Interim assay results - 2011 drilling programme

RNS Number : 8594Q

Tri-Star Resources PLC

26 October 2011

 



TRI-STAR RESOURCES PLC

("Tri-Star Resources" or the "Company")

Interim assay results for 2011 drilling programme

Tri-Star Resources (AIM: TSTR), the antimony exploration and development company, has received the second tranche of assay results on its Goynuk property in western Turkey from its drilling contractor, Spektrajeotek AS, in respect of its diamond drilling programme.

Summary:

·      The drilling performed to date has returned confirmation that the antimony (Sb) mineralisation discovered at Goynuk in 2010 is persistent and extends to the South-East of the property.

·      The drilling programme is ongoing and the Company is continuing to delineate the host rocks of the mineralisation. Once concluded, this will enable the Company to deliver a maiden resource on the Goynuk Project, which will be achieved following the third tranche of assay results anticipated later this year.

·      The nature of the mineralisation is that it occurs in relatively small, high and very high grade lenses, pods and veins within a low grade rock mass. The drilling has been undertaken to define the mineralised rock mass.

·      Antimony prices remain firm and, as a guide, the in-situ value of 1% mineralisation values the ore at approximately US$150 per tonne. The conventional processes used for recovering the antimony deliver a high proportion of recovery. However, estimates of recovery and dilution during the mining process will only be made once the methodology of exploitation has been decided, which occurs during the feasibility studies and reserve calculations, scheduled for early next year.

Brian Spratley, Chief Executive Officer of Tri-Star Resources, commented:

"The drilling programme at Goynuk is advancing and the positive assay results show the mineralisation is persistent and extends over the south east area as hoped.

"These further assay results continue to provide a good indication of the high grades associated with the mineralisation at Goynuk and we are pleased that the silicification and alteration hosting the mineralisation appears to be contiguous between most of the holes.  We are continuing to extend the drilling programme and the areas of demonstrated mineralisation."

Drilling assay results

The programme of diamond drilling commenced on 15 July 2011, from which details of the first assay results were announced on 7 October 2011. This drilling programme has concentrated on the South-East extension area, which is a new mineralised zone lying sub horizontal and down dip of the old Goynuk mine workings.

A total of 31 holes have been drilled to date, a total of 3,028 metres, with the majority of them being logged and sampled. This second tranche of results reflects 6 of the holes and the selected assays are shown in Table 1 below, indicating the grades encountered. Of note, the following drill holes returned:

·      Hole 31 - 2.00 metres of 1.35% Sb with a high value of 2.05% Sb

·      Hole 31 - 2.00 metres of 1.13% Sb with a high value of 1.57% Sb

·      Hole 34 - 1.00 metres of 2.59% Sb

The drilling now underway is testing the north west area of the mine and visible mineralisation has been observed outside of and below the old mine workings. It is planned to extend this drilling to follow and delineate the mineralised formations. Drilling is also planned to continue in the south east to further define and extend the mineralisation in that area.

The contractor is using HQ drilling equipment which results in approximately 72mm diameter core, with recovery being very satisfactory.  The recovered core is logged on site and selected core samples are cut in half and sent for assay. The residual half core is retained at site.

The samples are taken to the ALSGlobal laboratories in Izmir, on the west coast of Turkey, where they are crushed, pulverised and prepared for assay, and are subsequently delivered to the ALSGlobal laboratories in Vancouver for assay.

Table 1: Selected assays from 2011 drill programme

							Sample
	Sample	Sample	Sample	Assay			Composite	Average
Hole	From	To	Length	Value	Azimuth	Dip	Length	Grade
Identification	Collar	Collar						Sb
Number	metres	metres	metres	Sb %			metres	%
GOY11031	57.10	58.00	0.90	0.06
GOY11031	58.00	59.00	1.00	0.04
GOY11031	59.00	60.00	1.00	0.65
GOY11031	60.00	61.00	1.00	2.05			2.00	1.35
GOY11031	61.00	62.00	1.00	0.01
GOY11031	62.00	63.00	1.00	0.00
GOY11031	63.00	64.00	1.00	0.02
GOY11031	64.00	65.00	1.00	0.01
GOY11031	65.00	66.00	1.00	0.01
GOY11031	66.00	67.00	1.00	0.01
GOY11031	67.00	68.00	1.00	0.64
GOY11031	68.00	69.00	1.00	0.02
GOY11031	69.00	70.00	1.00	0.04
GOY11031	70.00	71.00	1.00	0.04
GOY11031	71.00	72.00	1.00	0.04
GOY11031	72.00	73.00	1.00	0.04
GOY11031	73.00	74.00	1.00	0.04
GOY11031	74.00	75.00	1.00	0.02
GOY11031	75.00	76.00	1.00	0.36
GOY11031	76.00	77.00	1.00	0.03
GOY11031	77.00	78.00	1.00	0.70
GOY11031	78.00	79.00	1.00	1.57			2.00	1.13
GOY11031	79.00	80.30	1.30	0.15	300	-90
GOY11034	64.00	65.00	1.00	0.01
GOY11034	65.00	66.00	1.00	2.59			1.00	2.59
GOY11034	66.00	67.00	1.00	0.02
GOY11034	67.00	68.00	1.00	0.00	300	-50
GOY11038	85.00	86.00	1.00	0.05
GOY11038	86.00	87.00	1.00	0.04
GOY11038	87.00	88.00	1.00	0.07
GOY11038	88.00	88.70	0.70	0.05
GOY11038	88.70	89.80	1.10	1.33			1.1	1.33
GOY11038	89.80	90.80	1.00	0.07
GOY11038	90.80	92.00	1.20	0.04
GOY11038	92.00	93.00	1.00	0.01
GOY11038	93.00	94.00	1.00	0.02
GOY11038	94.00	95.00	1.00	0.04
GOY11038	95.00	96.00	1.00	0.07
GOY11038	96.00	97.20	1.20	0.08	300	-90
GOY11039	73.80	75.00	1.20	0.03
GOY11039	75.00	76.00	1.00	0.42			1.00	0.42
GOY11039	76.00	77.00	1.00	0.01
GOY11039	77.00	78.00	1.00	0.08	300	-50
GOY11041	78.90	79.90	1.00	0.04
GOY11041	79.90	80.90	1.00	0.01
GOY11041	80.90	82.20	1.30	0.01
GOY11041	82.20	83.20	1.00	0.01
GOY11041	83.20	84.30	1.10	0.01	300	-90
GOY11042	86.80	88.00	1.20	0.01
GOY11042	88.00	89.00	1.00	0.02
GOY11042	89.00	90.00	1.00	0.02
GOY11042	90.00	91.30	1.30	0.01	300	-90

Notes:

·      The data above is as received and selected for its significance, no corrections have been made.

·      The borehole intercept lengths have not been corrected for dip of the mineralisation.

·      The borehole numbering convention is as follows, GOY for Goynuk, 11 for 2011, and the borehole unique number.

Enquiries:

Tri-Star Resources plc  Brian Spratley	Tel:[phone]
Strand Hanson Limited (Nomad) James Harris / Paul Cocker	Tel: [phone]
Keith, Bayley, Rogers & Co Limited (Broker) Simon Frost / Brinsley Holman	Tel: [phone]
Gable Communications Justine James / John Bick	Tel : [phone]

Brian Spratley, the Company's Chief Executive Officer, has relevant experience within the sector and meets the criteria of a qualified person under the AIM note for mining, oil and gas companies and has reviewed and approved the technical information contained in this announcement.

 

END

 

 

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