CONCORD, ONTARIO--(Marketwire - April 29, 2009) - Tawsho Mining Inc. (TSX VENTURE:TAW) ("Tawsho" or the "Company") is pleased to announce the results from its 2008 and 2009 drill programs at its 100% owned Chevrier project, located near Chibougamau, Quebec.
From March 2008 to March 2009, the Company drilled 21 holes for 7,719.6 meters. Tawsho completed in-fill drilling for ten holes and 3,866.8 meters on the Chevrier Zone in 2008, then, following the completion of an aeromagnetic survey and compilation of old geophysical data, the Company drilled six holes into IP anomalies and for 1,770 meters. During this past winter, the Company drilled five holes totalling 2,082.8 meters on the Lake Obatogamau. Two of the holes were drilled on the Chevrier Zone for 1,109.1 m and three holes were drilled on the Chevrier South Zone for 973.7 m. Highlights of the drill programs include:
3.00 m @ 5.6 g/t Au - including 1.0 m @ 14.0 g/t Au, in hole T6-08
3.00 m @ 4.9 g/t Au - including 1.0 m @ 7.2 g/t Au, in hole T15-09
9.00 m @ 1.45 g/t Au - including 1.5 m @ 2.6 g/t Au, in hole T18B-09
3.00 m @ 4.8 g/t Au - including 1.0 m @ 14.0 g/t Au, in hole T18B-09
3.00 m @ 6.56 g/t Au - including 1.0 m @ 10.1 g/t Au, in hole T19-09
8.00 m @ 1.3 g/t Au - including 1.0 m @ 2.1 g/t Au, in hole T20-09
36.00 m @ 0.6 g/t Au - including 1.0 m @ 2.1 g/t Au, in hole T20-09
A complete summary of Tawsho's drill results will be posted to its website shortly. All widths represent the downhole width. The true widths range from 50% to 100% of the downhole intercepts and average 70% of the downhole intercept.
Tawsho's President, Tim Searcy, comments "The Chevrier property is unique in that it has high grade mineralization near surface in a location very close to mining infrastructure. It provides Tawsho with a good base from which to grow. I am pleased with the results of the most recent drill programs. They have confirmed the depth extension of high grade mineralization on the Chevrier deposit, and holes T18B and T19 have returned two of the highest grade intercepts yet from Chevrier South. T18B and T19 highlight the potential Chevrier South has to host smaller high-grade zones within its larger low-grade envelope."
The property consists of two distinct mineralized zones, Chevrier and Chevrier South, with significantly different characteristics. Chevrier is a structurally controlled, strongly deformed, high grade gold deposit. Gold is found in quartz carbonate (ankerite) veins with disseminated pyrite within fractured gabbro or volcanics. Chevrier South is a large, low-grade gold deposit hosted within a thick sequence of altered tuffs.
Tawsho interprets the mineralization at Chevrier and Chevrier South to be the result of a gold-rich hydrothermal fluid driven off of a nearby intrusive. This fluid fractured the impermeable host gabbro and filled the fractures with mineralization, these actions created the narrow, but high grade Chevrier deposit with an historic inferred resource estimate of 3.5 million tonnes at 5.10 g/t Au for 570,000 ounces of gold.
The historic resource estimate was completed by GeoNova Explorations Inc. in 1998. This is the most recent resource estimate for the Chevrier deposit. 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.
As the fluid continued to migrate, it reached the more permeable pile of tuffs where it dispersed more readily, and formed the large, but low-grade Chevrier South deposit. Eleven holes drilled in the 1980's by Miniere Metall and the three holes drilled by Tawsho have defined a zone at Chevrier South that is roughly 850 m long, 650 m deep, and 150 m wide with grades consistently averaging between 0.15 g/t Au and 0.55 g/t Au. This outlines a target of 200 -250 million tonnes of 0.25 - 0.45 g/t Au.
The potential quantity and grade of this target is conceptual in nature. Exploration drilling completed on the target has been insufficient to define an inferred mineral resource, and it is uncertain if further exploration will result in the definition of a mineral resource.
Location and History
The Chevrier property is situated in the Chapais-Chibougamau area of Quebec. It is 35 km SW of the town of Chibougamau and is accessible from town by driving 20 km SW along highway 113, then 16 km SE along an all weather dirt road, L209. The Chapais-Chibougamau area has been a mining district since the early 1950's. In 1960, the area became the first copper producing region in eastern Canada. Chibougamau is best known for its copper mining with cumulative production greater than 2.5 billion pounds. However, it has also produced 4.3 million ounces of gold, with1.26 million ounces having come from the Joe Mann mine. The Chevrier property is 15 km NE of the Joe Mann mine.
The region is underlain by Archean rocks of the Superior Province. The main deformational feature on the property is the Fancamp Fault, which is a controlling feature of mineralization in the area. The property geology consists principally of basalts, massive concordant and discordant gabbros, and felsic to intermediate pyroclastics. Cross cutting these units are felsic dykes with quartz and feldspar phenocrysts.
About Tawsho Mining Inc.
Tawsho is a mining exploration company focused on the acquisition, exploration, and development of gold resources and advanced stage gold exploration projects. As of September 30th, 2007, Tawsho had 22,542,249 shares outstanding and working capital of CAD 4.7 million.
On behalf of the Board of Directors
TAWSHO MINING INC.
Tim Searcy, P. Geo. - President
Tawsho Mining Inc. operates a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split (locally sawn) in half. One half of the BQ (36.4 mm diameter) core is maintained for future reference and one half of the core is sent for analysis. Samples are collected from a range of 0.5 to 1.5 meters and in approximately 1 meter intervals or less when a mineralized zone is encountered. Core is transported to the Copper Rand Mine's core shack for logging. Since November 2008, sample preparation was done by Table Jamesienne de Concertation Miniere (TJCM) in Chibougamau. Samples are assayed at SGS Minerals Services in Toronto from July to November 2008 and further at AccurAssay in Thunder Bay using a 30 gram fire assay with AAS finish. Each sample batch contains internal control samples consisting of certified standards, blanks, and duplicates. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.
Francoise Gagnon is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has reviewed the technical disclosure in this press release. Mrs. Gagnon is a Professional Engineer registered with l'Ordre des Ingenieurs du Quebec and was responsible for managing all stages of Tawsho's exploration work at Chevrier, except for the selection of drill sites.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the United States Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Tawsho Mining Inc.'s periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tawsho Mining Inc.
VP of Corporate Development
(416) 250-6500 x1955
Tawsho Mining Inc.
Tim Searcy, PGeo.
(416) 250-6500 x1302