Tournigan sees resource jump at Kuriskova (May 21, 2007)

Vancouver — Tournigan Gold (TVC-V, TVCZF-O) got a major market boost after tabling a new resource that almost triples the previous contained uranium estimate on its Kuriskova uranium project in eastern Slovakia.

About 9 million inferred tonnes grading 0.255% U3O8 (about 50.5 million contained pounds U3O8) was calculated within three zones on the deposit using a 0.035% U3O8 cutoff grade.

The bulk of the mineralization is hosted in a higher-grade portion of the Main zone containing 3.6 million tonnes of 0.49% U3O8.

“The deposit is beginning to take shape as one of the world’s largest high-grade uranium deposits,” said Tournigan president and CEO James Walchuck in a release.

Previously called Jahodna, the Kuriskova project was acquired by Tournigan in 2005 and had been explored previously. In 1996, a resource estimate (not National Instrument 43-101 compliant) by the Czech exploration group Uranovy Prieskum calculated 1.2 million tonnes averaging 0.54% U3O8 and 0.38% molybdenum in a “high-grade” section plus an additional “low-grade” resource of 1.1 million tonnes grading 0.22% U3O8 and 0.38% molybdenum.

Kuriskova is in a belt of stratabound uranium and molybdenum deposits hosted by a suite of Permian-aged metavolcanics and metasediments.

The deposit, which is entirely covered by thick soil and forest, strikes northwest-southeast and dips steeply to the southwest in its upper portion (about 60) and flattens slightly in the lower section (about 47). Drilling has outlined the deposit 650 metres along strike and 530 metres downdip with a thickness of 2.5 metres. It begins at a depth of about 120 metres and extends to 650 metres below surface.

“The deposit still shows great growth potential,” Walchuck continued. “We are planning a near-surface infill drill program as well as a deep drill program this year to further improve our understanding of Kuriskova, as well as try to expand the current resource.”

The company expects to complete a new preliminary assessment by April 2008.

Tournigan shares jumped 35% on the news to close up $1.04 at $4.03 apiece, setting a new high. The company posts a $465-million market capitalization based on its 116 million shares outstanding.

Besides Kuriskova, the company holds its Kremnica and Curraghinalt advanced-stage gold projects in Slovakia and Northern Ireland respectively, has optioned a Nevada gold property, and holds additional uranium projects in Slovakia and the southwestern U.S.