property.
Lorenco & Co. is an established surveying firm and has been involved in the execution and designs of topographic survey of roads and other cadastral projects funded by the local governments, European Union, the World Bank and USAID not only in Albania but also in Macedonia (FYR), Kosovo and Saudi Arabia.
Mr. Fred Tejada, P.Geo., Tirex President, and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On Behalf of Management,
Fred Tejada, P.Geo
President, Tirex Resources Ltd.
Forward-Looking Statements. This Tirex News Release may contain certain 'forward-looking' statements and information relating to Tirex. Often forward-looking statements or information include words such as 'plans', expects', 'intends', 'anticipates', 'estimates' 'forecasts', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law. All resource estimates quoted in this news release are historical, uncategorized and not NI 43-101 compliant and should not be relied upon. Tirex has not verified these historical resources and has not reviewed the assumptions, parameters and methods used to prepare the historical resource estimate. No Qualified Person has done sufficient work to classify the historical estimates as current and Tirex is not treating the historical estimates as current mineral resources or reserves but considers them as historically relevant and material information.
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