Mar 26 2013
Tajiri Resources Corp. (the "Company") reports that it has executed a contract with Au Drilling Inc. ("The Contractors" or "Au") - a private Guyana-based drilling company to complete a minimum 3,000 metres of RC Drilling at the Kaburi PL Gold Property, Guyana, South America.
The Reverse Circulation ("RC") drilling will mark the first recorded modern mineral exploration effort of its kind at the property, and will focus on high priority gold targets within the 2.5 km x 4 km Seer Gold-in-Soil geochemical anomaly identified through the Company's Phase I and II work programs initiated in July, 2012. Given the robust size of the 'Seer' anomaly and consistent grades returned in over 1,200 auger-based soil samples - complimented by the 180 lithological panel samples taken from bedrock exposed within numerous artisanal pits returning values as high as 15.3 g/t gold - the Company is confident that the targets tested during the program will confirm gold mineralization on the Kaburi PL and that the Seer Anomaly itself is representative of a substantial lode-gold system similar to Azimuth's Smarts deposit some 2.5 km Southeast of Tajiri's proposed drilling.
RC Drilling is slated to commence the first week of April and will continue over the following three weeks, with a target of approximately thirty (30) holes being completed during that time. As always, results from this first-pass drill campaign will dictate the scope of further work on the Property, but given the considerable exploration success met at Kaburi to date the Company anticipates its exploration will continue for the foreseeable future with the long-term goal of defining an NI43-101 compliant resource at the Kaburi PL within the next 18 months. The Drill Contractors were selected based in part on the RC Drill Rig located within 5km of the Kaburi PL; the Principals of Au Drilling Inc. having extensive knowledge of the drill conditions area with managing director Mr. Dominic O'Sullivan having been the founder, and former President and Chief Executive Officer at Azimuth Resources Limited where he was instrumental in their discovery of the Smarts/Hicks Zones at the West Omai Gold Project, which now contain an NI43-101 compliant inferred resource* of 1.64 million ounces of gold.
The Company also discloses that it will arrange a non-brokered private placement consisting of 10,000,000 units at a price of $0.05 per unit for gross proceeds of $500,000. Each unit will consist of one Common Share and one non-transferable Common Share purchase warrant with each whole warrant entitling the holder to purchase an additional common share in the capital of the Company at a price of $0.10 for a period of 24 months from the closing date. The Company may pay fees on a portion of the offering with proceeds from the offering used to fund further exploration at the Kaburi PL Gold Property and for general working capital purposes.
Paul D. Gray, PGeo, is the company's qualified person with respect to the Kaburi Gold Project and has reviewed and approved this press release.
*The Company has not verified the above information, which is available publically on SEDAR and from within Azimuth's website and public disclosures. The Information presented herein on the West Omai property is not necessarily indicative of the mineralization on the Kaburi PL Property.
On Behalf of the Board,