Positive Developments Continue for Triple Nine
Private Canadian Junior Mining Company Triple Nine Resources Ltd. (TNR) owners of the Four Corners Iron Ore – Titanium – Vanadium Property 23 kms east of the TCH along the Burgeo Paved Highway in southwestern Newfoundland announces significant developments for the property and it’s corporate business plan. Company Chairman and CEO Mr. Len Muise states that he is very pleased with the latest developments TNR has achieved to date in 2011 and which are summarized below.
In late February an independent consultant, based in Europe, visited the Four Corners Project (FCP) and confirmed the 2010 surface, drilling and airborne survey results that is suggesting a large, bulk tonnage deposit could exist on the FCP.
Mr. Muise notes “These positive developments contributed to making TNR’s first Annual General Meeting of shareholders, held in Stephenville on March 31, 2011 a tremendous success”. He adds, “over 50 shareholders representing 59% of the total outstanding shares in the company attended the AGM, confirming the on-going interest and excellent support that we have from our shareholder base. At the meeting we reviewed our exploration and corporate activities in 2010 and presented our plans for the 2011 exploration season, all of which were well received by our shareholders”.
In early May the company completed a financing of $1M CAD through a private placement of shares with a small group of European based investors. This financing allows TNR to move forward with its 2011 exploration program. The company is pleased to report all exploration approvals for 2011 have now been issued by the Department of Natural Resources.
The first phase of exploration for this year is an airborne geophysical survey, which has been awarded to Geotech Ltd. of Aurora, ON. The survey planned for next week will cover the area of new staking extending 21 kms west of last years 6 km long Magnetic (MAG) anomaly. This highly anomalous region, based on drilling and surface trenching results, is now known to host significant concentrations of iron ore, titanium and vanadium mineralization. Geotech will be using their helicopter borne VTEM PLUS or Versatile Time Domain ElectroMagnetic (EM) system, which they advertise “as the most innovative and successful airborne EM system to be introduced in 30 years”.
In early July TNR will commence the 2011 core-drilling program for further testing of the mineralization intersected during the 2010 drilling. Up to 40 drill sites are planned to test the strike and down dip extensions of the Keating Hill Mineralized Zone. In concert with the drilling there will be a program of prospecting and excavator trenching designed to test the indicated extension of the more than 6 km long MAG anomaly. Last years prospecting up to 2 kms west of the MAG anomaly identified highly mineralized samples further confirming the potential for significant strike extension to the west (ref. press release November 9, 2010).
Geology and field technical support crews are in place and will be mobilizing to the project site within the next couple of weeks. Work has now commenced on recommissioning and expanding the existing trailer base camp facilities to accommodate the larger crew necessary for this years expanded work program. Geotech has advised the preliminary results from the airborne survey should be available by mid June and this information together with an upgraded interpretation and modeling of last years airborne survey results will assist greatly with directing the drilling and other phases of the planned 2011 exploration program.
During the next couple of weeks TNR will be updating its company website (www.triplenineresources.com) to display the current activities and renewal of exploration.
Industry consultant, Victor A. French, P.Geo., Vice President of Exploration for Triple Nine and a qualified person as defined by National Instrument 43-101 reviewed the scientific and technical information contained in this news release.