Tournigan Gold picks up more Irish ground

Vancouver — Tournigan Gold (TVC-V) has purchased two more exploration permits in the Republic of Ireland. This now increases Tournigan’s land position to 2,022 sq. km.

The permits host two gold zones that are related to regional faults. Tournigan states that current targets include panned-concentrate stream sediment anomalies, deep overburden soil geochemistry anomalies, and magnetic anomalies along interpreted fault zones.

The two new exploration permits and Tournigan’s previously acquired permits in the Republic of Ireland cover similar Dalradian Supergroup stratigraphy underlying Tournigan’s exploration licenses east and immediately across the border in Northern Ireland.

In consideration for the property, Tournigan issued 60,000 shares subject to a 4 month hold period. A 3% net smelter royalty is payable from production.

Tournigan intends to conduct a phase 1 regional exploration program subsequent to data compilation which is currently underway. This phase 1 program will consist of regional stream sediment and reconnaissance geologic mapping and sampling surveys. This program will be conducted concurrently with the Curraghinalt mine development and exploration programs.

The Curraghinalt development program consists of existing resource in-fill drilling that will comprise a feasibility study and ultimately a production decision in 2004.

The Curraghinalt gold deposit represents a mesothermal gold quartz vein system that has an inferred resource of 468,097 tonnes averaging 16.96 grams gold per tonne, or 230,000 contained ounces. Tournigan believes that this resource can be brought into production in the short term and can be substantially increased with further drilling.

Last November, Tournigan inked a deal with Strongbow Resources (SR-V) to option the Curraghinalt and Tyrone gold projects. According to the agreements, Tournigan can acquire a 51% interest in the Curraghinalt project area by spending $2.0 million over three years and can acquire a 50% interest in the Tyrone project by spending $1.5 million over three years.

Once vested, Strongbow may elect to retain the balance of its interest in the relevant project by funding its share of future programs. If Strongbow decides not to participate, Tournigan may increase its interest in the Curraghinalt project to 60% by incurring a further $2.0 million and to 75% by completing a feasibility study within seven years.