VANCOUVER, B.C., July 12, 2012 /PRNewswire/ -- TNR Gold Corp.
(the "Company") (TSX VENTURE: TNR) Further to the
announcement on July 5th,
2012 pertaining to the launch of the Shotgun Gold project in
Alaska, TNR is pleased to report
that exploration and camp preparation is on schedule for a start of
drilling planned for July
15th.
Objectives of the 2012 Shotgun Gold Project include:
• Infill drilling to support a new resource calculation after field
season;
• Test new geophysical targets identified in 2011;
• Further test at depth feeder zones discovered in 2006, and
• Geophysical surveys of other ridges for new, structural, drill
targets.
The geophysics contractor is setting up the first of several 3D
resistivity and chargeability survey areas across the property at
Winchester, the southern-most prospect of the Shotgun
Project. Ground-based magnetics are also planned in
conjunction with the primary survey. Locations of additional
geophysical grids will include extension of the 2011 survey at
Shotgun Ridge to further define features identified at the edge of
that survey.
In anticipation of the project financing earlier this year, TNR
management utilized in-house and contract services to effectively
complete planning and permitting while assembling a field team for
geology, drilling, geophysics and support services. TNR
continues to apply its strategic plan to be able to respond quickly
to opportunities and build shareholder value.
Mr. John Harrop, VP of
Exploration notes, "We are fortunate to be drilling a zone that is
within Shotgun Ridge and not under a valley. This geometry
means that there is less cover to drill through than we would
encounter in a valley bottom and that translates to a cost saving
in drilling, and better resolution in the geophysical
surveys. Ultimately, should an economic deposit be proven
here, we expect it to reduce the footprint and benefit mining
efficiency."
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175
kilometres south of Donlin Creek within the Kuskokwim Gold Belt in
southwestern Alaska. This area is
emerging as a world-class gold district hosting more than 40
million ounces of aggregated gold resources. The Shotgun property
includes a number of prospects, including Shotgun Ridge and nearby
Winchester. Donlin is an intrusion-associated system and represents
one of the largest undeveloped gold deposits in the world. The
Company believes that there are several key similarities between
prospects on the Shotgun property and that of the Donlin Creek gold
deposit as well as other important intrusion-associated
deposits.
Previous work at Shotgun Ridge by NovaGold Resources Inc. in
1998 estimated an historical resource of 980,000 ounces grading
0.93 grams per tonne (g/t) at a cut-off of 0.5 g/t (This estimate
was made prior to NI43-101 and has not been verified by a Qualified
Person. It is provided for historical information and should
not be relied upon).
John Harrop, PGeo, FGS, a
Qualified Person for TNR Gold Corp. as defined by NI 43-101 has
reviewed the technical information contained in this report.
Further details on the project can be found on our website
at:
www.tnrgoldcorp.com/i/pdf/TNR_Shotgun_MAY2012_Public.pdf)
About TNR Gold Corp.
Over the past twenty-one years TNR, through its lead generator
business model, has been successful in generating high quality
exploration projects around the globe. With the Company's
expertise, resources and industry network, it is well positioned to
aggressively identify, source, explore, partner and continue to
expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp.
(TSX:ILC.V), demonstrated the successful application of TNR's
business model in which TNR shareholders benefited from a unit
distribution upon spin-out of TNR's lithium and rare metals
projects. TNR remains a large shareholder in ILC at 25.5% of
outstanding shares.
At its core, TNR provides significant exposure to gold and
copper through its holdings in Alaska and Argentina; and teamed with the recent
acquisitions of rare-earth elements and iron ore projects in
Canada confirm TNR's commitment to
continued generation of in-demand projects, while diversifying its
markets and building shareholder value.
On behalf of the board,
Gary Schellenberg
President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Statements in this press release other
than purely historical information, historical estimates should not
be relied upon, including statements relating to the Company's
future plans and objectives or expected results, are
forward-looking statements. News release contains certain
"Forward-Looking Statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on numerous assumptions and
are subject to all of the risks and uncertainties inherent in the
Company's business, including risks inherent in resource
exploration and development. As a result, actual results may vary
materially from those described in the forward-looking
statements.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@tnrgoldcorp.com
Website: http://www.tnrgoldcorp.com
Symbol: TNR:TSXV
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
SOURCE TNR Gold Corp.
