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Tournigan Takes Final Steps To Become European Uranium Resources Ltd.

Stocks in this article: TGP

Riutta Project

The Riutta project is located in southeastern Finland near the town of Joensuu. The project area comprises 10 exploration licenses covering 790.2 hectares. Mineralization at the project area was discovered in 1958 by a prospector who identified mineralized boulders. Since then, exploration on the project has been performed by Atomienergia (1958-1959), Outokumpu Oy (1960-1963), the Geological Survey of Finland (1983-1988) and AREVA (2008-2009). Over 500 mineralized boulders have been identified at Riutta, with more than one hundred of these boulders giving assays over 1.0% uranium. Trenching has exposed uranium mineralization occurring as veins and pockets of pitchblende.

A total of 65 drill holes (6,275 metres) have been drilled at Riutta. Drilling has been restricted to shallow holes separated by long timeframes. The best drill results to date include 11.3 metres at 0.68% U3O8 (including 3.7 metres at 1.53% U3O8) beginning at a depth of 28.3 metres; 3.6 metres at 1.10% U3O8 (including 0.35 metres at 9.79% U3O8) beginning at a depth of 42.0 metres; and 1.0 metres at 0.35% U3O8 beginning at a depth of 63.3 metres. Several zones of mineralized trends remain untested by drilling. High uranium grades have been intersected within 450 metres of strike within a larger 3.6 kilometre trend.

Uranium mineralization at Riutta consists of pitchblende veins and infill in breccias within a quartz sericite schist host rock. The bedrock comprises Archean gneisses overlain by Proterozoic quartzites. Mafic and ultramafic dykes cut across these. Alteration is extensive and includes epidote, chlorite, quartz, sericite, albite, potassium feldspar and carbonate.

Asento Project

The Asento (“10,000 Boulders”) project is a new discovery that is located in north-central Finland. A large number of mineralized boulders have been identified and the project area is considered prospective for vein-style hydrothermal uranium deposits within Archean granites. Applications have been filed for exploration licenses covering 3,556.6 hectares.

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