TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) ("Tsodilo" or the "Company") is pleased to provide an update of its metals exploration activities in northwest Botswana.
Base and Precious, Platinum Group, and Rare Earth Elements
Several samples were collected from two boreholes (L9680/11 and L9670/9) drilled in the extensively mineralized 'shale belt' of the north central panhandle. This part of the project area is north of the Cu/Co mineralization recovered from borehole 1822C26 as previously reported (see press release of September 28, 2010). These holes lie in the middle-upper part of the Panhandle project and directly east of the highly magnetic zone (Xaudum Magnetic Anomaly) where so far layered magnetite bands and extensive magnetite disseminated throughout the meta-sedimentary sequence have been encountered. No samples from these magnetite-rich rocks have so far been assayed.
Petrographic analyses of the first few core samples from the 'shale belt' indicate the presence of chalcopyrite, magnetite and pyrite. Mineralization is strata-bound, and is disseminated and finely laminated to discordant throughout the meta-sedimentary sequence. The rocks in most of the central part of the Panhandle project are described as pyritic meta-pelites and carbonaceous black shales, mica schists and quartzites, dolomites and meta-evaporites. Basic igneous rocks have been intersected in several of the holes, and most of the meta-sediments and meta-volcanics so far drilled have been regionally metamorphosed in the lowermost amphibolite facies accompanied by Ca-Na metasomatism (scapolite-albite). The host rocks of the holes L9680/11 and L9670/9 are meta-pelites, meta-psammites and schists. Although the rocks in the former hole are gently dipping, the formations in the latter hole are steeply dipping highlighting the structural elements in the area.
Samples from borehole L9680/11 and L9670/9 were subjected to detailed mineralogical studies at the University of Barcelona, using a scintillometer, optical microscopy on thin/polished sections using transmitted and reflected polarized light and a Scanning Electron Microscope with coupled Energy Dispersive Spectrometer (SEM-EDS).
Gold and Rare Earth Minerals:
The preliminary results of these studies are summarized below and these will be used to assist in the selection of assay requests. The rocks analysed were mainly meta-psammite which besides quartz, plagioclase and biotite, also contains zircon, rutile, ilmenite, apatite, monazite and xenotime. The presence of gold has been established and is accompanied by altaite, hessite and bismuth tellurides. Furthermore the presence of rare earth elements ('REE') phosphates in the sulphide veins suggests that these are hydro-thermal in origin. They accompany fluorapatite and the early carbonates and quartz. Monazite - (Ce) is very common and is enriched on the light rare earth elements ('LREE') elements, whereas xenotime -- (Y) is enriched in the heavy rare earth elements ('HREE') minerals. In addition REE carbonate calcioancylite -- (Ce) minerals are spread through the veins and the host rock. Finally the presence of REE silicates, fluorcalciobritholite -- (Ce) and yttrialite -- (Y), in the metasomatized host rock and in vein infilling, and a pseudomorph after other minerals respectively, have been established. These minerals can also contain significant amounts of radioactive elements.
A three meter intersection of 90ppm uranium has been obtained from coarse-grained meta-pelites directly underlying a sequence of black shales (assay results for L9640/4 performed by ALS | Minerals Division, South Africa). The discovery of uranium in core is significant in that from 1977 - 1980, a joint venture comprised of Union Carbide and British Nuclear Fuels (CEGB) conducted an extensive exploration effort for uranium in our license blocks in northwest Botswana. Their findings concluded that uranium was concentrated in the calcretes and lignites located in the paleo-drainages but their exploration was not successful in locating the uranium source rock. Detailed geomorphological studies are in progress to link the uranium in these paleo-channels to potential source areas, such as the uranium-bearing meta-pelites intersected in hole L9640/4.
Our preliminary results and modeling suggests an Iron Oxide - Copper - Gold ('IOCG') type deposit might be best suited to the type of mineralization that has been discovered to date. IOCG type deposits encompass a wide spectrum of ore bodies, often polymetallic and of significant size, which may notably produce iron, copper, gold, silver, uranium, manganese, nickel, PGE, cobalt and REE. The best known IOCG deposit is Olympic Dam in Western Australia, one of the largest known deposits in the world. Also affiliated with this group is the Bayan Obo deposit in China, currently the world's largest REE producer. The deposits typically contain an iron-oxide nucleus of magnetite and/or hematite.
"We continue to be amazed by the diverse mineralization in our core, base and precious metals including gold and now uranium and rare earth elements, the geology and associated mineralization are exciting new frontiers in this part of southern Africa and we look forward to completing Phase 1 of our program and reviewing the results", states Dr. Mike De Wit, President and COO.
About Tsodilo Resources:
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic kimberlites and metal deposits at its Newdico (Pty) Limited ("Newdico") and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Company has an 96% stake in Newdico (3,940 km² under Precious Stone - diamond licenses) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 4%. The Gcwihaba project area (5,870 km² under Precious Stone - diamond licenses; 12,810 km² Metal (base, precious, platinum group, and rare earth) licenses; and, 1,430 km² under Radioactive Minerals licenses) is 100% held by the Company. Tsodilo manages the exploration of both the Newdico and Gcwihaba license areas. Overall supervision of the Company's exploration program is the responsibility of Dr. Mike de Wit, President and COO of the Company and a "qualified person" as such term is defined in National Instrument 43-101. Dr. de Wit has reviewed the information contained herein and approved the contents of this Press Release.
The Company has offices in Toronto, Canada and Gaborone and Maun, Botswana. Please visit the Company's website, www.TsodiloResources.com
, for additional information and background on our projects.
National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion Policy 43-101CP requires that the following disclosure be made: All references contained herein with respect to the potential quantity and grade derived by any method is at this stage of development conceptual in nature. At the present time, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the development of the Company's projects) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs, Chairman and Chief Executive Officer: JBruchs@TsodiloResources.com
Dr. Mike de Wit, President and Chief Operating Officer: MdeWit@TsodiloResources.com
Head Office: Telephone +1 416 572 2033; Facsimile + 1 416 987 4369