|
Untitled 2
Vancouver
B.C.: TNR Gold Corp. ("TNR" or the "Company") and wholly-owned International
Lithium Corp. ("ILC") are pleased to announce the Option to acquire 100%
interest in the Fairservice Mining Leases adjacent to the Company's Mavis Lake
property located 15km northeast of Dryden in northwestern Ontario, from Rich
Resource Investments Ltd. (the "Vendor") a private company of Edmonton, Alberta.
Key Point
Summary:
-
Fairservice property consists of 6 Mining Leases
-
10 East trending spodumene-beryl-tantalite type
pegmatites identified from past work
-
Historical (non NI43-101 compliant) resource of 500,000
tons at 1.0% Li2O*
Fairservice Mining Leases
The Fairservice property consists of 6 Mining Leases totaling 88.4 hectares and
is dominated by east trending spodumene-beryl-tantalite-type pegmatites
considered to be part of the same dyke swarm as on the Company's adjacent Mavis
Lake claim block. Past exploration
identified 10 pegmatites (Pegmatite #1-10) and delineated an historical (non NI
43-101 compliant) resource of 500,000 tons at 1.0% Li2O at Pegmatite
#1*.
To earn a 100% interest, TNR has agreed to make payments totaling $120,000 and
issuing an aggregate of 500,000 common shares of TNR over a three-year period
and incurring exploration expenditures totaling $500,000 over a four-year
period. The vendor will retain a 5%
Net Profits Interest royalty of which the Company has the right to purchase in
entirety by paying the Vendor the sum of $1 million.
The agreement is subject to regulatory approval.
Mavis Lake Project Summary
Two field programs were undertaken in 2009 consisting of detailed mapping and
sampling of the known pegmatite occurrences to assess the lithium (Li), tantalum
(Ta) and other rare metals potential of the Mavis Lake property.
Composite channel samples returned 1.24 Wt% Li2O over 5.3
metres and 1.4 Wt% Li2O over 4.7 metres from Pegmatite #18.
In addition, a lithogeochemical survey over a 1200m by 900m grid extended the
lithium dispersion anomaly (>50 ppm Li) by 1.1kms to 4.5kms in total length.
Of special note, 38% (78 of 204 grab samples) graded better than 150 ppm
Ta2O5** (tantalum oxide) demonstrating widespread highly anomalous Tantalum
mineralization (Company News Release dated December 9, 2009).
The highest tantalum values came from Pegmatites 13, 14 and 16 which occur
within an area of 500 by 800 metres that represents the known southeastern
exploration limit for rare metal mineralization on the property.
This prospective area of elevated tantalum values is underexplored and
open to the east and southeast and will be the major subject of field
investigation in 2010. Grab samples
from this area returned peak Ta2O5 values of 1349 ppm
(0.135%) and 1246 ppm (0.125%) from the No.16 and No.14 pegmatites,
respectively**.
Figure 1: Lithium-Tantalum Zonation and Pegmatite
Location Map -- Mavis Lake and Fairservice Project, Ont.
*
Note:
a qualified person has not done sufficient work to
classify the historical estimate as current mineral resources, the issuer is not
treating the historical estimate as current mineral resources and the historical
estimate should not be relied upon.
**Note: grab samples are by definition
selective and are unlikely to represent average grades on the property.
Mavis Lake Property General
The Mavis Lake property is located 15 km Northeast of Dryden, Ontario.
It is easily accessed via the Trans-Canada Highway and a series of
logging roads. The claim block
comprises a total of 2,544 ha and covers several known rare metal pegmatites.
Regional pegmatite mineralization is directly associated with the strongly
peraluminous Ghost Lake pluton and related pegmatitic granite dykes.
Rare metal mineralization in the Mavis Lake area occurs in zoned
pegmatites hosted by mafic metavolcanic rocks.
Rare metal mineralization has been noted to occur in four zones: internal
beryl zone within the parent of the Ghost Lake pluton that evolves into external
zones of beryl-columbite, spodumene-beryl-tantalite and albite-type pegmatites.
The known pegmatite dykes on the Mavis Lake property comprise spodumene-beryl-tantalite,
albite-type or a combination of both.
Ike Osmani, P.Geo, is the company's qualified person on the project as required
under NI 43-101 and has reviewed the technical information contained in this
press release.
To help understand the technical aspects of Lithium and other Rare Metals please
visit TNR's website at www.tnrgoldcorp.com.
ABOUT TNR
GOLD / INTERNATIONAL LITHIUM CORP
TNR and ILC are diversified metals exploration companies focused on exploring
existing properties and identifying new prospective projects globally. TNR has a
portfolio of 18 active projects, of which 9 will be included in the proposed
spin-off of International Lithium Corp.
For further details of the spin-off please refer to TNR's April 27, 2009
news release or visit http://www.internationallithium.com
The recent
acquisition of lithium, other rare metals and rare-earth elements projects in
Argentina, Canada, USA and Ireland confirms the companies' commitments to
generating projects, diversifying its markets, and building shareholder value.
On behalf of
the board,
Gary
Schellenberg
President
| 
Aug 31, 2010: News Room: 33% Increase in Project Area To 160 Square Kilometres Mariana Lithium Brine Project, Argentina 
