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Tirex Resources Ltd
Symbol TXX
Shares Issued 114,643,790
Close 2017-03-30 C$ 0.055
Market Cap C$ 6,305,408
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Tirex to acquire up to 100% of Cerovina property

2017-03-30 16:13 ET - News Release

Mr. Spiro Kletas reports

TIREX TO ACQUIRE UP TO 100% OF GOLD AND LEAD-ZINC-SILVER PROJECT IN KOSOVO

Tirex Resources Ltd. has signed a memorandum of understanding to acquire up to 100 per cent of the Cerovina property in Kosovo adjacent to and north of its Romovista property. Tirex geologists visited the Cerovina property and visually confirmed the presence of copper, lead, zinc mineralization and zones with quartz veinlets in thinly bedded clastic sediments. Cerovina has an area of 3,136 hectares and is on strike and adjoining the Slivovo gold discovery, which is controlled by Byrnecut International Ltd., a private Australian company. A few kilometres to the west of the property boundary are past-producing lead-zinc-silver mines of Kishnica (historical reserve of 4.12 million tonnes at 4.75 per cent lead, 1.02 per cent zinc and 64.11 grams per tonne silver), Hajvalia (historical reserve of 1.1 million tonnes at 9.65 per cent Pb, 18.26 per cent Zn and 126.4 grams per tonne Ag (1)) and the Badovc mine (historical reserve of 7.62 million tonnes at 5.2 per cent Pb, 3.13 per cent Zn and 70.7 grams per tonne Ag (1)). Together with the Artana mine to the east, these mines used to produce in the past 200,000 tonnes per year, which were processed at the Kishnica processing plant together with materials from Artana mine farther to the east of Cerovina. The tonnages and grades quoted above are historical reserves (not compliant with National Instrument 43-101). For clarity, these mines are not on Tirex property but are examples of nearby mines that suggest the exploration potential for similar mineralization on the property.

(1) Information provided by Artana mine staff.

Highlights:

  • Adjacent to three past-producing lead-zinc-silver mines;
  • On strike with the Slivovo gold discovery;
  • Exploration licence valid for six years, including with extensions.

Slivovo exploration is fully financed by Byrnecut, and it is rapidly advancing toward the completion of a prefeasibility study. The Peshter gossan is the main body of high-grade gold mineralization on the Slivovo joint venture. It is approximately 125 metres long by 25 metres to 40 metres thick and 50 metres to 75 metres wide. Drilling at the Peshter gossan has shown significant gold intercepts such as SLV004 -- 126.5 metres at 6.2 grams per tonne gold and 15 grams per tonne silver (drill hole SLV004), and 12 metres at 12.2 grams per tonne gold and 8.02 grams per tonne silver (drill hole SLV005) (information taken from Avrupa Minerals Ltd.'s website).

Cerovina property

The Cerovina property is covered by an exploration licence valid for up to six years, including extensions. A regional-scale structure trending north-south passing through or close to the Slivovo gold discovery extends through the eastern part of the property. Additional to the proximity to Slivovo, approximately two kilometres to four kilometres to the west are the Kishnica, Hajvalia and Badovc lead-zinc-silver mines.

Tirex believes that, due to its proximity to the Slivovo gold discovery and past-producing mines, there is excellent potential for gold and lead-zinc-silver mineralization. Tirex will review existing information on the property and will make plans for exploration.

Tirex president Fred Tejada, PGeo, states: "This second property acquisition positions Tirex as a major explorer in Kosovo. The presence of several past-producing mines nearby and the significant Slivovo discovery of Avrupa give confidence to Tirex that it is in the right geological jurisdiction and looks forward to positive exploration results in the future."

Terms of the agreement

Under the agreement, Tirex has the option to earn an 80-per-cent interest on the property by spending two million euros within five years and paying a total of 60,000 euros to the claim owner within three years after signing of the agreement. If the claim owner decides not to participate in financing the development of the project after Tirex has earned its interest, the claim owner's interest will be reduced to a 2.5-per-cent net smelter return royalty.

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