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Tirex Resources / TXX.v - Mineral exploration in Albania

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Tirex Resources / TXX.v - Mineral exploration in Albania

553 sq km Mirdita Property : cu, zn, ag, au

=====================================

 

From DrB's Diary

Tirex / TXX.v ... update

zzze.gif

 

I nearly doubled my position in these today, adding more below $0.50

They have had some good drill results, and I liked the "look of the chart."

 

"Tirex is a company purpose-built to explore and develop the large 553 square kilometer Mirdita Property in Albania."

 

Tirex Resources Ltd. was formed to conduct mineral exploration and development activities in Albania. Tirex has acquired the 553km2 Mirdita property covering most of the traditional Albanian Mining District. We are focusing our efforts towards developing the potential of the Mirdita Project into a major Volcanogenic Massive Sulfide (VMS) District with multiple large deposits of copper, zinc, GOLD and silver mineralization. Leading the way into Albania and employing modern exploration techniques in an area with a rich mining history, Tirex is in the right country at the right time.

 

/website :: http://www.tirexresources.com/s/Home.asp

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December 07, 2009

Tirex Intersects 12.0m (39.4 ft) of 0.91% Copper, 4.00% Zinc, 14.1g/t Silver, and 2.4g/t Gold

 

35m Step out Drill Hole at Letitna Intersects Robust Mineralization

Assays Pending on Step Out Hole MR09-55, Drilled 240m North of this Hole

Letitna Zone Open for Expansion, District-Scale Exploration Continues

Tirex Resources Ltd. ("Tirex") is pleased to announce that drill hole MR09-49 has intersected a thick zone of robust copper, zinc, gold and silver mineralization at the Letitna Zone in the company's Mirdita VMS District in Albania. The hole intersected 12.0m (39.4 ft) of 0.91% Cu, 4.00% Zn, 14.1 g/t Ag and 2.4 g/t Au including 2.0m (6.6ft) of 0.67% Cu, 11.56% Zn, 36.9 g/t Ag and 4.7 g/t Au including 1.0m (3.3ft) of 1.23% Cu, 8.07% Zn, 22.2 g/t Ag and 7.3 g/t Au including 2.6m (8.5ft) of 2.24% Cu, 1.99% Zn, 20.0 g/t Ag and 4.4 g/t Au.

 

MR09-49 is a step out hole drilled 35m north of drill hole MR09-47 where Tirex also intersected significant mineralization (see news release dated November 17, 2009 for details). Additional holes have been completed and assays are pending.

. . .

Tirex's intense District-scale exploration program at Mirdita is a combination of advanced stage definition and expansion drilling in known areas of mineralization alongside of exploration targeting new discoveries in previously undrilled areas. Tirex is a company purpose-built to explore and develop the large 553 square kilometer Mirdita Property in Albania. The nature of the VMS mineralization in this District provides Tirex investors with exposure to a high grade basket of metals: Copper, Zinc, Gold and Silver. The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The property covers the core of the historically productive Mirdita VMS base metal district. It represents an opportunity to explore Copper, Zinc, Gold and Silver zones that were previously partially mined, explored or evaluated at lower metal prices, and provides an opportunity to apply modern exploration techniques toward the discovery of new VMS deposits and extensions of known zones. In addition to the 17 historical deposits identified by previous state-run exploration, Tirex has identified numerous high priority exploration targets resulting from the 2007 airborne geophysical survey, ongoing ground geophysics, geological mapping and other field work. The Mirdita Project is managed by an experienced team of Canadian and Albanian geologists and geophysicists.

 

/more: http://www.tirexresources.com/s/NewsReleas...-Silver-and-2...

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December 03, 2009

Tirex Arranges $1.57 Million in Financing with EBRD

 

convertible at $0.62 as per terms of original agreement

bears interest at LIBOR plus 1.5%

funds to be used for continuing intense District-scale exploration at Mirdita

Tirex Resources ("Tirex") is pleased to announce that it has arranged to immediately draw down €1million (approximately $1.57 million Canadian) from the European Bank for Reconstruction and Development ("EBRD") under the terms of its loan agreement announced on October 8th, 2008.

 

Tirex will use the funds to continue drilling at the company's Mirdita District in Albania. The company's exploration program at Mirdita is a blend of advanced stage definition and expansion drilling in known areas of mineralization alongside of pure exploration with a discovery focus in previously undrilled areas of the property.

 

Assays are pending from recent, continued step out drilling in the Letitna area of the District. The most recent hole drilled at Letitna is a large step out, 150m north of the previous most northerly hole drilled in the area. In addition to Letitna, Tirex is also currently drilling a high priority exploration hole in a new area of the property, targeting discovery.

 

/more: http://www.tirexresources.com/s/NewsReleas...ncing-with-EBRD

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Last company tweet

 

Confirmed that core from 240m step out will arrive in lab for assay next week. Putting a RUSH on it, but holidays will impact turn around

11:47 AM Dec 18th, 2009 from txt

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I have included a map, and the location of the 240m step out hole, to illustrate the significance of this hole. Results should be published any day now, we have been waiting over a month!

 

letitna240mstepouts.png

 

 

will add more if a ) drill results are good, or at least consistent

b ) price still under $0.50.

 

I can't help but think all the buyers are waiting on the sidelines for these results!

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I have included a map, and the location of the 240m step out hole, to illustrate the significance of this hole. Results should be published any day now, we have been waiting over a month!

 

letitna240mstepouts.png

 

 

will add more if a ) drill results are good, or at least consistent

b ) price still under $0.50.

 

I can't help but think all the buyers are waiting on the sidelines for these results!

 

 

 

Update: Managed to get a reply from their CEO. 240m step out results will be made public within the week.

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240m results in, and disappointing!

http://finance.yahoo.com/news/Tirex-Resour...ml?x=0&.v=1

 

The long step out hole at Letitna intersected mineralization and extended the mineralized horizon 240m to the north of its previous most northerly known extent. The hole intersected 1.6m of 0.96% Zn, 3.5 g/t Ag and 0.39 g/t Au, and 2.1m of 0.84% Zn, 1.6 g/t Ag, and 0.12 g/t Au. Letitna is open for expansion to the northeast. Going forward drilling at Letitna will be focused on expansion and definition with further step out and infill holes planned.

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The market didnt like it

 

TXX: 0.355 Change: -0.035

Open: 0.38 High: 0.385 Low: 0.345

Volume: 374,500

Percent Change: -8.97%

 

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It's now at 27 cents!

 

IMO, this has the greatest potential of any junior at a similar stage in development i know of. However, the market says otherwise.

 

This stock was over $4 two years ago, so it could take a while for the price damage to heal.

 

Either way, I have no plans of bailing out. I continue to hold for however long!

 

 

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Back up to the $0.5 price range again. I bought some on the way down but lost courage after it more than halved from where I originally bought in. Nice drill results this week - not sure whether to bail out now with a view to buying back in at a lower price, but as a longer term holding in my SIPP. Any thoughts?

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Back up to the $0.5 price range again. I bought some on the way down but lost courage after it more halfed from where I originally bought in. Nice drill results this week - not sure whether to bail out now with a view to buying back in at a lower price, but as a longer term holding in my SIPP. Any thoughts?

 

Bear in mind they have an initial resource estimate for Mirdita coming out before year end.

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Some significant developments ...

 

http://finance.yahoo.com/news/European-Ban...ml?x=0&.v=1

 

Additionally, mineral resource estimates based on Tirex definition drilling to date for Koshaj, South Gurthi No. 1, Letitna and South Gurthi No. 2 zones are now being calculated by SRK Consulting (U.K.) Ltd. Tirex plans to conduct a Preliminary Economic Assessment (PEA) of Koshaj, South Gurthi No. 1, Letitna and South Gurthi No. 2. The PEA will start immediately upon completion of resource calculations for the deposits, considering potential production scenarios. There are 17 known historical deposits on Tirex's property (9 of which were formerly in production). Koshaj, South Gurthi No.1, Letitna and South Gurthi No. 2 are the first four historical deposits that have been drill tested by Tirex. Drilling of other historical deposits at Mirdita will occur in 2011, targeting expansion of certain deposits on strike and at depth. Most of the deposit areas have never been tested with large scale, systematic and modern exploration.

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Just wish I'd added some more around the bottom.

 

Of course you do, me too...been holding for a while, have been tempted to sell in the past but always had a good feeling about this company.

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