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Tirex Resources (TXX.V) - latest Koshaj assays support OC best-case valuation
Comment by Objective Capital , Jun 12, 2008
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Tirex has announced another encouraging assay from a hole drilled into its Koshaj deposit on the Mirdita project in northern Albania. The company’s fifth hole into the deposit yielded 1.0 percent copper and 5.2 percent zinc over an approximate true width of 16.0 metres, with 11.0 grams of silver and 1.7 grams of gold per tonne.
Earlier, Tirex produced assays of 1.1 percent copper and 6.7 percent zinc, with 17.7 grams of silver and 1.6 grams of gold per tonne from an interval with an estimated true width of 30 metres in drill hole MR08-02. Hole MR08-03 yielded 0.5 percent copper and 4.4 percent zinc, with 44.5 grams of silver and 1.7 grams of gold per tonne over an estimated true width of twelve metres.
The company’s first hole into Koshaj yielded 0.6 percent copper, 9.0 percent zinc, with 48.4 grams of silver and 2.7 grams of gold per tonne, over an estimated true width of 30 metres.
Objective's view:
We draw continued encouragement from the Koshaj assays, which show promising values of base and precious metals over appreciable widths. The company is awaiting assays from five additional holes at Koshaj, which test a total strike length of 75 metres of the deposit. The results of all nine holes will guide planning for a second phase of drilling at Koshaj.
We believe the assays continue to support our optimistic valuation of the Mirdita project. Further, we believe that continued expansion of the Koshaj mineralisation through drilling, or comparable assays from additional deposits offer further blue-sky potential. The company is now drilling on the Gurthi South deposit and plans to expand that programme to Gurthi Central, a significant historical target.
