TMX group TMXmoney

Tawsho Mining Inc. (TAW)
Market: CDN Consolidated
$ 0.04
Sep 19, 2014, 3:33 AM EDT
Change: -0.005 (-11.11%)
Volume: 5,000
Day Low
0.04
Day High
0.04
Tawsho Strikes Significant Gold in Newfoundland With Intersections Exceeding 1.4 Ounces Gold Per Ton (47.3 Grams Per Tonne) Over 0.15 m

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2011) - Tawsho Mining Inc. (TSX VENTURE:TAW), hereinafter referred as "Tawsho" or the "Company", is pleased to report that it has completed eleven drill holes during its summer 2011 drill campaign, on its Whisker Valley Gold Project located in northern Newfoundland, Baie Verte region. Hole WK11-08 returned an average grade of 1.38 ounces gold per ton (47.3 g/t) and holeWK11-06 an average grade of 0.57 ounces gold per ton (19.7 g/t) over an interval of 0.15 m. Gold mineralization in hole WK11-08 over a 1.3m intersection interval returned a weighted average grade of 7.9 g/t. Visible gold was identified in quartz veins carrying minor pyrite enveloped in highly sericitized wall rock.

"Tawsho Mining is extremely pleased with these results. The level of successful holes with significant gold intersections is very encouraging. Holes number 6 and 8 contained values in excess of 0.58 ounces gold per ton (20 g/t) and 1.38 ounces gold per ton (47.3 g/t) respectively. These higher grades confirm that substantial amounts of gold are being carried in the hydrothermal and metasomatic fluids on the property. Of further significance is the fact that the strong gold showings were encountered at very shallow depths of less than 50 metres. In fact, all significant gold showings were encountered at less than 250 metre depth," stated Dr. Avedesian, CEO.

Added Dr. Avedesian "As a gold bearing property, the level of geological and metallogenetic knowledge for Whisker Valley claim block is still in its very early exploration stages with less than 5 % of the property having been explored to date by Tawsho. The Whisker Valley Gold Property is comprised of 913 claim blocks, covering an area of 21,875 hectares (218.8 sq. km)."

The core from all 11 drill holes has been visually examined, logged and sampled. However, Tawsho has not yet received the laboratory results for the 4 remaining drill holes. These results will be reported upon and press released in due course as soon as they are received and verified.

Given the very high gold showings, the Company had all the high value drill cores retested a second time in order to ensure accuracy and completeness and has used the results from the duplicate (retesting of core samples) as the benchmarks reported in this press release.

The significant assay results are shown in Table "A" below:

Table A: Table - Preliminary 2011 Drill Assay Results Showing Intersections Greater 0.50 g/t


                                                                 Duplicate
                                                                  Assay of
                                                                    Reject
                                            Interval   Assay Au Sample g/t
DDH Number              From (m)     To (m)    (m)(3)       g/t         (2)
---------------------------------------------------------------------------
WK11-03                   55.90      56.20      0.30      1.123      1.151
---------------------------------------------------------------------------
WK11-03                   88.50      89.20      0.70      0.578      0.583
---------------------------------------------------------------------------
WK11-05                   82.20      82.50      0.30      1.319      0.814
---------------------------------------------------------------------------
WK11-06                   15.60      16.10      0.50      4.539      5.493
---------------------------------------------------------------------------
WK11-06                  236.55     237.05      0.50   2.250 (1)     2.198
---------------------------------------------------------------------------
WK11-06                  245.20     245.40      0.20      0.730      0.425
---------------------------------------------------------------------------
WK11-06                  246.85     247.00      0.15     19.195      20.13
---------------------------------------------------------------------------
WK11-08                   32.00      32.10      0.10     11.043     11.368
---------------------------------------------------------------------------
WK11-08                   40.40      40.65      0.25      1.417      1.160
---------------------------------------------------------------------------
WK11-08                   41.20      41.30      0.10  24.360 (1)    23.980
---------------------------------------------------------------------------
WK11-08                   41.30      41.45      0.15     53.767     40.840
---------------------------------------------------------------------------
WK11-08                   41.45      41.70      0.25      1.804      1.663
---------------------------------------------------------------------------
WK11-08                  136.50     137.00      0.50      2.737      2.295
---------------------------------------------------------------------------

Note (1) duplicate analyses were done in the Lab by re-analyzing second 
         pulp sample; 
     (2) duplicate analysis - metallic screen fire assay - AA finish on
         second sample prepared from reject portion of the sample, 
     (3) intervals are core intersection lengths and do not represent true 
         width of mineralization

Historical assay and geological data were compiled by Tawsho during the 2010 period. In 2010, several targets that were identified in this compilation were drilled to test previously known mineralized centers. Tawsho subsequently completed soil and rock grab sample geochemical surveys on cut lines and an IP chargeability and resistivity program on the same line data (please see news release 3 March 2011).

The present 2011 drill campaign initially targeted six IP anomalies that were identified in the 2010 exploration campaign. Five of these anomalies have now been drilled. The drill program, although preliminary, has now identified the presence of gold mineralization in three of these targets. The remaining drill target became inaccessible due to spring thaw and will be tested in the next drilling program.

Gold values identified in these holes are associated with the presence of pyrite bearing siliceous quartz veins containing very fine grained pyrite. The pyrite tends to form seams, blebs and less commonly narrow pyrite rich veins containing minor amounts of galena-chalcopyrite enclosed within highly silicified margin containing sericite and chlorite epidote and hematite assemblages in the more marginal parts to the vein.

The location of individual holes is shown in Table "B" below:

Table "B": Location orientation and length of NQ holes drilled


Hole ID                East_n83  North_n83       Line    Station     Length
WK11-01                  547633    5498430  10 + 00 W  17 + 50 N      141.5
WK11-02                  547558    5498300  10 + 00 W  16 + 00 N      220.4
WK11-03                  547361    5498560  13 + 00 W  16 + 25 N      226.2
WK11-04                  547080    5498260  14 + 00 W  12 + 25 N      227.0
WK11-05                  547253    5497760  10 + 00 W   8 + 75 N      297.0
WK11-06                  547158    5497610  10 + 00 W   7 + 00 N      250.0
WK11-07                  547587    5496783   2 + 00 W   1 + 75 N      248.5
WK11-08                  547706    5496750   1 + 00 W    2+ 25 N      250.9
WK11-09                  548353    5496290   7 + 00 E    1+ 50 N      213.7
WK11-10                  548483    5496510   7 + 00 E   4 + 00 N      382.5
WK11-11                  548525    5497580   2 + 00 E  13 + 75 N      251.5

                          Zone U 21 NAD 83                 TOTAL     2709.2

Our understanding of the underlying basis for gold mineralization is still being developed, thus special attention was paid to quartz veining, related silica replacement of adjacent host rock and mineral assemblages within highly altered core intervals. These intervals have been systematically sampled, cut and submitted to Eastern Analytical Laboratories, Springdale, NL for gold assay and geochemical trace element analysis. Petrographic studies will eventually be undertaken to characterize and compare those highly altered zones that contain gold mineralization to those that do not. Coupled with geochemical data profiles, the expectation is to provide intensity and mineral assemblage patterns that can be used to better guide in more detail, the placement of future drill holes.

Quality Assurance/Quality Control:

Tawsho Mining Inc. is implementing the standard QA/QC protocol for its exploration and diamond drilling of its Whisker Valley Project by the drilling contractor Baker's Construction Ltd of Baie Verte NL. NQ core size has been used to provide adequate sample size for each sample being submitted for analysis and if necessary to enable the possibility for undertaking additional petrographic and step-down sampling if required. In the field, core was picked up by one of Tawsho's designated personnel or the driller and transported to a secure Core Shack. During logging, in addition to noting core recovery parameters, geologic attributes including lithology, alteration, quartz veining, presence and identification of sulfide and oxide mineralization along with other geologic parameters normally associated with mineralization were noted and recorded. Core intervals are marked on basis of selected geological parameters, and those intervals showing veining or mineralogical characteristics that may be indicative of mineralization are selected for splitting and assaying. Prior to splitting, all core was photographed and individual sample intervals submitted for analysis were photographed in more detail. Core splitting is done with a diamond core saw and 1/2 of the drill core is submitted to Eastern Analytical Laboratory in Springfield, NL. The remainder of the core is stored on the grounds of Barker's Construction Ltd. adjacent to the Core Shack.

Conventional fire assay sample preparation consists of crushing the selected core sample such that 75% crushed material passes -10 mesh (2 mm) screen and which is split to a 300 gram sample that is pulverized so that plus 90% of the sample (pulp) passes 200 mesh (.075mm). From this pulverized sample a 30 gram sample is taken for standard fire assay for gold with AA finish. Samples returning gold values over 1 ppm are resubmitted for fire assay with gravimetric finish. Following completion of fire assaying, 30 g of the pulp samples are geochemically analyzed for multi-elements using 4-acid digestion followed by ICP analysis with OES finish (Inductively coupled plasma optical emission spectroscopy). Tawsho Mining also inserts gold standard samples, blank samples and duplicate samples into the sample stream at a rate approximating 10% of total original samples. Samples are normally transported by a Tawsho employee by truck from the Property to the analytical laboratory. Chain of custody protocols require signatures and the maintenance of logs and receipts each time the samples are picked up from or delivered to a new location. When utilizing commercial transportation, all shipping sacks are sealed with a numbered tag, the removal of which is recorded upon receipt by Eastern Analytical Laboratory Inc. Check analyses are conducted on a regular basis by resubmitting the crushed reject as a separate duplicate sample to Eastern Laboratory.

All sample intervals where free gold is visually observed are automatically submitted for fire assay analysis using the metallic screen finish. The screen +150 mesh screen oversize portion is assayed in total and the screen undersize is fire assayed in duplicate using a gravimetric finish. All other samples are analyzed by conventional fire assay using a 30 gram sample with ICP-AES finish.

This press release was prepared by Edward Procyshyn P. Geo., who is the qualified person as defined by NI 43-101 and Francoise Gagnon, Eng. Tawsho's field geologist and also a qualified person, and reviewed by Dr. Michael M. Avedesian P.Eng.

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. The Corporation is presently developing its Chevrier project ( comprised of 557 claims, covering an area of 9542 hectares, or 95.4 sq. km) in the Chibougamau region of Quebec and its Whisker Valley project( comprised of 913 claims, covering an area of 21,875 hectares, or 218.8 sq. km) in Baie Verte, Newfoundland. Tawsho currently has approximately 22 Million shares outstanding.

Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Corporation's properties; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Corporation's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Corporation's business, or if the Corporation's estimates or assumptions prove inaccurate. Therefore, the Corporation cannot provide any assurance that forward-looking statements will materialize. The Corporation assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulations Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges.
Market Data powered by QuoteMedia. See the QuoteMedia and TMX Group Terms of Use.