NewswireToday - /newswire/ -
Burnaby, BC, Canada, 2007/05/10 - Resourcex Reports - A new resource estimate for Tournigan Gold Corp.’s (TSX.V: TVC) Kuriskova project saw the company’s stock jump 34.8% to $4.03 on Monday.
The Kuriskova project, formerly called the Jahodna project, is a high-grade uranium deposit located in Slovakia.
Previous resource estimates had ballparked the deposit at about 18 million pounds U3O8. The new estimate included inferred resources, which increased the estimated deposit to over 50 million pounds of U3O8.
The new, three times larger, resource size prompted company president and CEO, James Walchuk to comment in a press release: “The Kuriskova deposit is beginning to take shape as one of the world's largest high-grade uranium deposits.”
3.6 million tonnes grading 0.49% U3O8 makes up the high-grade portion of the deposit, equalling 38.9 million pounds of U3O8. The remainder is lower-grade with 5.4 million tonnes grading 0.1% U3O8 equalling 11.5 million pounds U3O8.
With a large area of its exploration license still unexplored, Tournigan is beginning drilling in the next few weeks to increase the size and understanding of the Kuriskova deposit. Drilling planned for this year includes a near-surface in-fill drill program and a deep drill program.
Tournigan will file a NI 43-101 report on the Kuriskova project on Sedar.com within 45 days. The company also plans to complete a new Preliminary Assessment, incorporating the new estimate by March 2008.
In addition to the Kuriskova project, Tournigan has uranium projects in Arizona, Wyoming and South Dakota. The company also has gold projects in Nevada, Northern Ireland and Slovakia.
Using only historical estimates on its other Slovakian uranium resources, Tournigan has estimated an additional combined 28.7 million pounds U3O8 at its Novoveska Huta, Svabovce and Spissky Stjavnik properties.
On March 29, 2006 Tournigan announced that it had acquired an additional 797 claims adding to its land position at the Cyclone Rim uranium property in Wyoming.
Katherine Young writes for Resourcex Investor, an internationally distributed newsletter specializing in identifying as-yet-undiscovered resource companies representing the best in their class.
By Katherine Young