- 3.75 million pounds of U 3O 8 in Measured and Indicated Resources of 1.662 million tonnes grading 0.102% U 3O 8; and an additional
- 12.738 million pounds of U 3O 8 in Inferred Resources of 4.689 million tonnes grading 0.123% U 3O 8.
In addition to historical drilling and underground sampling data that could be verified, the Novoveska Huta resource estimate incorporates 17 diamond drill holes totaling 8,897 metres drilled by Tournigan between 2006 and 2011. These holes comprise 7 twin holes drilled to verify historical drill holes, 2 twin holes drilled to verify data from the historic shaft, 2 exploration holes drilled into the western block and 6 step-out holes (of which 5 were completed) that were drilled to explore and extend the deposit to the east.Historical data at Novoveska Huta were compiled during Slovakia’s communist period. They comprise 106 surface drill holes (of which 38 were used in this resource estimate), 371 underground holes and 5.5 Km of underground development from which were taken 2,081 radiometric channel samples. Only data which could be verified and had backup of hardcopy stamped original documents were used in the resource estimation. Data verification was reviewed by Tetra Tech, Inc. The data base comprises eU % (gamma) for historic holes and U % (chemical assay) for Tournigan holes. Tournigan carried out closed-can analysis at Energy Lab, USA, to confirm that there are no disequilibrium issues between radiometric gamma and chemical assays. The following table summarizes the Novoveska Huta resource estimate:
|Novoveska Huta Resource Estimate October 2011* - Cutoff 0.06%U|
|Tonnes||U 3 O 8 lbs||Tonnes||Mo lbs|
|(000s)||% U||% U 3 O 8||(000s)||(000s)||% Mo||(000s)|
|Measured + Indicated||1,662||0.087||0.102||3,750|
**All of the molybdenum resource is classified as Inferred because of the absence of molybdenum assays in historical data. For this same reason, not every uranium block in the resource is included in the molybdenum resource and therefore uranium and molybdenum resource tonnages do not correspond.A graphic showing the drill holes, underground workings and outline of resource zones can be found in the Appendix to this news release or can be viewed from this web link: http://www.tournigan.com/i/pdf/2011-10-17_NRM.pdf. The estimate was prepared by Ravi Sharma, Tournigan's Manager of Resources and Reserves, and has been reviewed, audited and approved by Tetra Tech, Inc. Tetra Tech, Inc. is preparing an independent NI 43-101 compliant Technical Report which will be filed on SEDAR within 45 days of the date of this news release. Dr. Rex Bryan is Tetra Tech's Qualified Person (QP) for this report and is an independent Qualified Person as defined by NI 43-101. This estimate is prepared in accordance to National Instrument 43-101 and classified as Measured, Indicated and Inferred according to the “CIM Standards on Mineral Resources and Reserves”. A historical (not NI 43-101 compliant) P & Z3 (Slovak resource classifications, roughly analogous to Inferred) resource estimate prepared by former operator Uranpres (Jozef Daniel) in 2005 reported 19,970,000 pounds of uranium contained in 12 million tonnes at an average grade of 0.075% U 30 8 (cutoff grade 0.015% U 30 8) at Novoveska Huta (see Tournigan news release dated September 10, 2008). Drill core samples from 17 drill holes drilled by Tournigan were analyzed by ALS Vancouver, SGS Lakefield and the SGUDS Laboratory in Slovakia for chemical assay between 2006 and 2011. The assays were conducted under Tournigan's strict Quality Assurance/Quality Control protocols. Interpretation and outlining of mineralization was conducted section-by-section by incorporating geological, structural and assay information. The 3D wireframe solids were created using Datamine studio software. Block models within these mineralized 3D wireframe solids were interpolated using ordinary kriging. The estimate was reviewed by Tetra Tech, Inc. Interpolation and NI 43-101 compliant resource classification parameters were reviewed by Tetra Tech, Inc.
Ravi Sharma, MAusIMM, Tournigan's manager of resources and reserves, and a Qualified Person as defined by NI 43-101 (a “QP”), has reviewed and approved the technical disclosure contained in this news release. Dr. Rex Bryan of Tetra Tech, a QP, has reviewed and approved the technical disclosure contained in this news release.About Tournigan Tournigan is a uranium exploration and development company that has built a portfolio of highly prospective assets in Slovakia, a member of the European Union since 2004. Slovakia is economically and politically stable, has excellent infrastructure and currently has four nuclear reactors generating half of its electricity, with two more under construction. Tournigan is committed to safe and sustainable exploration and mine development in Slovakia. In addition to Novoveska Huta, Tournigan has several other exploration targets along the Slovakian uranium belt which are showing positive exploration results. TOURNIGAN ENERGY LTD. "Dusty Nicol" Dorian L. (Dusty) Nicol, President and CEO For further information please contact: Doris Meyer, at (604) 536-2711, or visit www.tournigan.com. 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. Cautionary Statement: This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notice to US investors:This press release uses the terms "indicated resources" and "inferred resources", which are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. We advise investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in certain exceptional cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.